Post Brexit, Hong Kong remains a vital trade and finance partner for Britain

As Lord Mayor of the City of London and ambassador for the UK’s financial and professional services industry, I travel to key markets fostering stronger trade links and promoting Britain as one of the best places in which to invest and do business. As a result of the British public voting in June to leave the European Union, this role is now more important than ever. The world is watching how the UK redefines and establishes its future relationship with the EU and the rest of its global partners. London and the UK have a responsibility to maintain and enhance our position as a truly global financial centre, in service of the global economy for the years to come.

The UK remains open for business – nowhere more so than in Hong Kong, a vital trade and investment partner. Our relationship is based on historic ties, as well as ongoing, shared interests and investments – economically, culturally and in education, with many more opportunities to further develop our links.

Hong Kong is one of the biggest Asia-Pacific markets for UK exports in goods and services; worth £8 billion (HK$82.7 billion) every year. There are over 600 UK companies with a presence in Hong Kong – all benefiting from the city’s world-class business environment and unparalleled economic connections with mainland China. UK investment in Hong Kong is over £33 billion, around 35 per cent of total British investment in Asia. Meanwhile, Hong Kong has long invested in the UK – reaching a record high in 2015, with Chinese foreign direct investment of nearly 70 per cent flowing through Hong Kong overseas.

Financial market collaboration is a priority for our governments and the industry. The UK, and the City of London, has embraced renminbi internationalisation, and we take great pride in our role as “the Western offshore RMB hub”. We evolved this role in close partnership with Hong Kong – complementing its responsibilities as the biggest renminbi offshore centre. Together, we are committed to developing an industry that supports the currency’s growth, as China’s markets open up. In my meetings with the Monetary Authority and Hong Kong exchange, I will discuss how we can continue our work for the benefit of both markets.

So what lies ahead? There are many high-value opportunities for the UK and Hong Kong to collaborate in the innovative industries of the future – such as smart technology, infrastructure, health care, sustainability, FinTech and maritime services.