ASPAC Business Summit on 11 –12 May 2023

Sponsored by the Hong Kong Economic and Trade Office and fully supported by the Hong Kong Trade Development Council, JCI Hong Kong(JCIHK) organized the first ASPAC Business Summit on 11 –12 May 2023 during the JCI Asia-Pacific Conference held in Jakarta, Indonesia. The event attracted more than 300 representatives from 19countries and regionswhich also thelargest business activity happened in JCIglobal.

JCIHK organized the first and largest business forum among JCI Global

APAC BusinessCracker Forum is the JCI’s first and largest scale business matching event.The event was held in Jakarta, the capital city of Indonesia, and has attracted attendees from 19 countries and regions participated. The organizer JCI HK aimed to rebuild a positive image to global for Hong Kong's business environmentafter 3 years of pandemic and protesthappened in previous years. Mr Kenneth Yu-the 2023 President of JCI Hong Kong, stated in his opening speech, "Among all the youth organizations in Hong Kong, only JCI possesses allelements of youth training, businessaffairs, and internationalaffairs. By guiding a group of active members aged 18 to 40 to exchange with international members all over the world, it does not only help members to achieve their business development goals but also helps young people have a clearer understanding of Hong Kong's business positioning and re-connecting to the world."

Ms. Lucy Jiang, a well-known overseas property investor from Hong Kong, was also a participant in this event. She was greatly inspired by the organization's active promotion of cross-border business exchanges after resumption of normal traveler clearance. Also as a member of JCI, she stated, "I have seen overseas markets being tepidin investor’s point of view, and many of my students have been feeling disheartened in recent years. This event brings businesspeoplefrom 19 countries and regions together, not only facilitating the exchange of resources but also allowing us to replicate our business models in other cities and find potential partners." As JCI is an organization that prioritizes volunteer work, members from other countries and regions who participated in the event may have an extra sense of trust compared to other business organizations, she said.

InvestHK –The city is in a rapid growth for innovation and hungry for talents

Hong Kong's demand for innovation is on the rise, which becomes an attraction to talents all around the world. As the center hub of the world, Hong Kong canreach half of the world's population with just a five-hour flight. Mr. Hillwan Yogi Brahmanda, Head of Business and Talent Attraction / Investment Promotion, Jakarta Office, InvestHK, repeatedly emphasized, under the "One Country, Two Systems" principle, Hong Kong has an irresistible charm in the Asia-Pacific and international markets. "Ithas signed comprehensive double taxation avoidance agreements with 46 tax jurisdictions. The first HKD 2 million of income is subject to only 8.25% profits tax, which is almost the lowest in the global marketandhas attracted up to 9,000 top global companies to set up their Asia-Pacific branches and headquarters in Hong Kong."

He also mentioned that the risingnumber of local technology and innovation startups, which generate the intention for the city tohave more favorable policies to attract overseas talents. In thepast four years, the number of local incubatorsfocusing on smart industries such as data science, artificial intelligence, and robotics increased by 67%. To facilitate the growth, Hong Kong government mentioned that theywill introduce more favorable policies to attract overseas companies and talents to join in the Greater Bay Area. For example, InvestHK will provideone-stopsupport for companies setting up in Hong Kong, including planning, establishment, promotion, and expansion.

Jakarta –The next Shenzhen to the World

The manufacturing and healthcare systems will be the two major focus areas for Indonesia's economic growth, which could potentially make it the next "Shenzhen”. According to Mr. Andrew Tuah, a representative from Tuah & Suparto Law Firm, Indonesia has traditionally relied on exporting its natural resources. However, with the development of urban planning and an improvementin education levels, particularly in Jakarta, Indonesia's overall economy has entered a phase of high-speed developmentwith increased consumption demands. Benefiting from policies that attract foreign investment, Indonesia has many advantages for SMEsin the "manufacturing industry" seeking to invest overseas, suck as global legal protection, labor forcewithcompetitivewages. Increasing numbers ofglobal companieshave setup head quarter in Indonesia, which is similar to the situation in Shenzhen back to 20 years ago, the growth is promising.

In addition to traditional industries, intelligent and medical technology are also major areas for development in Indonesia. Mr. Andrew Sutedja, CEO of Trinity Medika Clinic and Lab, stated that the demand for healthcare in Indonesia has remained high, with healthcare costs rising by 16% in 2021 to reach a staggering $14.5 billion. This indicates that there is significant potential for the development of medical technology, equipment, and drugs. He particularly pointed out that the Indonesian government has already planned to build 1,000 new hospitals and refurbish 5,000 existing medical institutions by 2024. As one of the developed cities in the Asia-Pacific region, importing medicalequipment, devices, and medicinesto Indonesia will be a major business opportunity.

The game changer –TTPS for global talents recruitment in Hong Kong

On the second day of event, a luncheonwas setup to promote Hong Kong's development after the pandemic, which focused onthe TTPS (Top Talent Pass Scheme). After experiencing a three-year-long pandemic, Hong Kong has fully returned to normalcy. The Hong Kong government's current focus is on integrating its existing advantages and establishing an efficient development market, including attracting international talents and renowned businesses. Mr. SheungYuenLee, Director-Generalof the Hong Kong Economic and Trade Officein Jakarta stated, "The TTPS is applicable to bachelor-degree holders of the world’s top 100 universities,orpersons with annual income reaching HK$2.5 million(equivalent to some US$320,000)in the past year. As of end April 2023, some17,000 applicationshave been approved."Successful applicants will be granted 24 months’ stay in Hong Kong on time limitation only, without any other conditions of stay. Worth noting is thatapplicants are not required to have secured an offer of employment in Hong Kong upon application, so long as they are interested in settling and working in the city.

Separately, underthe "One Country, Two Systems" principle, Hong Kong is bestowed with the unparalleled advantage of enjoyingstrong support of the country and being closely connected to the world. "We will continue to press ahead with the development of "eight centres"under the 14thFive-Year Plan of the country, taking into consideration our strengths and unique functions. Such directions include:international financialcenter;international transportation center; international tradecenter;centerfor international legal and dispute resolution services in the Asia-Pacific region; international aviation hub;international innovation and technologyhub; regional intellectual property trading center;and east-meets-west centerfor international cultural exchange."Lee said.

ASAPC 2023 -The largest JCI global conference after resumption of normal travelerclearance

JCI HK was established in 1950 and is the only young leadership organization in Hong Kong that provides training for youth, business affairs, community development, and international affairs. JCI ASAPC held by JCI Indonesia is the largestinternational conference yet with over 6,000 members from 19 countries and regions participating, after traveler clearance resumptionsince 2022. The event lasted for five days and included not only regular organizational development meetings but also "National Nights" organized by different countries and regions, such as the "Hong Kong Night" and "Japan Night," which attracted thousands of visitors. This event was a significant milestone that demonstrated the JCI's ability to connect and bring together young leaders from different parts of the world to share knowledge and promote international cooperation.