HONG KONG, Dec. 7, 2023 /PRNewswire/ — The International Chamber of Commerce – Hong Kong (ICC-HK) celebrated its 25th Anniversary on 30th November 2023 with a Forum during the day and a Cocktail Reception in the evening.  The Honourable Mr. John K.C. Lee, Chief Executive of HKSAR as the Guest of Honour, officiated the ceremony and delivered a speech to acknowledge and appreciate ICC-HK‘s effort at the Reception, which was attended by officials of the government, members of the consular corps, corporate leaders, business organisations, and professionals in the fields of arbitration and mediation.

The Forum themed “Digital Trade and Finance in Hong Kong: Reasserting Global Leadership” received strong support from the business community.  Many distinguished guests served as keynote speakers in the Forum with participation by ICC-HK members and friends from commercial sectors. (For the Forum, programme and keynote speakers, please click:  https://bit.ly/3T5ryq1)

Photo download: https://bit.ly/418KXZd

About the 104-year-old ICC and the 25-year-old ICC-HK

The International Chamber of Commerce – Hong Kong (ICC-HK), was established in 1998 and is the representative body of the International Chamber of Commerce (ICC) in Hong Kong.  It is a reflection of the principle of “one country, two systems” in the Basic Law for Hong Kong.  It seeks to project Hong Kong’s business interests in the international community and to mobilize Hong Kong business to contribute to the key activities of ICC such as policy issues, international standards and business practices, and promoting interflow of business around the world.  Its membership includes leading companies, chambers of commerce, business associations and dispute resolution professionals.

Founded in 1919, the International Chamber of Commerce (ICC) is the “world business organization” and has consultative status at the highest level with the United Nations and its specialized agencies in addition to enjoying Observer Status at the General Assembly of the United Nation, serving as the voice of the private sector.  It promotes an open international trade and investment system and the market economy with a network of over 45 million companies, chambers of commerce and business associations in more than 170 countries worldwide.

ICC has unrivalled expertise in defining practices that govern the conduct of business across borders and have become part of the fabric of international trade.  Examples of these include Incoterms, UCP600, International Standard Banking Practice (ISBP) for documentary credit. ICC also provides essential services, including the International Court of Arbitration and the International Maritime Bureau.

A Legacy of 25 Years of Service by ICC-HK

Services provided by ICC-HK include countersigning certificates of origin and commercial documents to facilitate international business. It distributes ICC publications covering a wide range of standards and practices for various industries and subjects, such as banking, arbitration and social responsibility.  Being within the ICC big family, Hong Kong business can participate in its work for the benefit of the world economy and share their experience and ideas with their counterparts around the world.

Mr. J.P. Lee, Chairman of ICC-HK said, “We look upon International Chamber of Commerce for leadership in shaping an improved world trading system, and in facilitating the flow of investment to create wealth for better quality of life, while advancing the goals of the United Nations, such as the Sustainable Development Goals and having regard to related literature such as the United Nations Guiding Principles on Human Rights for Business.”

Ms. Maria Fernanda Garza, Chairlady of ICC, appreciated the recent contributions by ICC-HK in her congratulatory message, “In recent years, ICC Hong Kong has supported the introduction of a new tax for first-hand vacant premises in the face of rising rental and property prices, as well as the Free Trade Agreement with Australia and entry to the Regional Comprehensive Economic Partnership arrangements.  They have also provided views to the government on important initiatives such as the proposed amendment of the Legal Practitioners’ Ordinance, lest the practice of foreign lawyers be restricted; on arrangements with Mainland China on reciprocal recognition and enforcement of judgments in civil and commercial matters.”

Earlier this year, the ICC International Court of Arbitration celebrated its centenary with the Asia Pacific Conference on International Arbitration in Hong Kong as its landmark event.  In fact, the work of the ICC International Court of Arbitration has grown exponentially since the opening of its Asia Office in Hong Kong in 2008.  Moreover, ICC-HK organized the first ICC International Commercial Mediation Competition in Hong Kong in 2020, despite the constraints of the pandemic, and attracted over 20 university teams, who competed against each other from across 16 time zones.

Opportunities and Challenges facing HK in these Turbulent Economic Times

With the growth of the Chinese Mainland economy, opportunities abound for Hong Kong to take advantage of the two-way economic development. The Central Government has acknowledged Hong Kong’s value of being an international financial hub, and a centre for international legal and commercial dispute resolution services.

In the past 25 years, Hong Kong has struggled with various global, regional and local issues.  As Mr. J.P. Lee, Chairman of ICC-HK pointed out, it is time to plan to restart Hong Kong’s international journey after the three-year epidemic worldwide.  However, the world has undergone great changes which generally speaking are detrimental to free trade, globalization or sustainable growth. Geopolitical conflict will have a long-term effect.  To move forward, Hong Kong will have to keep its important attributes, such as a free and low tax economy, the rule of law and adoption of common law, Hong Kong people’s work spirit and professionalism in undertaking.

In Mr. J.P. Lee’s opinion, given the weak world economy and other factors, government support will help SMEs to wade through current difficulties.  Moreover, the government has set aside HK30 billion from the Future Fund to establish the Co-investment Fund for attracting enterprises to Hong Kong and investing in their businesses.  This is a new initiative to attract meaningful investment.  The government should consider to go one step further in co-investing in public infrastructure.  The many public projects to be commissioned in the coming years may be a high demand on public revenue, but also investment opportunities to the private sector as partner.  Public revenue can otherwise be allocated to other social objectives, such as health care, public housing or sustainable development.

Hong Kong is also adaptable to change. The coming of advanced technological development will be a new frontier, and adds momentum to the vibrancy of the economy, particularly with the government’s avowed policy of supporting technology and innovation.

Mr. J.P. Lee emphasized ICC-HK‘s mission and vision: “As a member of the Hong Kong community, ICC-HK have undergone the ups and downs of the city, braved the many challenges and worked to facilitate the development of Hong Kong.  The road ahead is uneven and uncertain, but we will not lose heart. We shall help foster an enabling business and social environment, so that Hong Kong may continue to thrive as an international city favoured by business and sought for living.”

For more information about ICC-HK, please visit www.icchkcbc.org
For more information about ICC, please visit www.iccwbo.org