Hong Kong should push to become a global maritime trading centre as the international shipping industry gravitates from Europe to Asia, according to an influential think tank, the Standard reported.
In its latest report, the One Country Two Systems Research Institute says Hong Kong should also set up a shipping exchange modelled on London's Baltic Exchange where vessel owners and brokers can transact and collect information while paying tax dollars into Hong Kong's coffers.
Think-tank head and Executive Council member Leung Chun-ying said that, despite Shanghai already setting up an exchange, Hong Kong has advantages in language skills, management, professional services and the rule of law.
The move would enhance the territory's long-term competitiveness, backed by the central government's intention to strengthen national maritime power.
Shanghai's shipping exchange focuses on statistics and collecting information as it is not fully connected with international markets.
Hong Kong could surpass Shanghai in its international connections, Leung said.
No conflict would arise from Shanghai and Hong Kong having their own shipping hubs as each has unique advantages and serves different purposes.
However, the report pointed out that Hong Kong faces major obstacles as it lacks talent in marine insurance and shipping.
It suggested the government, the shipping sector and research units work together to develop sea schools and shipping enterprises to encourage more young people to join the shipping industry.
Asked if the shipping services can develop at the same time as existing container ports, executive director of the Institute Cheung Chi- kong said they could.
Hong Kong remains the third busiest container port in the world after Singapore and Shanghai, with a two percent increase in traffic to 24.5 million TEU's last year. Hong Kong and the mainland share six of the world's 20 busiest ports.
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