On the agenda
Hong Kong is increasingly seen as a vital “superconnector” to Southeast Asia by businesses in the Greater Bay Area (GBA), according to a study by the Trade Development Council (TDC) and United Overseas Bank. The research highlights the city’s growing role in diversifying supply chains amid global economic shifts.
The study, published yesterday, surveyed 600 GBA-based businesses spanning Hong Kong, Macau, and nine Guangdong cities. It found that ASEAN nations were the top choice for companies looking to expand or maintain their supply chains abroad.
Notably, 84% of respondents planned to continue or increase production and sourcing activities within the bloc.
Among ASEAN countries, Singapore, Malaysia, and Indonesia emerged as the most popular destinations for supply chain diversification. Businesses rated Hong Kong’s connectivity with ASEAN at 8.43 out of 10 in 2024, a significant rise from 6.99 the previous year.
“Many mainland Chinese companies want to leverage Hong Kong’s platform to invest in ASEAN,” said TDC research director Irina Fan Yuen-yee. “Hong Kong’s role is becoming increasingly important.”
The survey, conducted between July and August 2024, included 130 companies headquartered in Hong Kong and 470 based in mainland cities such as Guangzhou, Shenzhen, Foshan, Dongguan, and Zhongshan.
A key finding was that 39% of respondents cited ASEAN’s strong trade relations with China as a major attraction—up from 27% in 2023—making it the most frequently mentioned factor. By Lynzy Valles, MDT
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