Foreign businesses eager to get involved in Guangdong-Hong Kong-Macao GBA development
Published: Sep 14, 2023 11:19 PM
The Guangdong-Hong Kong-Macao Greater Bay Area Photos: VCG

The Guangdong-Hong Kong-Macao Greater Bay Area Photos: VCG

Foreign enterprises and business associations have actively participated in the development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), according to a report released on Thursday. 

On Thursday, the first “Business Conference on Guangdong-Hong Kong-Macao Greater Bay Area Development” officially opened in the Macao Special Administrative Region (SAR). Representatives from foreign business communities expressed a willingness to be further involved in the GBA’s development.

More than 1,000 representatives from international organizations, foreign trade and investment promotion agencies, business associations and foreign companies, as well as foreign ministers and diplomats attended the opening ceremony, according to a statement sent to the Global Times on Thursday from the China Council for the Promotion of International Trade (CCPIT), a co-organizer of the conference.

The Philippine business community wants to have more in-depth development with the Guangdong-Hong Kong-Macao GBA, Alfredo Pascual, Philippine secretary of trade and industry, said on Thursday at the conference.

“The economic size of the GBA is very large. The Philippines and other ASEAN members are very closely connected with the development of the GBA, from which we can see huge cooperation potential in the future. We will continue to cooperate with the GBA in the future to promote bilateral economic development,” said Pascual.

Maria Gustava, Mozambique's Ambassador to China, said at the conference that Portuguese-speaking countries, Mozambique in particular, are eager to participate in the development of the GBA and hope to make full use of the convenience brought by development of the region. 

“We are here to demonstrate our sincere willingness for cooperation, not only in the economic field, but also in conducting more effective business cooperation with China,” said Gustava.

Foreign businesses have already become actively involved in the development of the GBA, a report released at the conference showed.

International industrial and commercial enterprises from more than 30 countries and regions are participating in the construction of the GBA.

Cross-border investment in the GBA mainly comes from enterprises in Singapore, South Korea, the British Virgin Islands, Japan, the Cayman Islands, the UK, the Cook Islands and the US, read the report.

According to the report, foreign investment in the GBA covers more than 20 industries, including computer services and software, finance, wholesale and retail, leasing and business services.

Chinese officials also expressed welcome for cooperation with foreign enterprises at the conference.

“Dear guests, the GBA has a good business and living environment and huge market potential. We sincerely look forward to your investment and business development here,” Ho Iat Seng, chief executive of the Macao SAR, said on Thursday during the opening ceremony of the conference.

Hong Kong SAR Chief Executive John Lee Ka-chiu also said on Thursday at the opening ceremony that the GBA had a population of 86 million and an economy worth more than $1.9 trillion in 2022, equivalent to the world's 10th largest economy. 

“With the support of the central government, the GBA has unlimited strength and potential, and continues to contribute to the country's economic development and opening up,” said Lee.

Global Times