Hong Kong Chief Executive, Mr John Lee (centre), together with Chairman of the Hong Kong Trade Development Council, Dr Peter Lam (left) and Deputy Financial Secretary, Mr Michael Wong (right), meets the media in Vientiane, Lao PDR on July 29, 2024.

(KPL) On the first official visit by John Lee, Chief Executive of the Hong Kong Special Administrative Region, to Laos from July 28 to 30, a series of significant developments unfolded, showcasing the potential for enhanced bilateral relations and collaboration across various sectors.

Chief Executive John Lee's delegation, including top officials and 30 prominent business leaders from sectors such as finance, legal services, logistics, and creative industries, reflects the importance Hong Kong places on its relationship with Laos.

Exciting Projects and Potential Benefits

In response to a Lao News Agency reporter's question about the projects he is most excited about during the visit, Chief Executive Lee highlighted the signing of 12 Memoranda of Understanding (MoUs) covering diverse areas.

These MoUs span trade and economic partnerships, investment promotion, customs collaboration, educational exchange, logistics cooperation, and financial services.

"The anticipated collaboration between Laos and Hong Kong will be more than ever before," Lee stated. "Hong Kong companies and businesses can seize the opportunities to tap into a young and promising market in Laos to develop emerging industries jointly."

During his time in Vientiane (Jul 28-30), Lee visited the Saysettha Development Zone and the Vientiane Railway Station, the terminal of the China-Laos Railway, a flagship project of China's Belt and Road Initiative. Hong Kong, with its strategic location and well-established financial infrastructure, plays a significant role in supporting the development of Belt and Road projects in Laos.

Hong Kong Chief Executive John Lee (centre) and Secretary for Commerce and Economic Development, Mr Algernon Yau (left), chatting with a passenger in the car compartment at the Vientiane Station of the Laos-China Railway on July 29, 2024.

"I also visited a secondary school and was glad to see so many young and energetic students learning Chinese. Hong Kong is one of the world's leading higher education centres, and we offer scholarships to Belt and Road countries, including Laos, for promising secondary school graduates to study in Hong Kong universities," he added. "We aim to play a positive role in the development of human capital in Laos, while students from Hong Kong have much to learn from interacting with their peers from Laos."

Unique Strengths of Hong Kong Companies

Addressing a question about the unique strengths that Hong Kong companies bring to the table when partnering with countries like Laos, Chief Executive Lee emphasized the strategic roles Hong Kong plays in the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

"Hong Kong is a 'super connector' and a 'super value-adder' under these initiatives," he noted. "Our strategic location, well-established financial infrastructure, profound expertise in trade and investment, and world-class professional services make Hong Kong an ideal gateway for the Laotian business sector to tap into the GBA market and participate in the Belt and Road Initiative."

Lee encouraged Lao companies to utilize Hong Kong's financial, logistics, and professional services to expand overseas and explore the vast Mainland market. Hong Kong's international financial centre status and its various "Connect Schemes" offer investment opportunities into the Mainland and international markets.

"Hong Kong has long been a renowned centre for international arbitration and is the only jurisdiction to have an agreement with the Mainland on reciprocal recognition and enforcement of judgments with such wide coverage," he explained. "We can provide international legal and dispute resolution services for enterprises and help businesses in the Belt and Road region explore the Mainland market."

The visit marks a significant step forward in fostering mutual growth and development between Hong Kong and Laos. With more cooperation in the business sector and people-to-people exchanges, both regions anticipate substantial benefits for their respective populations.

KPL