Hong Kong: Between 2013 and 2024, Hong Kong’s external trade with Belt and Road economies outside Mainland China grew nearly 78%, tripling global trade growth rates, as it leverages its strategic location and legal framework to deepen connectivity, investment, and dispute resolution services across 150 participating countries.
Hong Kong continues to solidify its role as a crucial hub in the ambitious Belt and Road Initiative (B&RI), leveraging its strategic geographic location and robust economic infrastructure to enhance connections across some 150 countries involved in the project. Between 2013 and 2024, Hong Kong’s external trade with Belt and Road economies—excluding Mainland China—has surged by nearly 78%, surpassing three times the overall growth rate of its trade globally. This rapid expansion underscores Hong Kong’s rising importance as a gateway facilitating commerce and investment within this sprawling initiative.
The Hong Kong Special Administrative Region (HKSAR) Government has been actively pursuing this potential through strategic engagements, including outbound business missions to key Belt and Road countries and hosting the signature annual Belt and Road Summit. This summit attracts thousands of policymakers, business leaders, investors, and academics from across the globe, fostering dialogue and enabling over 800 one-to-one business meetings in its previous editions. The government also underscores Hong Kong’s unique advantages under the “one country, two systems” framework, particularly its established common law system and free flow of capital and talent, which help create a favourable environment for cross-border collaboration.
Recent high-level visits led by the Chief Executive John Lee to several Gulf Cooperation Council countries and ASEAN Member States have further strengthened government-to-government relations and business ties. The Belt and Road Office (BRO) recently spearheaded an infrastructure and construction mission to Indonesia and Malaysia, reflecting a focus on nurturing infrastructure projects and digital connectivity. For instance, during this mission, Hong Kong green tech start-up i2Cool secured agreements to bring its energy-saving cooling technologies to Southeast Asia, replicating success like its energy reduction project at Dubai Mall. Another Hong Kong firm is investing in a state-of-the-art data centre in Jakarta—a critical node in developing the Digital Silk Road—showcasing how Hong Kong is positioned as a “super connector” bridging technology and investment between regions.
Beyond trade and investment, Hong Kong is enhancing its role in dispute resolution and legal services connected to Belt and Road enterprises. It has been selected as the headquarters for the International Organization for Mediation (IOMed), the first global intergovernmental body dedicated exclusively to resolving international disputes through mediation. This institution will help countries along the Belt and Road foster harmonious commercial activities, transcending diverse cultures, languages, and legal traditions by promoting mutual understanding.
The importance of Hong Kong as a financial and legal centre within the B&RI framework is bolstered by its robust rule of law and transparent business environment, qualities that are relatively unique within the region and even within China. This has attracted significant direct investment—reaching $120 billion by 2021 with double-digit growth rates—and facilitated trade financing and settlement activities that have more than doubled in value over the decade.
As the Belt and Road Initiative marks its 10th anniversary, Hong Kong’s role as a pivotal maritime and financial hub remains integral. In 2023, Belt and Road economies accounted for over 43% of Hong Kong’s external trade by value, reflecting a substantial increase from less than a third in 2013. This positions Hong Kong not only as a beneficiary but also as an active participant helping to expand trade, improve connectivity, and promote industrial cooperation between China and the broader Belt and Road regions.
Looking forward, the upcoming 10th Belt and Road Summit scheduled for September 2025 in Hong Kong is set to build on this momentum. The gathering aims to deepen multilateral cooperation, facilitate concrete business deals, and promote innovative collaborations across a wide spectrum of sectors, from infrastructure and digital technology to environmental sustainability and financial services.
In summary, Hong Kong’s blend of professional services, legal expertise, strategic location, and proactive government engagement continue to drive its growing significance as an indispensable bridge and value-add in the Belt and Road Initiative, advancing the economic and connectivity goals of the hundreds of nations involved.
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Source: Noah Wire Services
