Policy Address

High Value-added Maritime Services

31.       The total gross tonnage of vessels on the Hong Kong Shipping Register is the fourth-largest in the world.  There are about 700 shipping-related companies in the city, offering comprehensive maritime services, including ship management, broking and chartering, finance, marine insurance, maritime law and arbitration and support services.  With the continuous expansion of our country's maritime and shipbuilding industries, our maritime services sector has enormous potential for growth.  Hong Kong is well positioned to serve as a springboard for Mainland maritime companies looking to "go global", as well as a platform for international maritime companies to tap the Mainland market.  Hong Kong has what it takes to become an important international maritime services hub for China and the Asia-Pacific region.

32.       Hong Kong offers a wide range of marine insurance products and services.  We also have the highest concentration of insurers in Asia.  There are currently more than 150 sanctioned insurers, of which 91 are authorised to provide marine and cargo insurance.  These include seven of the 13 members of the International Group of Protection and Indemnity, the largest cluster of representatives outside London.  The gross premiums of marine and cargo insurance business amounted to $2.1 billion in 2013 and saw considerable growth in 2014.

33.       The Government will continue to take forward the establishment of a new maritime body to promote Hong Kong's maritime services industry.  Meanwhile, the Government will enhance the functions of the Hong Kong Maritime Industry Council to step up its efforts to foster the development of the industry and nurture talent, especially in high-end professional maritime services.  In the coming year, the Government will join the industry and the Trade Development Council (TDC) to launch promotional events overseas and in the Mainland to attract more high value-added maritime services companies to cluster in Hong Kong.

34.       It is also important to expand our pool of talent.  The Government set up the Maritime and Aviation Training Fund in April 2014, which aims to attract young new blood to join the industries and provide financial support for enhancing professionalism and skill level.

35.       Driven by economic growth, the aviation industry in the Mainland has seen rapid development in recent years.  To grasp this market opportunity and taking into account the recommendation of the Economic Development Commission, the Government is studying the development of Hong Kong's aerospace financing business so as to strengthen Hong Kong's status as an international aviation and financial centre.

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