AustCham News Issue 204 by The Australian Chamber of Commerce in Hong Kong

香港澳洲商會

The Australian Chamber of Commerce Hong Kong

H O N G

K O N G

austcham news • Issue 204 | NOV 2018 6 A Vision for the Greater Bay Area 10 Negotiations Conclude on Australia Hong Kong FTA 13 AustCham Intern Programme: Building Asia Capability

Connecting Opportunities

Where Business, People and Ideas Connect

www.austcham.com.hk

Showcase Your Business Excellence Online nominations now open! www.austcham-acba.com

WHY ENTER? Gain strong exposure and brand promotion in Australia and China Showcase your company’s success to employees, customers and key decision makers Promote your brand to international business leaders

2019 AUSTRALIA-CHINA BUSINESS AWARD CATEGORIES

Business Excellence Award for Agriculture, Food & Beverage

Business Excellence Award for Business Innovation, Creative Industries and the Digital Economy

Business Excellence Award for Construction, Infrastructure and Natural Resources

Business Excellence Award for Consumer Services

Business Excellence Award for Cross-Border Investment

Business Excellence Award for Professional and Business Services

Business Excellence Award for Small-To-Medium Enterprises

Business Excellence Award for Sustainability, Diversity and Social Responsibility

PRINCIPAL SPONSOR

As the first Australian bank to open in Greater China and with over 40 years’ presence in the region, Westpac has played a key role navigating China’s incredible pace of transformation and helping Australian businesses of all sizes leverage opportunities in the important Australia-China corridor. As a 201 year old bank, we understand the importance of long relationships, global networks and local knowledge, offering specialist teams across a range of sectors to ensure we understand the individual needs of our corporate and institutional customers. Visit: www.westpac.hk or www.westpacbank.com.cn

Nominate Your Business Today Nominations are now open for The 2019 AustCham Westpac Australia-China Business Awards (ACBAs). For the past 26 years the ACBA program has recognised outstanding Australian and Chinese companies operating in Greater China across both markets. The ACBAs are the pre-eminent program celebrating the success of Australian and Chinese businesses in Greater China, drawing nominations from small entrepreneurs through to large publicly- listed companies across a broad range of sectors. Winners will be announced at the Awards Gala Dinner in Hong Kong in May next year. The online entry form should take no longer than 10 minutes to complete. Simply provide general company information, list your company’s major achievements over the past 12 months, and include your contact details to nominate your company for a 2019 ACBA Business Excellence Award - it’s that easy! Finalists will be selected and advised.

Meet 2018 ACBA Winners Highlights from the 2018 Australia-China Business Awards can be viewed here

s we edge towards the end of year it is timely to pause and reflect on what has been a very constructive and productive year for AustCham Hong Kong.

We end the year with the welcomed announcement of the conclusion of Australia Hong Kong Free Trade Agreement (FTA) negotiations, locking in permanent zero tariffs on all Australia exports to Hong Kong in the future. AustCham Hong Kong will continue to work for more details on the FTA and will continue to lobby for a Double Taxation Agreement (DTA) between Australia and Hong Kong, which we see as

Chairman's Column austcham news issue 204 Cover Story 6

Australia - Hong Kong Focus 10

Negotiations Conclude on Australia-

Hong Kong FTA

complementing an FTA. We can all be proud of the Chamber’s global campaign to highlight how proposed changes to capital gains tax (CGT) would severely disadvantage Australians working overseas. Through our tireless lobbying, the amendments have been taken off the legislative agenda for review and are unlikely to come before the Senate this year. AustCham has also recently launched a Greater Bay Area (GBA) report which was undertaken in partnership with KPMG China, marking a significant milestone as the GBA has been a key focus of the chamber this year. The launch of the report, aims to highlight the commercial opportunities arising from the GBA - a region with a collective GDP that is equivalent to that of Australia’s.

AustCham Intern Programme

I, along with other international chambers, reiterated our support of the Chief Executive’s Policy Address and urged the Secretary to fund the proposed initiatives. Finally, I would like to thank all the members of AustCham’s 10 committees for their dedication. Their engagement and contributions enable AustCham to continue to provide a vital and relevant voice in the international business community in Hong Kong. I would also like to acknowledge the untiring work of our Chief Executive Jacinta Reddan and her team in the secretariat who provide such enthusiastic support. May I wish you all a safe and happy festive season and a prosperous 2019. Yours sincerely,

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Andrew Macintosh chairman@austcham.com.hk

Building Asia Capability Member Comment 16

Navigating the Greater Bay Area AustCham UOW

Mentor Programme News 19 Spotlight 20

I would like to extend a sincere thank you to Ayesha Lau and her team at KPMG China for partnering with the Chamber in this important report which presents views from Hong Kong’s international business community on how the territory can be wellpositioned to capture the business opportunities. The Hong Kong government again highlighted their willingness to engage with the business community ahead of the Budget in February next year. I want to thank the Financial Secretary, Paul Chan, for welcoming leaders of Hong Kong’s international business community to hear from us our views and input into the Secretary’s 201920 Budget.

A Vision for the Greater Bay Area

Committees in Action 21 Corporate Profile

On the Scene

Hong Kong GBA Launch 27

austcham news Online version

AustCham CSR Partners AustCham is committed to giving back to the communities in which we operate – and, importantly, in which our members operate. Not only is this good for business, it is the right thing to do. We are pleased to support our three CSR partners.

The Australian Indigenous Education Foundation The Australian Indigenous Education Foundation (AIEF) is a private sector-led, nonprofit organisation focused on empowering young Indigenous people in financial need to build a brighter future for themselves and for the nation. AIEF provides scholarships that enable Indigenous students to attend leading Australian schools and universities, as well as mentoring and career support to ensure students make a successful transition from school to further studies or employment, productive careers and fulfilling lives. www.aief.com.au

The Fred Hollows Foundation

The Hub

The Fred Hollows Foundation is a leading Australian charity inspired by the work of the late Professor Fred Hollows. Fred was an eye doctor, renowned surgeon and highlyrespected Australian dedicated to ending avoidable blindness in developing countries.

The HUB is a children's support centre which provides educational support, extra-curricular classes, family counselling, social health and wellbeing services to those who need it most without discrimination.

