Secretary for Financial Services & the Treasury Christopher Hui said during his visit to Oslo, Norway, on June 11 and 12 that Hong Kong and Norway could create a powerful synergy to address global challenges with regards to climate change and digital transformation, leveraging the complementary strengths of the two places.
He was also pleased to note that after a meeting with the Norwegian Ministry of Finance, positive progress was made with the early signing of a comprehensive avoidance of double taxation agreement (CDTA) between Hong Kong and Norway.
At a meeting with Norwegian State Secretary of the Ministry of Finance Torgeir Micaelsen and Director General of Tax Law Department Omar G Dajani on June 12, Mr Hui called for an early signing of a CDTA between the two places.
Mr Micaelsen responded positively and indicated that they will look into the matter to expedite the process.
The treasury chief also told the gathering that Hong Kong had just been confirmed by the International Financial Reporting Standards Foundation as being among the initial set of jurisdictions having set a target of fully adopting the ISSB Standards, affirming Hong Kong’s efforts and determination in supporting and promoting a common international language in sustainability disclosures.
To unlock new opportunities in the area of maritime finance, Mr Hui visited Norwegian marine and energy insurance provider Gard, which has a strong presence in Hong Kong’s marine insurance market and provides services to manage maritime risk for clients, by meeting its Chief Customer Officer Line Dahle as well as Vice President and Head of Analytics Sigvald Fossum.
He also met Vice-President and Director of Group Government and Public Affairs of DNV Lars Almklov. The global assurance and risk management company DNV has been recognised by the Hong Kong Monetary Authority as an approved external reviewer for the Green & Sustainable Finance Grant Scheme.
Mr Hui told the management of the two companies that Hong Kong and Norway possess complementary strengths that can create a compelling case for financial co-operation. While Norway’s maritime industry is the cornerstone of its economy, Hong Kong’s maritime services industry is also a valued brand in the international arena.
Joint ventures in maritime insurance could combine Norway’s expertise in marine risk management with Hong Kong’s accessibility, creating comprehensive solutions for the sector and addressing the new demands arising from geopolitical and climatic challenges.
He highlighted that Hong Kong has a sophisticated ecosystem for ship financing and leasing, supported by tax incentives and its strategic location along global trade routes.
On June 12, Mr Hui paid a courtesy call to Chinese Ambassador Extraordinary & Plenipotentiary to the Kingdom of Norway Hou Yue.
He also had a meeting with Director of Politics & Society of Finance Norway Jan Erik Fane. Finance Norway is the industry organisation for the financial sector in Norway, representing banks, insurance companies and other financial institutions on regulatory, policy and industry developments.
Mr Hui noted that the Norwegian sovereign fund is one of the largest funds in the world and is positioned as a pioneer in responsible investing with a strong emphasis on environmental, social and governance principles.
He said that the shared focus of Hong Kong and Norway on sustainability creates significant opportunities for collaboration.
At a dinner reception co-organised by the Hong Kong Economic & Trade Office, London, and the Norway-Hong Kong Chamber of Commerce on June 11, Mr Hui said that even though there is a geographical distance of around 8,600 km between Norway and Hong Kong, the two places share more commonalities in the financial market than perceived.
The first one is the commitment to green and sustainable developments. The other commonality is expertise in wealth management.
Mr Hui noted that Norway’s expertise in long-term asset management driven by its sovereign fund aligns seamlessly with Hong Kong’s position as Asia’s premier wealth management centre.
Capitalising on Hong Kong’s advantages of having a solid financial infrastructure and an extensive international client base, abundant co-investment opportunities are available for Norwegian capital in the Asian markets, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area.
Mr Hui returned to Hong Kong this evening.
