Policy Address 2024 | Govt to promote development of high value-added maritime services
Hong Kong Chief Executive John Lee delivers his third Policy Address today (Oct. 16) at 11 a.m.
According to Lee, Hong Kong is one of the world's busiest and most efficient ports, and ranks fourth in the International Shipping Centre Development Index (ISCDI). The average length of stay of container vessels in the Hong Kong port is 0.95 days, about half the average of 1.85 days for the world's top 20 container ports, earning our city the reputation as a "catch-up port" for vessels to make up for delays in other ports.
The existing Hong Kong Maritime and Port Board will be reconstituted into the "Hong Kong Maritime and Port Development Board", a high-level advisory body to assist the Government in formulating policies and long-term development strategies.
The government will continue to boost Hong Kong's maritime strengths. Relevant measures include:
enhancing and promoting tax concessions – To strengthen the local maritime ecosystem, the governemnt will step up promotion of existing tax concessionary measures for maritime services and enhance the preferential tax regime (including introducing new tax deduction arrangements for ship lessors pursuant to international tax rules);
attracting maritime service enterprises to establish presence in Hong Kong – The government will encourage leading or high-potential marine insurance business operators to establish presence in our city to broaden the range of marine insurance products; and
developing maritime services talents – The government will strengthen collaboration with international marine insurance organisations to promote the training of marine insurance talents, and expand the scope of the Maritime and Aviation Training Fund to cover more green energy courses, marine insurance examinations, and others.
There has also been an international commodity exchange expressing its intention to establish accredited warehouses in Hong Kong for storage and delivery of commodities, including non-ferrous metal products.
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