Our vision is a world in which no one is needlessly blind. 4 out of 5 people that are blind don’t need to be. We work in 25 countries, and have restored sight to more than 2.5 million people. The Foundation’s Hong Kong office aims to reach the increasing number of needlessly blind in the Asia region, especially in mainland China, where 20% of the world’s blind live. www.hollows.org/hk/home

Hong Kong based Australians David Boehm and Bruce Stinson decided they wanted to give something back to Hong Kong after 30+ years of working and living here and the outcome was a commitment to help the children in disadvantaged circumstances. Their belief that children are the future and key for Hong Kong to continue to be a prosperous community spurred them to form a charity to give underprivileged children the opportunity to find a better environment to develop into contributing members of the community. www.thehubhk.org

Chamber Chatter

What’s Trending Hong Kong is a city which constantly throws up many stimulating and varied experiences and it is rare to be taken completely by surprise and transported entirely out of your comfort zone. And so it was that I set off with some trepidation for the Gold Coast global headquarters of Crossroads on a recent Friday to take part in a 24 hour Global Survivor experience. Established by two extraordinary Australians, Sally and Malcolm Begbie “quite accidentally” in the mid-nineties, Crossroads is today one of Hong Kong’s largest NGOs which now provides a range of practical support for some of the world’s most destitute and dispossed (including many living below the poverty line in Hong Kong). I joined a group of about 30 strangers – a mix of corporates, professionals and NGOs - who were thrown together for an experience which challenges those physical and pyschological comforts to which we have become accustomed. The next 24 hours delved into issues few of us have time to consider as we lead our incredibly busy lives. Much of the time was confronting – even harrowing. I won’t reveal too much as the anticipation of the unknown is part of the beauty of Global Survivor but I would strongly urge any corporates who are looking at a team building exercise aimed at taking staff out of their comfort zone around a shared sense of purpose to consider doing so with Crossroads. Crossroads is, like our two of our CSR partners, The Hub and the Fred Hollows Foundation – and no doubt many others – a shining example of the lifechanging work of Australians who came to Hong Kong, have remained and now continue to give back to the city which has given them so much in the past. It is this sense of being part of something greater that is inspiring about the work undertaken by our CSR partners and groups such as Crossroads. And it is not a bridge too far to liken this to the shared sense of purpose and community that belonging to the Chamber brings. As individuals, we can only achieve so much – it is in coming together that our impact becomes manifold. And, as we head towards Christmas, I ask you to think about your chance to give back in a small way by coming along to our Christmas Mix and bringing along a gift to put under our AustCham Giving Tree. These gifts will be distributed with the hundreds of children The Hub serves through its Sham Shui Po centre – and will make this all the difference for these marginalised and disadantaged children. I look forward to seeing you there to celebrate Christmas (and the FTA!) as you head into the New Year. Jacinta Reddan, Chief Executive, AustCham

AustCham Platinum Patrons

Published By: The Australian Chamber of Commerce in Hong Kong Room 301-302, 3/F, Lucky Building 39 Wellington Street, Central, Hong Kong Tel: +852 2522 5054 Email: austcham@austcham.com.hk Editorial Committee: James Kelly Jacinta Reddan Advertising: Email: advertising@austcham.com.hk

Where Business, People and Ideas Connect The Australian Chamber of Commerce in Hong Kong is Australia's largest international chamber with about 1,400 members representing about 500 Australian and Hong Kong based companies. It's the largest Australian business grouping outside the country and the second largest of 28 International Chambers of Commerce in Hong Kong. The AustCham mission is: To promote & represent business & values while enabling members to connect, engage & grow bilateral relationships. Disclaimer: The views expressed in this publication are not necessarily those of the Australian Chamber of Commerce in Hong Kong, its members or officers. The Australian Chamber of Commerce in Hong Kong takes no responsibility for the contents of any article or advertisement, makes no representation as to its accuracy or completeness, and expressly disclaims and liability for any loss however arising from or in reliance upon the whole or any part of this publication.

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Cover Story

Connecting Opportunities in the Greater Bay Area Hong Kong to leverage its competitive advantages and drive mutually beneficial growth across the Greater Bay Area, finds joint KPMG and AustCham report The views reflect a wide variety of recommendations – including from the AustCham Greater Bay Area Committee – across a range of industries and services, including financial services, tax, technology and innovation, data management, construction and infrastructure and arbitration.

GBA Committee Chairman, Andrew Whitford

ong Kong’s ability to harness its strengths as an international finance, trade and transportation centre will be key to realising the full potential of the Greater Bay Area (GBA), finds a new joint report by KPMG China and the Australian Chamber of Commerce in Hong Kong (AustCham). The report, titled Connecting Opportunities in the Greater Bay Area, presents views from Hong Kong’s international business community on how to leverage the city’s strengths and competitive advantages, and maximise business opportunities to deliver mutually beneficial growth across the GBA. It aims to deliver a strong commercial contribution to discussions and plans on the way forward for the GBA, which has thus far been driven primarily by governmental and public authorities. November 2018

A key focus of the GBA is the transformation of the region into an innovation and technology hub. Given the development of large-scale public sector innovation, technology and science parks, the international business community highlights the need for seamless co-ordination and collaboration between the various entities. The report proposes the establishment of a “GBA Innovation Commercial Planning Office” in Hong Kong – within the existing framework of the Hong Kong Government – to assist businesses based in the city with innovation-related opportunities in the GBA, and to ensure a coordinated approach to the development and operation of technology and science parks within the region. “For the last 40 years Southern China has been a pilot for China’s economic transition and integration into global markets. The Greater Bay Area will enable China to deepen this integration, with Hong Kong playing an important role in bringing the international markets to the GBA and vis a versa,” says AustCham Chairman Andrew Macintosh. “A large majority of Hong Kong companies are quickly developing strategic plans for the Greater Bay initiative. cont P.7

Cover Story cont from P.6

The international business community also proposes the introduction of a GBA Business Card regime, administered by the respective governments, to facilitate business travel within the region. A GBA Business Card might be an easy first step along the way to greater opening up, and could be modelled on the successful APEC Business Travel Card which gives business travellers pre-cleared, visa-free, facilitated short-term entry within selected markets. This aligns with recent announcements of a ‘smart card’ for Hong Kong residents to work in the GBA, the report notes.

