Commerce minister Algernon Yau says claims that Hong Kong was no longer the Pearl of the Orient and its status has been overtaken by Singapore were absolutely not true, citing the SAR’s unique advantage of its proximity to the mainland.

“I think it’s not true at all. Hong Kong has the advantage over the others because we have the back-up of the motherland. We are a super connector and a value adder,” Yau said.

The secretary for commerce and economic development said Hong Kong is positioned to capture business opportunities in the Greater Bay Area, which has a population of 86 million with GDP of US$1.3 trillion. The size of the GBA economy is comparable to that of South Korea or some northern European countries, Yau said.

“Using Hong Kong as a gateway going into the Greater Bay Area is our advantage,” Yau told RTHK’s Your Home Address programme.

He also highlighted that Hong Kong is the only common law city in China.

“The rule of law, free low of capital, good infrastructure and professional services… are all available in Hong Kong which are very competitive to any other economy in the world,” he said.

To attract more foreign businesses to operate in Hong Kong, Yau said, “We need to change”.

The minister hailed a business trip led by the Chief Executive John Lee to the Middle East and Asean countries last year, adding that Hong Kong businesses need to look at how to accommodate new investors coming from those parts of the world.

“The whole world is changing, the situation is evolving and we have to look at new opportunities.

“Without changing, we won’t be able to entertain the new investors, visitors or tourists coming from the Middle East especially,” the secretary said.

Yau also revealed that Hong Kong will be hosting a Belt and Road summit in September as part of a month-long Belt and Road festival.

The minister, whose policy portfolio also covers broadcasting, said he is trying to foster a more dynamic environment for the industry. He said there are more programmes on RTHK about education and culture on the mainland.