Highly influential businessman Duncan Chiu became chief representative of the Hengqin Economic & Trade Representative Office (Hong Kong) on March 26.
The Administrative Committee of the China (Guangdong) Pilot Free Trade Zone (FTZ) in Hengqin New Area hosted the appointment ceremony. Expectations are that Chiu will increase the office's influence and external connections.
A Hong Kong native, Chiu, 44, studied business administration in the US. He is co-founder and managing director of Radiant Venture Capital, which invests in and supports top-tier technology startups. It focuses primarily in Israel and East Asia, but also invests in companies worldwide.
Chiu also is president of both the Hong Kong Information Technology Joint Council and Lai Chi Kok Amusement Park. His father, Deacon Chiu, founded Far East Bank, which merged with Bank of East Asia in 2000.
As further evidence of his stature, earlier this month Chiu was named a judge in the Hong Kong Trade Development Council (HKTDC) new incubation program, Startup Express. Each of 10 winners will be granted HK$160,000 ($20,390) to build networks, market business, and attract investment.
Hengqin New Area [Photo courtesy Zhuhai Daily]
A list of 67 second honorary advisers was also announced. It includes Peter Lam Kin-ngok, chairman of Lai Sun Group.
The Hengqin Economic & Trade Representative Office (HK) has been deepening economic and trade cooperation since 2015. Customized investment services have attracted 975 Hong Kong-invested enterprises to locate in Hengqin over the past three years -- 379 in 2017 alone. Their combined registered capital is 105.8 billion yuan ($16.8 billion).
When the Hong Kong-Zhuhai-Macao Bridge opens soon, the closer connection will unlock Hengqin New Area's growth potential, which is already high. Last year, for instance, Hengqin had a GDP of 18.4 billion yuan ($2.9 billion), up 11.6 percent over 2016. This is due to good business relations with Zhuhai, Macao, and Hong Kong, as well as an increased number of Hengqin-registered Hong Kong companies.
In preparation to serve more companies, upgrades are being made on support services at the 26-billion-yuan ($4.1-billion) Hengqin Port Comprehensive Transportation Hub. And, construction of an 80-hectare (198-acre) logistics park to strengthen trilateral cooperation in international trade, warehousing, logistics, and e-commerce is planned, according to Yang Chuan, director of the Administrative Committee of Hengqin New Area.
Hengqin's Hong Kong office is to further improve relations with enterprises and overseas investors. Any company wanting to settle in Hengqin will have access to first-class services, claimed a spokesperson.