AustCham Chairman, Andrew Macintosh

Australian companies doing business with China or wanting to start business with China should be doing the same. So far, we are only seeing a few Australian companies that have any plans at all for the GBA.” The city’s international business community proposes recommendations to create opportunities and drive growth across sectors The continued growth of the GBA is expected to increase demand for financial services, and is likely to lead to a further relaxation of restrictions on capital flows between mainland China, Hong Kong and Macau. One key recommendation to drive business efficiency and facilitate the free movement of capital across the GBA is to address the challenging issue of managing bank accounts. Adopting one common set of rules governing the opening and operating of bank accounts within the GBA would immediately be a core driver of integrated business throughout the region, according to the international business community. The free movement of people is also a key factor for the success of the GBA, with greater mobility within the region helping businesses to address skill shortages by attracting talent. The key challenge is to enable people to travel and work freely within the GBA without facing an increased tax burden or compliance costs from working across borders in the region. To address this challenge, business leaders interviewed for this report propose a mutual tax exemption for academics and researchers, and the implementation of a mutual tax exemption for frontier workers. “The harmonisation of tax rules and regulations where feasible to reduce the extent of the differences between the respective taxing jurisdictions is also essential to encouraging greater integration and promoting business within the GBA, and for the region to realise its potential. The international business community looks forward to greater clarity from regulatory and government authorities in order to turn their business opportunities into reality,” says Darren Bowdern, Tax Partner, KPMG China.

Some other key themes discussed in the report include how rules and regulations might be reframed to allow for greater efficiency and collaboration in the GBA, the barriers for Hong Kong and international companies seeking to do business in the region, and the ways in which the GBA can serve as a springboard for China’s ongoing internationalization. Speaking at the Hong Kong launch of the report, Andrew Whitford, Chair of AustCham’s Greater Bay Area Committee said there was growing awareness of the potential GBA offered. The two industry sectors expressing the most interest so far were food and agriculture, and SMEs.

The great thing about Greater Bay is that it creates multiple opportunities for Australian companies who want to enter the China market.

“The great thing about Greater Bay is that it creates multiple opportunities for Australian companies who want to enter the China market. We all know China is a really large market. What Greater Bay does is present a market of 78 odd million people, that is a nice size. It creates markets for Australian companies using the springboard of Hong Kong.” “The level of awareness of Greater Bay is relatively low. But once you explain the benefits they understand. One of the challenges that Australian companies have is that there’s been a lot of talk about Belt and Road Initiative but for Australia it’s very hard to understand what Belt and Road is all about and how do Australian companies benefit whereas with the Greater Bay Area there’s a strong knowledge and awareness of how Southern China has been used as a pilot by China over the last 40 years.” For full report, please visit:

http://austcham.com.hk/Uploads/PDFs/ Connecting%20opportunities%20 in%20the%20GBA_Final_Eng.pdf

Cover Story

Key recommendations

he views of the Hong Kong business leaders interviewed for this report reflect a wide variety of recommendations across a range of industries and services, including financial services, tax, technology and innovation, data management, construction and infrastructure and arbitration. Some ideas have also been generated within the AustCham Committee network. A number of key recommendations are highlighted below, and many more are proposed and explored in further detail in this report.

Data management and connectivity

Technology and innovation

8 1.

Just as Stanford is to Silicon Valley, Hong Kong’s universities can be aligned with Shenzhen to enhance the GBA’s innovation ecosystem.

2. Establish a “GBA Innovation Commercial Planning Office” in Hong Kong, within the existing framework of the Hong Kong Government, to assist businesses based in the city with innovation-related opportunities in the GBA, and to ensure a coordinated approach to the development and operation of technology and science parks within the region.

2. Build on Hong Kong’s existing position as a regional telecommunications and data hub, integrating and enabling data flow within the GBA.

Infrastructure and construction 1.

Leverage complementary strengths, such as Hong Kong’s supply chain management capabilities, and readily utilise increasingly connected transport links.

2. Revolutionise Hong Kong’s ageing construction industry, addressing labour force constraints and adopting new digital technologies.

Financial services 1.

Maintain Hong Kong’s role as the arbitration centre for the GBA.

2. Mainland China and Hong Kong’s legal associations should continue their active exchange of information and close collaboration.

Enable reciprocity of bank accounts and KYC/ AML standards across the GBA.

2. Promote easier transfer of payments across the region, using electronic payment systems such as Alipay and WeChat Pay.

Small and medium-sized enterprises

Arbitration services 1.

Define a GBA data privacy standard, addressing storage, control and access.

Seek closer alignment and establish clarity between mainland China and Hong Kong on standards regarding customs, trade and compliance within the GBA.

2. Replicate InvestHK for the GBA with a focus on providing SMEs with clarity around regulations, market entry and advice. cont P.9

November 2018

Cover Story cont from P.8

Additional key recommendations

Tax 1.

Provide a mutual tax exemption for researchers and academics, as a first step towards establishing closer tax regimes or incentives.

2. Hong Kong should undertake a detailed study on the implementation of the frontier workers mutual tax exemption clause.

Promote cross-border commuter belts and he creation of a ‘quality living circle’ in the region.

2. Increase co-ordination on tourism policy, infrastructure planning and marketing through the establishment of a Greater Bay Tourism Promotion Office, drawing on Hong Kong’s well-developed tourism marketing expertise.

Melbourne Launch of GBA Report

ustralian companies doing business or wanting to start business with China should take a closer look at the Great Bay Area. That was the message from the Australia launch in Melbourne last month of AustCham Hong Kong’s GBA report which aims to highlight the opportunities. Together with the State Government of Victoria and the Australia China Business Council, AustCham’s Andrew Whitford called on Australian businesses to take advantage of the vision for GBA – a region with a GDP roughly the same as Australia. The joint AustCham Hong Kong /KPMG China report features views from Hong Kong’s international business community on how to leverage the city’s strengths and competitive advantages, and maximise business opportunities to deliver mutually beneficial growth across GBA. It is hoped that the ideas and initiative in the report make a strong commercial contribution to discussions and plans on the way forward for GBA, which has so far been driven primarily by governmental and public authorities. The report was led by AustCham’s GBA committee, together with AustCham South China. The report received in-depth coverage in The Australian Financial Review to coincide with the Australian launch of the report.

