Time for Hong Kong to diversify portfolio: minister
Hong Kong must not put all its eggs in one basket and should step up efforts to explore new market opportunities, according to Secretary for Commerce and Economic Development Algernon Yau. The minister acknowledged that despite high interest rates and geopolitical tensions, the SAR's economy was on target to grow by 2.5 to 3.5 percent for the full year. However, Yau felt there was a need for businesses to diversify their investment portfolio. "We are seeing many opportunities around, especially in new economies in central Asia, central Europe, eastern Europe," he told reporters at a press event. He also revealed he was planning an upcoming duty visit to Peru in November, while there are plans to set up government outposts in Egypt and Turkey. "We will be helping the motherland for inviting investment from all those new economies using Hong Kong as a gateway into the mainland," Yau added. Speaking at the same event to promote Hong Kong's industries, Secretary for Innovation, Technology and Industry Sun Dong said a sprawling technology park at the Lok Ma Chau Loop is going ahead full steam. He confirmed that the first three buildings within the park would be completed later this year, and authorities were still deciding how to carve out 87 hectares of space. "The park will be developed in two phases - the western side will provide around one million square metres of office space for different sectors such as artificial intelligence," Sun said. "There will also be accommodation and ancillary facilities for professionals." The I&T minister had previously said that dozens of tech enterprises had expanded their businesses in the territory, with many of them in the life and health, new energy and microelectronics sectors.