A milestone in the development of high value-added maritime services: the establishment of the International Union of Marine Insurance's Asian Hub in Hong Kong

The International Union of Marine Insurance (IUMI) has announced the establishment of its Asian Hub in Hong Kong. It will be IUMI's first offshoot outside its headquarters in Germany.

Two years ago, I attended and spoke at the opening ceremony of the IUMI Hong Kong Conference, which attracted an attendance of over 500 people from the maritime services sector around the world. At the Conference, I encouraged IUMI to make good use of Hong Kong's combined advantages of "one country" and "two systems" and play a more active role in Hong Kong. Today, I am glad that IUMI has taken a significant step forward and set another milestone in its co-operation with Hong Kong.

The National 12^th and 13^th Five-Year Plans set out the country's support for Hong Kong to consolidate and enhance its status as an international transportation centre. By "enhancing", it means the development of high value-added maritime services in addition to the existing container terminal and transportation industries. These include ship brokering and chartering, registration, finance, marine insurance and related maritime legal services.

Early this year, I announced in my Policy Address that "a new Hong Kong Maritime and Port Board will be formed. The Board, to be chaired by the Secretary for Transport and Housing, will promote manpower development, marketing and research on all fronts to develop a high value-added maritime services sector. It will also assist the Government to formulate strategies and policies to enhance Hong Kong's status as an international transportation centre and, in particular, spur further growth of the maritime services cluster".

Hong Kong's container terminal industry is faced with growing competition from neighbouring areas. But given our rule of law and a highly international environment, we enjoy many advantages in developing high-end maritime services. In recent years, the country has developed into a great shipping and shipbuilding nation, and Hong Kong's maritime services industry has great potential to become a new driver of economic growth. With the combined advantages of "one country" and "two systems", Hong Kong will play an important role in the global high value-added maritime services sector, bringing more diversified career opportunities and higher incomes to our young people.

The high value-added maritime industry shows huge potential for growth. The Government of the Hong Kong Special Administrative Region and the sector must work even harder.

October 24, 2016