Australia - Hong Kong Focus

Negotiations Conclude on Australia-Hong Kong FTA Long awaited trade and investment agreements expected to be signed in first half of 2019

ustralia and Hong Kong have concluded negotiations on the Australia-Hong Kong Free Trade Agreement (FTA), marking a significant milestone in the substantial bilateral trade and investment relationship. The conclusion of the Agreement means Australia now has FTAs with seven of its top eight export markets for goods and services. Negotiations were launched in May last year In a joint statement, the Prime Minister Scott Morrison and Minister for Trade, Tourism and Investment, Simon Birmingham, said Australian farmers, businesses, service suppliers and investors will benefit hugely from the certainty this FTA will bring. Through the Agreement Australia has secured the best commitment on services that Hong Kong has ever offered in an FTA, with guaranteed certainty of access for Australian suppliers of education, professional, financial, transport, construction, tourism and recreational services. It also delivers a guarantee to Australian business that Hong Kongâ&#x20AC;&#x2122;s relatively open services and investment regime will continue with Australian investment in Hong Kong already totalling $47 billion. November 2018

Modern trading rules on e-commerce, financial services, telecommunications, and intellectual property will also provide regulatory certainty for Australian businesses and the confidence to make long-term investment decisions. Â Hong Kong is also a large and vibrant market for Australian goods and services and is a major gateway for Australian producers into East Asia. Last year exports of goods to Hong Kong by Australian businesses totalled $12 billion. Zero tariffs locked in Under World Trade Organization rules both Australia and Hong Kong have the capacity to increase tariffs but this Agreement permanently locks in zero tariffs on all Australian exports to Hong Kong, which is good news for our farmers, and in particular our seafood industry, our beef and pork producers and winemakers, the statement said. Australia now has an FTA with China and Hong Kong, which reaffirms the value we place on the principle of one country, two systems, the joint statement said. The Secretary for Commerce and Economic Development, Edward Yau (pictured above exchanging agreements with Minister Birmingham) said Hong Kong had set clear objectives cont P.11

cont from P.10

Australia - Hong Kong Focus

in launching the FTA negotiations - to achieve zero tariffs for Hong Kong products to the Australian market and to secure Australia's best FTA commitments for Hong Kong services.

“AustCham Hong Kong has long lobbied for a Double Taxation Agreement between Australia and Hong Kong, arguing that this complements an FTA.”

“Our objectives are largely met with the successful conclusion of the negotiation of the very comprehensive FTA and Investment Agreement today, thereby bringing our bilateral trade and investment relationship with Australia to a new height," he said.

In 2017, Australia was Hong Kong's 19th largest trading partner in merchandise trade; the total merchandise trade between two sides was about HK$54.2 billion. Australia was also Hong Kong's seventh largest trading partner in services trade in 2016 and total services trade amounted to HK$41.7 billion in the same year. On investment, as at the end of 2016, Australia ranked sixth among Hong Kong's destinations for outward direct investment, with a stock of HK$135.3 billion, and it ranked 19th among Hong Kong's sources for inward direct investment, with a stock of HK$24.5 billion.

"The two agreements encompass trade in goods, trade in services, investment and other related areas, providing us with legal certainty and better access to the Australian market, whilst also creating business opportunities and further enhancing trade and investment flows between the two places. Hong Kong's economy stands to benefit from the two agreements.” happens now? OUTCOMES AT What A GLANCE Both sides will 'scrub' the full text of the agreement, to verify Mr YauThe said Hong Kong and Australia expect to Trade sign the Agreement FTA its accuracy and internal legal a consistency. Once Australia-Hong Kong Free (A-HKFTA) marks milestone in the scrub and the Investment Agreement in the first half of the coming has been completed the agreement will be ready for formal our substantial bilateral trade and investmentsignature. relationship, and represents an year, after completion of the respective internal procedures. The full text of the agreement will be released and valuable addition to underpin the engagement with our 12th largest Detailsimportant of both agreements will then be announced. publicly once it has been signed.

trading partner. The Agreement adds to the suite of FTAs with our North Asian

AustCham Chairman, Andrew said:from “We welcome After signature, Australia willabout follow the the domestic treaty neighbours. It is a Macintosh statement two committed APEC economies news of permanent zero tariffs on all Australian exports to making processes to ratify the agreement. This will include enduring value each accords the development andthemaintenance of contemporary Hong Kong in the future.” tabling text of the agreement in Parliament and an inquiry trade rules. by the Joint Standing Committee on Treaties (JSCOT). “We look forward to hearing more details regarding specifics of the FTA. These details are expected to be announced some The A-HKFTA provides a comprehensive, ambitious agreement time next year. to govern the trade and investment relationship, including: 

reciprocal elimination of barriers to trade in goods;

For Goods Exporters OUTCOMES AT A GLANCE 

guaranteed access for services suppliers and addressing

impediments to trade in services;

 Australia-Hong improved conditions Kong for two-way and he Freeinvestment; Trade Agreement  rules tomarks facilitate our cutting-edge for bilateral trade in (A-HKFTA) a milestone in ourrelationship substantial tradegoods, and investment relationship, and represents an services and investment. important and valuable addition to underpin the engagement With the conclusion of A-HKFTA, Australia now has FTAs with with our 12thoflargest trading The Agreement adds seven its top eight exportpartner. markets for goods and services. In to the suite of FTAs with our North Asianexports neighbours. is 2017, Australia’s total goods and services to Hong It Kong were valued A$15committed billion. Hong APEC Kong iseconomies Australia’s fifth largest a statement fromattwo about source ofvalue inwardseach investment (A$116.6 at the end ofand the enduring accords the billion development 2017). maintenance of contemporary trade rules.

Tariffs will be bound at zero

The A-HKFTA provides a comprehensive, ambitious

Hong Kong does not currently apply any tariffs on Australian agreement to govern the trade investment relationship, exports. However, under World Trade and Organization (WTO) including: rules Hong Kong has left unbound 52.3 per cent of tariff lines, meaning thatelimination it could legally any tariff rate at • reciprocal ofapply barriers to trade inall, goods; including key goods access for Australia such as coal, gold, zinc • guaranteed for services suppliers and addressing ores and liquefied natural gas. Under A-HKFTA, Australia impediments to trade in services; and Hong Kong have agreed to bind all tariffs at zero from • improved conditions forcertainty two-way investment; and entry into force. This will provide for Australian • rules toHong facilitate cutting-edge relationship exporters that Kongour will continue to provide tariff-free for trade entry. in Hong Kongservices is an important market in which to goods, and investment. establish brand recognition for Australian producers, given it is a gateway to the Chinese market and other parts of Asia.

cont P.12

November 2018

Australia - Hong Kong Focus cont from P.11

Australian services exports to Hong Kong were valued at A$3 billion in 2017. Australian services imports from Hong Kong were valued at A$3 billion in 2017.

