Hong Kong is seeking to further develop its maritime industry with the recent announcement of a HK$20 million (US$2.55 million) allocation for the sector in the city's budget for fiscal year 2023-2024.

Paul Chan, Hong Kong financial secretary, made the announcement for the maritime sector during his budget speech on February 22, where among others, he also signalled a positive tone as he listed measures by the government to boost Hong Kong's recovery post pandemic.

High-end maritime service sector

"In order to further promote the development of Hong Kong as an international maritime centre, the Transport and Logistics Bureau will set up a task force with the aim of putting forward, in collaboration with the Hong Kong Maritime and Port Board and representatives of the high-end maritime services industry, an action plan on the following strategies by the end of this year," Chan said.

The Hong Kong financial secretary noted that these strategies include enhancing business sectors such as ship finance, marine insurance, maritime arbitration and ship management, thereby enabling Hong Kong to become a leading global high-end maritime service market; and facilitating transformation of global maritime and port business towards zero emission.

Hong Kong will also promote the development of smart initiatives and digitalisation in the maritime industry, as well as promote exchanges and collaboration among maritime industries in the GBA (Greater Bay Area) and those around the world.

To support these goals, the Hong Kong government has allocated HK$20 million (US$2.55 million) in its budget for fiscal year 2023–24.

"I will earmark $20 million to expedite studies on strategies for promoting the high-end maritime service industry and enhance exchanges among industries in the international arena and the GBA," Chan said.

He noted that annual flagship event Hong Kong Maritime Week, will also be expanded.

Hong Kong Maritime Week is a major annual event of the maritime and port industries organised by the Hong Kong Maritime and Port Board (HKMPB) which seeks to promote Hong Kong as a preferred base for maritime business through a series of activities.

Meanwhile, in an effort to build the industry's talent, Hong Kong is also injecting HK$200 million (US$25.5 million) into the Maritime and Aviation Training Fund to support manpower training.