Subic Bay Freeport – The Hong Kong Trade Development Council (HKTDC) met with Subic Bay Metropolitan Authority (SBMA) officials during their visit in Subic Bay for possible trade and investment opportunities in this premier freeport.
SBMA Business and Investment Group (BIG) Senior Deputy Administrator Renato Lee III expects that future business partnerships and investments would spur economic growth since Subic Bay Freeport is envisioned as an alternative port for Hong Kong, which would ensure the flow of commerce between the 2 ports.
“Hong Kong is a powerhouse in the shipping industry and we want a piece of that. With the country’s plan to build a smart port, Subic Bay Freeport (SBF) can provide support if ever a spillover occurs. We want to be part of their plan to become a global shipping center,” Lee said.
Meanwhile, SBMA’s Business and Investment Department (BID) for Manufacturing and Maritime Manager Karen Magno added that the meeting between SBF locators and the HKTDC is an offshoot of the agency’s participation in the Hong Kong Belt and Road Summit last year.
HKTDC is the organizer of the Hong Kong Belt and Road Summit that was held at the Hong Kong Convention and Exhibition Center last September 13, 2023, where some 6,000 government officials, business leaders, entrepreneurs and startups from 70 countries and regions exchanged insights on multilateral co-operation, and explored concrete business opportunities.
Magno added that the council also met with the Subic Bay Freeport Chamber of Commerce (SBFCC) at the SBMA Corporate Board Room. The delegation consisted of Deputy Director of Research Louis Chan, Research Economist Henry Cheng, HKTDC Manila Office Marebeth Barros, and Marketing Manager Paolo Carlos, while the SBFCC was led by President Benjamin Antonio III and Vice President Dante Pollescas.
The Hongkong council expressed their interest in studying and marketing the Subic Bay Freeport Zone to the businesses in their home country, while conducting research on manufacturing, import/ export, logistics, energy, port operations, financing, information technology and other possible aspects.
“The council wants to know more about the current economic and industrial development in the Philippines including the latest trends in Filipino trade and investments, the Filipino start-up ecosystem, and the role of Hong Kong as a business and investment platform to help Filipino companies and start-ups to tap into Mainland China and other Regional Comprehensive Economic Partnership (RCEP) markets,” Chan said.
The official added that the council is also keen about gathering more information on the areas of potential HK-Philippines collaboration and partnership such as: Fintech, health-tech, biotech, cleantech, agritech, foodtech, ESG; services, trade and investments; supply chain recalibration; and Greater Bay Area, RCEP, and the Belt and Road Initiative.
The HKTDC is a statutory body with over 50 offices worldwide and 13 in Mainland China, which was established in 1966 to promote, assist and develop Hong Kong’s trade while promoting the city as a two-way global investment and business hub. (Malou Dungog)