With the conclusion of A-HKFTA, Australia now has FTAs with seven of its top eight export markets for goods and services. In 2017, Australia’s total goods and services exports to Hong Kong were valued at A$15 billion. Hong Kong is Australia’s fifth largest source of inwards investment (A$116.6 billion at the end of 2017).

For Goods Exporters

Tariffs will be bound at zero Hong Kong does not currently apply any tariffs on Australian exports. However, under World Trade Organization (WTO) rules Hong Kong has left unbound 52.3 per cent of tariff lines, meaning that it could legally apply any tariff rate at all, including key goods for Australia such as coal, gold, zinc ores and liquefied natural gas. Under A-HKFTA, Australia and Hong Kong have agreed to bind all tariffs at zero from entry into force. This will provide certainty for Australian exporters that Hong Kong will continue to provide tariff-free entry. Hong Kong is an important market in which to establish brand recognition for Australian producers, given it is a gateway to the Chinese market and other parts of Asia. New rules to facilitate trade in goods between Australia and Hong Kong The A-HKFTA will lock in Hong Kong’s world class customs practices and will provide regulatory certainty, as well as establish bilateral mechanisms that allow us to constantly review and improve the trading environment. Outcomes to facilitate trade in wine and fresh food will provide valuable new standards for Australian exporters.

For Services Suppliers In 2017, Australian services exports to Hong Kong were valued at A$3 billion while imports were also valued at A$3 billion. While markets for many Hong Kong services sectors are already open for business, Hong Kong’s commitments under the A-HKFTA would safeguard against this being reversed in the future. The A-HKF TA is Hong Kong’s most ambitious and comprehensive set of services commitments, locking in best commitments to date on a wide range of priority sectors for Australian providers, including: • education services, including primary, secondary and higher education; • professional services, including legal, architecture, engineering and accounting; • financial services, particularly banking and insurance; • transport services, including maritime, air, road and rail transport; and November 2018

• other priority services for Australia such as construction, business, telecommunication, tourism, and recreational services. Hong Kong has also offered Australians its best-FTA treatment in relation to the temporary entry of professionals, including commitments on intra-corporate transferees, installers and servicers and, for the first time, a commitment to allow spouses to work in Hong Kong.

Government Procurement Under the A-HKFTA, Australian suppliers will have legally binding market access to Hong Kong’s government procurement market based on the principle of non-discrimination. The government procurement rules will ensure transparency and facilitate participation in procurement processes.

New Trade and Investment Rules

Addressing contemporary commercial issues, including to enhance the digital economy The A-HKFTA will establish high quality rules, building on those agreed in Australia’s recent trade negotiations, including the TPP-11. These include areas that are core to Australian business interests in Hong Kong, such as e-commerce, financial services and telecommunications. Under the A-HKFTA, Australia and Hong Kong have also made commitments on competition rules, regulatory cooperation and rules to protect intellectual property.

The A-HKFTA will provide certainty for Australian exporters, binding tariff-free entry to Hong Kong and locking in their world class customs practices.

Updating investment rules A-HKFTA will promote two-way investment flows, and help to attract vital capital into new and existing industries. Australia and Hong Kong will terminate the 1993 Agreement between Australia and Hong Kong for the Promotion and Protection of Investments. A new Bilateral Investment Treaty will contain modern rules to facilitate investment flows. The updated investment rules reflect contemporary investment policy. The Investor-State Dispute Settlement mechanism includes safeguards to protect the government’s ability to regulate in the public interest and pursue national security and legitimate public policy objectives such as public health and safety. More information on the Australia-Hong Kong Free Trade Agreement is available at www.dfat.gov.au/trade/agreements/ not-yet-in-force/a-hkfta

AustCham Intern Programme

Building Asia Capability The AustCham Intern Programme launched on 5 November when we welcomed 13 students at Hong Kong Airport Express Station. In our inaugural programme we will see 45 participants undertake internships with more than 20 of our Corporate Members. The initiative has been launched to promote a greater connection between Australia and Hong Kong while providing our Corporate Members with first-access to the best undergraduate and postgraduate students in Australia.

ver the next three months, interns will be undertaking placements across a mix of industries. We worked closely with each company to ensure that suitable candidates were placed and assisted students throughout the application process including visa approval, sourcing affordable accommodation and providing ongoing in-country support during their internships. We were impressed with the diversity in the group with applicants from Australia, Taiwan, Hong Kong, China, India, Singapore, Great Britain and Malaysia. It is a credit to Australian universities that attract students from across the world and as we look to build upon the university engagement into 2019, we thank our existing university partners who had students participate in this year’s programme – namely Australian National University, Griffith University, University of Melbourne and RMIT. In the students’ first week, they participated in the Orientation Programme which consisted of workshops, industry-led

events and networking opportunities. We provided them with an introduction to Hong Kong from a range of perspectives which included briefings from government and industry while they also engaged in volunteering and finished the week with a hike across Hong Kong Island. The Orientation Week could not have been undertaken without the fantastic support of our members and wider network. We thank all of those that contributed to the fantastic week – change participants to the students all provided positive feedback and found each of the events added to their experience in Hong Kong. As the interns all settle into their host companies, they will join AustCham at upcoming events and activities so please make them feel welcome. We thank all the host companies for their participation and look forward to building on this programme in 2019 – if you are a company interested in hosting interns, get on board!

AustCham Intern Programme

Thank you to the following companies for their support during Orientation Week:

November 2018

AustCham Intern Programme

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your uch for m y r e v ort. ou Thank y help and supp s u enormo preciate it. ap y ll a I re

On first being informed that we had accepted to receive two inte rns requiring visas to enter Hong Kon g, I expressed hesitation and concern based on the short timeline but I have now experienced AustCham’ s support with the visa process, and I have experienced AustCham’ s communications with the Immigra tion Department. I am very happy to continue to work with AustCham.

