SCED calls on APEC members to support more sustainable and inclusive regional economy (with photos)

The Hong Kong government has summarized a speech of Mr. Algernon Yau, Secretary for Commerce and Economic Development, which he held at the most meeting of Ministers responsible for trade within the Asia-Pacific Economic Cooperation (APEC) circle in Detroit. In his speech, Mr. Yau highlighted Hong Kong’s unwavering commitment to fostering sustainable and inclusive trade in a way that benefits all. He also urged participants of the meeting to implement green and sustainable policies in the face of climate change and other challenges.
Furthermore, Mr. Yau noted that in order to accelerate its development as an international green technology and finance hub, Hong Kong plans to establish a Green Technology and Finance Development Committee. This committee will play a crucial role in formulating an action agenda for future endeavors. Furthermore, Hong Kong is actively working on creating a vibrant market for green and sustainable debt, encompassing both bonds and loans. The total amount of green and sustainable debt issued in Hong Kong witnessed a remarkable increase of over 40% from 2021, reaching a substantial sum of $80.5 billion in 2022, so Mr. Yau.
In terms of inclusive development, Mr. Yau emphasized Hong Kong’s efforts to support small and medium-sized enterprises (SMEs) recognizing their significance as drivers of economic growth. In this context, Hong Kong has implemented funding programs that aim to assist SMEs in various aspects. These include supporting their brand building, facilitating operation upgrades, promoting export marketing activities, and encouraging the adoption of innovation and technology.
Hong Kong’s commitment to inclusive development extends beyond SMEs. The city is also focused on strengthening support for the development of women and youth, recognizing the importance of their active participation in shaping a sustainable and inclusive economy.
Mr. Yau also shared his insights on achieving a resilient transition towards a more sustainable and inclusive regional economy. He emphasized the significance of collective efforts and deepening economic integration among member economies. He cited comprehensive regional undertakings such as the Regional Comprehensive Economic Partnership Agreement as promising initiatives that can overcome divisions and enhance connectivity. Furthermore, he called upon participants to maintain momentum and accelerate discussions on the Free Trade Area of the Asia-Pacific.
During the meeting, Mr. Yau held a bilateral discussion with Mr. Juan Carlos Matthews Salazar, the Minister of Foreign Trade and Tourism of Peru. The purpose of their meeting was to discuss a range of trade and economic issues, further promoting bilateral cooperation and strengthening economic ties between the two nations.