German business chief optimistic about economic recovery in Hong Kong

A German business representative has expressed optimism for an economic recovery in China's Hong Kong Special Administrative Region (HKSAR), encouraging a clearer focus for the city beyond finance and commending the government's efforts to identify new areas of growth.

In an interview with CGTN, Johannes Hack, president of the German Chamber of Commerce, Hong Kong, talked about the main areas of German business development in Hong Kong, including sourcing from the Chinese mainland and other parts of Asia, logistics, and, to a lesser extent, finance and services. These sectors were described as the backbone of German business in the city, capitalizing on Hong Kong's status as a trading hub.

Discussing the business environment, Hack said he values Hong Kong's unique position as a special administrative region under the principle of "One Country, Two Systems," which provides benefits for German companies, especially in logistics, sourcing, and service industries. The clear legal system, English proficiency and favorable taxation in Hong Kong are also highlighted as advantages for doing business.

The German businessman noted Hong Kong's focus on diversifying and strengthening supply chains, with an emphasis on sustainability and compliance with European and German standards. He also talked about cooperation with Hong Kong universities and the Science Park in research and advanced manufacturing.

Long known as Asia's financial hub, Hong Kong has been facing challenges reviving its economy as the city is reeling from setbacks it sustained during the COVID-19 pandemic. In late February, the HKSAR government introduced measures aimed at boosting economic recovery, driving sector-specific growth and providing support for small and medium enterprises. Such measures included providing financial support for e-commerce projects, unlocking tax savings and diversifying sources of capital.

Having lived in Hong Kong for six years, Hack expressed a deep fondness for the city, praising its vibrancy, ease of living and friendliness of its people. He complimented the city's excellent food, outdoor activities like hiking and mountain biking, efficient public transport and rich cultural scene.