EVENTS UPDATE DECEMBER AT A GLANCE… Sat, 1 December, 2:30pm – 4:30pm InterCham: Fireside chat with the co-founder of ONEPLUS Carl Pei The Hive Studios, Kennedy Town, Hong Kong Tue, 4 December, 6:00pm – 8:00pm AustCham Emerging Technology Program Session 5: An Introduction to Artificial Intelligence – How AI works and how it is being applied today Google, 25/F, Tower 2, Times Square, 1 Matheson Street Causeway Bay, Hong Kong Wed, 5 December, 6:30pm – 9:00pm Christmas Mix The Arches, Level 1, The Murray, 22 Cotton Tree Drive, Central, Hong Kong Thu, 6 December, 12:30pm – 2:00pm Sustainable Investing Townhall, Refinitiv, 18/F ICBC Tower, 3 Garden Road, Central, Hong Kong

Fri, 7 December, 8:00am – 9:30am Breakfast with Victoria Governor The Hon Linda Dessau AC Harcourt Suite, 1/F, The Hong Kong Club, 1 Jackson Road, Central, Hong Kong Wed, 12 December, 8:00am – 6:00pm (to be confirmed) Delegation to Shenzhen, China Shenzhen, China

Member Comment

Navigating the Greater Bay Area A majority of business executives predict the economy of the GBA could grow faster than the rest of China over the next three years, according to a recent survey by KPMG, HSBC and the Hong Kong General Chamber of Commerce (HKGCC). - Ayesha Lau, Managing Partner, Hong Kong, KPMG China

survey of business sentiment, titled Navigating the Greater Bay Area – Second annual survey on key drivers for success, underscored the opportunities and synergies that the GBA could generate. The results of the survey highlighted the optimism about the outlook for the region and its positive outlook for business. The survey was done in June and July 2018. Among the responses from 714 executives in mainland China, Hong Kong and Macau, 68 percent highlighted the area’s potential to allow access to more business opportunities and 53 percent flagged options for greater synergy achieved by pooling resources.

Eighty-one percent of technology and innovation industry respondents said they believe their businesses would grow as a result of the GBA’s development over the next three years and 23 percent expect growth of more than 10 percent. Meanwhile, trade and logistics respondents said the development of the GBA offers access to more business opportunities (66 percent), creates greater synergies arising from the pooling of resources (48 percent) and facilitates the free movement of capital and goods (44 percent). Of the financial services executives surveyed, 82 percent expect their business to grow as a result of the development of the GBA over the next three years and 34 percent expect more than 10 percent growth. The respondents are also optimistic about the prospects for the industry, with about 73 percent naming financial services as one of the sectors most likely to benefit from the development of the GBA. Around 57 percent said their companies either have a GBA strategic plan in place or are formulating one. In terms of sectors, 72 percent of financial services executives said their company has or is formulating a plan, followed by healthcare/life sciences (67 percent) and technology and innovation (66 percent). While the surveyed executives are overall optimistic about the development of the GBA, a majority of them indicated they would like to see greater clarity around regulations and how the various governments in the region can reconcile different tax, healthcare and visa regimes – among other things – to facilitate the movement of people, capital, information and goods.

Sur vey respondents also identified technology and innovation (53 percent), trade and logistics (45 percent) and financial services (44 percent) as the three key sectors that will benefit most. The GBA has the potential to leverage Hong Kong’s strengths in financial, trade and professional services, Shenzhen’s strengths in high-tech manufacturing and innovation, Macau’s tourist attraction and the manufacturing expertise that exists in places like Dongguan, Guangzhou, Foshan and Huizhou to emerge as a bay area to rival San Francisco, New York and Tokyo.

Technology and Innovation Executives in the technology and innovation sector view the cross-border movement of people (30 percent) as more of a key focus area than overall respondents (20 percent), who themselves highlight the cross-border movement of capital as a more significant challenge (34 percent compared to 23 percent of technology and innovation respondents). With 40 percent of the executives surveyed citing visa-free travel as important to facilitating the free movement of people within the GBA – behind tax incentives (50 percent) and affordable accommodation and transportation (41 percent), getting this scheme right is likely to prove important. cont P.17

November 2018

Member Comment

cont from P.16

Trade and Logistics Respondents said their biggest challenges are policy and regulatory ambiguity (68 percent), followed by foreign exchange volatility (47 percent) and obstacles to the crossborder movement of capital (38 percent). Having an integrated customs administration is crucial, with 79 percent of respondents from the sector viewing it as important for the free movement of goods within the area (compared to 68 percent of all respondents). Other significant factors are “enhancing logistics infrastructure” and “tax incentives” (both selected by 33 percent) and “aligning the regulatory and legal environment” across the GBA (28 percent). Financial Services Seventy-two percent of financial services respondents view the GBA as likely to mean more business opportunities, while 53 percent expect it to lead to a freer movement of capital and 49 percent see synergies achieved from the pooling of resources. To realise the GBA’s potential, financial services executives point out that regulatory harmonisation, the free movement of capital and the ease of banking and financial services are decisive factors for the successful development of the GBA.

Year round Mates’ Rates: Member Benefit Program 2018 This year we launched the new year-round Member Benefit Program, helping you to get the most out of your membership. The exclusive benefits and discounts listed are available only to AustCham Hong Kong members, accessible by downloading a Membership eCard. This provides exclusive marketing opportunities for members to promote their company’s products and services, replacing the month-by-month offer which was limited to only one company’s benefit or discount. More details on our website. Terms and conditions apply. www.austcham.com.hk/membership/ membershipecardandspecialoffer

A full copy of the survey report can be found at https://home. kpmg.com/cn/en/home/insights/2018/10/navigating-thegreater-bay-area.html

Food & Beverage Dining Concepts: Enjoy 15% off on all a la carte dining. Marco Polo Hotels - Hong Kong: 15% off at Cucina, Cafe Marco, Three on Canton and add@Prince Island Shangri-La Hong Kong: 15% discount on regular-priced items Retail PAGODA: Use code “aussiepagodalife” to enjoy 20% off Travel Hey Travelista: Save up to 70% on your next luxury hotel/resort stay Qantas Airways: Extra 5 kgs baggage allowance from Hong Kong to Australia Hotels Grand Hyatt Hong Kong: Special offer on F&B and Plateau Spa

Membership eC

ard

Hotel VIC: Enjoy 20% discount on F&B at Cruise, The Farmhouse and The Farmhouse Deli. Ovolo Hotels: 20% off on the Best Available Rate

AustCham UOW Mentor Programme

hat should millennials be doing to stay relevant and competitive as young talent in an ever-changing work environment? Future Proofing Your CareerÂ was the topic at the most recent session of the Mentor Programme. Three experienced practitioners in recruitment, talent development, and human resources discussed how the emerging trends such as AI and machine learning would impact on career development and what skills will be crucial for growth.

