Frederick Ma says tariffs also offer opportunity
Frederick Ma says tariffs also offer opportunity
Frederick Ma says Hong Kong plays a vital role as a super connector and a free port. File photo: RTHK
The newly appointed chairman of the Hong Kong Trade Development Council Frederick Ma said on Sunday that US President Donald Trump's policy measures have significantly impacted global trade, presenting both challenges and opportunities for Hong Kong.
Speaking on a Commercial Radio programme, Ma, who has been in office for two weeks, said that Trump's tariff measures have reduced business certainty and investment willingness, ultimately hindering economic development.
However, he said that Hong Kong plays a vital role as a super connector given that the SAR is a free port.
"Since he took office, certainty has definitely decreased a lot. Many people say they won't invest in this environment. The tariff measures have affected many aspects in trade," he said.
"Where there is crisis, there is also opportunity. Hong Kong is actually a good place because we do not have tariffs. The volume of goods going to the US is decreasing.
"Since the government started developing in Asean and Middle Eastern markets, trade with these regions has grown rapidly within these past few years. We need new thinking to 'go global' under these circumstances."
Ma also said that the council is assisting small and medium enterprises (SMEs) in identifying emerging markets, including potential opportunities in Africa.
"We must diversify. Can we explore places like Africa? Africa is part of the Belt and Road Initiative. It has a large population, and some of its countries are developing well," he said.
"We need to discover more new markets to help SMEs in their supply and industrial chains."
Ma urged businesses to move beyond past successes, stressing the need to strengthen digital capabilities and leverage e-commerce opportunities.
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Frederick Ma says tariffs also offer opportunity Frederick Ma says Hong Kong plays a vital role as a super connector and a free port. File photo: RTHK The newly appointed chairman of the Hong Kong Trade Development Council Frederick Ma said on Sunday that US President Donald Trump's policy measures have significantly impacted global trade, presenting both challenges and opportunities for Hong Kong. Speaking on a Commercial Radio programme, Ma, who has been in office for two weeks, said that Trump's tariff measures have reduced business certainty and investment willingness, ultimately hindering economic development. However, he said that Hong Kong plays a vital role as a super connector given that the SAR is a free port. "Since he took office, certainty has definitely decreased a lot. Many people say they won't invest in this environment. The tariff measures have affected many aspects in trade," he said. "Where there is crisis, there is also opportunity. Hong Kong is actually a good place because we do not have tariffs. The volume of goods going to the US is decreasing. "Since the government started developing in Asean and Middle Eastern markets, trade with these regions has grown rapidly within these past few years. We need new thinking to 'go global' under these circumstances." Ma also said that the council is assisting small and medium enterprises (SMEs) in identifying emerging markets, including potential opportunities in Africa. "We must diversify. Can we explore places like Africa? Africa is part of the Belt and Road Initiative. It has a large population, and some of its countries are developing well," he said. "We need to discover more new markets to help SMEs in their supply and industrial chains." Ma urged businesses to move beyond past successes, stressing the need to strengthen digital capabilities and leverage e-commerce opportunities.