Our thanks to expert panelists Chris Aukland, Managing Director of Ambition; Sandra Leung, Asia Pacific Vice President for Talent and Diversity, J.P.Morgan; Leo Chan, Head of Talent Management & Development - Human Resource,Â AIA International; and to the moderator Virginia Morris, Managing Partner & Leadership Strategist with Bamboo Difference.

November 2018

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News

ACBA Nominations Now Open range of sectors. Winners will be announced at the Awards Gala Dinner in Hong Kong in May next year.

ominations are now open for the 2019 AustCham Westpac Australia-China Business Awards (ACBA). For the past 26 years the ACBA program has recognised outstanding Australian and Chinese companies operating in Greater China across both markets.

The online entry form should take no longer than 10 minutes to complete. Simply provide general company information, list your company’s major achievements over the past 12 months, and include your contact details to nominate your company for a 2019 ACBA Business Excellence Award - it’s that easy. Finalists will be selected and advised. For more details about the awards and how to nominate, please visit www.austcham-acba.com

The ACBAs are the pre-eminent program celebrating the success of Australian and Chinese businesses in Greater China, drawing nominations from small entrepreneurs through to large publicly-listed companies across a broad

Friends of Fred Partnership Programme Launched

he Fred Hollows Foundation, one of AustCham’s CSR partners, has launched its Friends of Fred corporate partnership programme. This multi-tiered platform allows corporations to partner with the Foundation to give the gift of sight and bring positive and long-lasting changes to people, families and communities. Commit to becoming a Friend of Fred before Christmas to change someone’s life for the better and help the Foundation raise awareness by sending out Friends of Fred gift boxes to your staff and clients. Corporations of any size who are looking for a CSR activity with impact and value for money this Christmas should contact the Foundation. For more information contact Tony Ko, Partnerships Executive, at tko@hollows.org.

Highlights from the 2018 Australia-China Business Awards can be viewed here

Collinson Appoints Todd Handcock to Lead Asia Pacific Operations Global customer benefits and loyalty leader, Collinson, has appointed Todd Handcock as President, Asia Pacific. Todd will be responsible for delivering the company’s strategy across the Asia Pacific region and pursuing opportunities to grow Collinson’s footprint across this market. In his role, Todd will work closely with David Evans, Joint CEO of Collinson, to continue to build its network of regional customers, while supporting global customers with operations in Asia Pacific. He will lead a team of over 400 people across locations including Hong Kong, Singapore, Japan, China and Australia. Most recently, Todd was President Europe, Middle East and Asia Pacific for Kognitiv Corporation. Todd is currently Chairman of the Canadian Chamber of Commerce in Hong Kong.

Spotlight

A Major Success

Restoration and conservation are as important as education and performance and WAAPA realises how synergies can be realised across the broader ECU campus. “We hope that this collection will stimulate the creation of curricula designed to capture traditional restoration and conservation skills and piano technician skills, not only early and historical pianos but also modern pianos,” said Geoffrey. “The ultimate aim is for the university to have a representative example of every keyboard that has ever existed. This is something that could be achieved quite reasonably over a 50-year period. We are also involved in research to create alternative materials for use in historical pianos that now are not available, such as baleen from whales or ivory. Alternatives need to be found in order that restoration can take place at a sensitive and informed level.

hirty years ago, I was a music student at the University of Tasmania. Our history teacher was a youthful, effervescent lecturer with infectious enthusiasm for the subject, ricocheting from keyboard to lectern to illustrate a point. Out of class we all ruthlessly impersonated him. That teacher was the inimitable Geoffrey Lancaster, today an internationally recognised proponent of the pianoforte, and the curator and custodian of what is becoming one of the most significant collections of pianos in the world, including some of Australia’s oldest and most important instruments. Ahead of his recent Mostly Mozart concert at Tai Kwan, in Hong Kong, I had the chance of a reunion with him. Dubbo-born Geoffrey Lancaster discovered his fascination with the pianoforte in 1973. He traces it back to passing an antiques shop in Sydney which had a Broadwood grand piano dating from 1834 which had recently arrived from Warwick Castle. The dealer’s collection turned out to be a veritable Darrell Lea’s shop for a young pianist. By one of those strange quirks of fate, pianos from that shop are now in the collection he oversees. Geoffrey’s recent trip to Hong Kong with four pianos from the Edith Cowan University and Western Australian Academy of Performing Arts’ Founding Pianos collection was the first time, excluding their original travels which for some was centuries ago, that they had left their new home in Perth. “This collection will enrich the musical life not only of Perth and Australia but of our near neighbours in Asia. We see ourselves as a hub that reaches out to enrich the cultural life of the cities around us. Hong Kong was the first city that came to mind.” Next year several of the pianos will travel to the UK to one of the world’s few expert restorers of such rare instruments. November 2018

“So, a university is prime territory for this kind of research to take place, of course we have engineering and chemistry departments all of which in conjunction with the music department investigate the questions and solved the problems that need to be solved to reach the conclusions that we hope for.” It is this holistic approach to the collection, to make it a living thing rather astatic museum which Geoffrey and his colleagues believe is exciting collectors around the world. “Word is spreading very quickly and I get two phone calls a week now from people desirous of giving historical pianos to us. “We are here in Hong Kong in the hope that that we can enthuse philanthropists with the vision that we have for piano art and that they may in fact be interested in supporting this unique and exciting activity. “What these instruments represent are voices from the past. They are also mirrors to the values of the past because the values that give rise to the music of say the late 18th or early 19th centuries are very different to the values we have now in the 21st century. “These instruments act an as a stimulation for enquiry in relation to not only how to play this music but more importantly what is the truth of the meaning of this music both from the point of view of the people of the time that the music was written and also what can it mean to us now.” Geoffrey’s passion and precision in music is matched in his words, making it clear through our interview, stopping to edit himself, indicating where a full stop is intended, and spelling out obscure words or where there may confusion, for example w-h-a-l-e-s. Baleen from Wales? Just as I remember him. - James Kelly is AustCham’s Communication Manager

Committees in Action

Financial, Legal & Tax Committee Protecting Your Business from Cybercrime

ecent high-profile breaches in Hong Kong affecting millions of citizens have highlighted the vulnerability that goes hand in hand with increased connectivity and online activity. So, it was a timely lunch seminar with a person on the frontline of tackling the scourge, Det Sen Inspector Dicky Wong from the Hong Kong Police Force Cyber Security Division He shared with an attentive crowd the forceâ&#x20AC;&#x2122;s strategy, some of the common ruses and scams cyber crooks deploy, and how to guard against them at both a personal and corporate level. He also outlined measures that can be put in place to promote vigilance amongst staff and colleagues in order to protect organisations from attacks and data breaches.

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Committees in Action

Financial, Legal and Tax Committee Trade War: What is it Good For?

hree experts - a diplomat, a banker and a senior executive from one of the world’s largest supply and logistic companies - presented their respective views on what they expect from the US-China trade war. The panel comprised Raymond Yeung, Chief Economist – Greater China of ANZ; David Ng, Economic Unit Chief of US Consulate General in Hong Kong; and Rob Sinclair, President – Supply Chain of Global Brands Group (a Fung Group company). The panel session, held under Chatham House Rules, allowed for striking insights on how they see the trade war playing out, as well as the ramifications for countries like Australia, and the opportunities and risks a protracted dispute present. The panel was moderated by former ABC broadcaster and communications specialist, Tonya Roberts.

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November 2018

Committees in Action

AustCham Young Executives Committee CEO Forum: Decision First, Strategy Later

rom earning US$2 a day working as a waiter in New Delhi to building a food and beverage empire in Hong Kong since 2002 which now includes 30 of Hong Kong’s top restaurants and bars, the career of Dining Concept’s Founder and CEO Sandeep Sekhri is an inspiring story of resilience and focus. He was guest speaker at the recent AustCham MGSM CEO Forum. Sandeep’s motto throughout his career has been: Decision First, Strategy Later. It’s certainly a successful one.

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Committees in Action Women in Business Network sponsors:

WIBN: Emerging Technology Programme The third and fourth sessions in the Emerging Technology Programme organized by Women in Business Network have been held recently. In session three, Amit Chatterjee, Partner and Co-founder of Shadow Factory explained the differences between virtual and augmented reality, and the application of immersive mediums for training and education. He provided an overview to some of the current systems being developed worldwide. This was followed by a sharing of experiences as developers and a few examples of what is possible with virtual and augmented reality.Â A half-day tour of Cyberport provided participants with an insight of one of Hong Kongâ&#x20AC;&#x2122;s leading tech and innovation hubs in session four of the programme. The tour of the campus was followed by an introduction to Cyberport and then a chance to learn more about the tech and fin-tech start-ups based there. Our thanks to the staff of Cyberport.

Session 3

Session 4

November 2018

Committees in Action

WIBN: Leadership Series

ustrade CEO Dr. Stephanie Fahey called on board members and senior management of Australian companies to become more engaged with Asia Dr. Fahey, speaking in a fireside conversation with Ben Way, CEO of Macquarie as part of AustChamâ&#x20AC;&#x2122;s Leadership Series, said many Australian companies were either ignorant of Asia, assuming all countries were generically the same, or had a stop start approach to doing business in the region which resulted a bad reputation with firms in the region who are looking for a more long term business relationship. Since joining Austrade in February 2017, Dr. Fahey cited as an early success the adoption of a paperless office approach throughout the organisation as well as more collaborative open plan office environments. She also forecast that the current trade tensions would not go away anytime soon and would be the new norm. Dr. Fahey said it is times like now that Australian companies need an organisation like Austrade.

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Corporate Profile

MHP Communications 26

www.mhpc.com MHP Communications is a strategic communications agency that advises a diverse set of clients, ranging from banks, asset managers and insurance companies, to disruptive technology firms that are reshaping commerce. With a 25-year track record in the Asia Pacific region, our Hong Kong, Singapore, Sydney and Melbourne based consultants, supported by a global network, provide expert advice in brand and employee communications; corporate reputation management; capital market communications; crisis, issues and change management; and social responsibility communications. We are part of Engine, a global marketing and communication group operating across four continents with more than 2500 staff. What are the main skills of your job? Strong foresight. Communications is evolving rapidly, as is the financial, political and societal landscape. Positioning our clients as progressive, responsible and relevant, and charting a safe course for them to navigate unprecedented change, is critical. The art of storytelling and being able to influence and motivate people from diverse backgrounds, will always remain important. What does your company do particularly well? Tribalism is the world’s new norm and a company’s licence to operate has never been so fragile. We are able to think strategically and creatively about reputation from a 360 perspective – what is a company’s purpose, how can it unify diverse audiences through shared values, how can it be an activist for positive change in society? What’s something most people wouldn’t know about your company? We are by far and away the leading communications agency in the insurance space, having worked with more than 30 insurance companies in Asia Pacific in the past 25 years. How would you describe your workplace and colleagues? Fast paced and stimulating, with new challenges every single day. We have an excellent blend of Western and Asian perspectives. We seem to attract people who have a strong sense of purpose and a wicked sense of humour! November 2018

Emma Smith, CEO, Asia Pacific, MHP Communications What’s the most unusual thing you have had to do as part of your job? You couldn’t make up some of the things we have had to do, but it is never dull. That is what makes it so interesting. What is the vision of your firm in 10 years? To strengthen our position as a leading adviser to some of the world’s and region’s best known and most innovative brands, particularly in the financial services space, supported by an expanded footprint of offices across Asia’s major business centres. What’s your firm’s connection with Australia? We have thriving offices and client rosters in Sydney and Melbourne and I have worked with Australian clients for more than two decades. Being married to an Australian, we split our time between our homes in Hong Kong and Hobart. The office in Hong Kong is always very excited when I bring back any food from Tasmania, especially cheese! Why did you join AustCham, and what do you hope to get from your membership? It was a natural step as we grow our business in Australia and Australian companies increasingly intersect with Asian companies and markets. I hope to learn new things and offer advice and support to businesses looking to realise their growth ambitions across the region. If you were not in your current job what would be your dream job? An archaeologist or the world expert on the Norman conquest of England. What’s your favourite place to go (or to eat) in Hong Kong in your spare time? Anywhere close to the sea for a sundowner.

On the Scene - Hong Kong GBA Launch GBA report and Committee sponsor:

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