GBA's favorable policies a boost for businesses

The Guangdong-Hong Kong-Macao Greater Bay Area offers abundant opportunities for Hong Kong's entrepreneurs and younger generations, backed by preferential policies and market demand, business leaders and experts told the Greater Bay Area Conference on Tuesday.

"There are huge opportunities for community-level medical services from the RCEP (Regional Comprehensive Economic Partnership) and the Greater Bay Area, especially in elderly care and the treatment of common chronic diseases," noted Kevin Lau Chung-hang, founding director of Trinity Medical Centre, a Hong Kong-based healthcare services provider.

The huge market demand for healthcare services is created by the region's rapid economic growth and an aging population, he said.

Besides the market potential, the favorable policies of local governments would benefit businesses in the Greater Bay Area in four key areas — infrastructure interoperability, financial interconnection, science and innovation, as well as urban strategy.

There are also other advantages, such as tax incentives and land supply, which can substantially encourage companies to expand in the region, said Lau.

"It was announced two months ago that drugs, vaccines and machines that are available in Hong Kong can now enter the GBA tariff-free and be subject to the same taxes we pay in Hong Kong. That's a huge game changer."

He said Hong Kong is uniquely placed for the medical industry to develop, backed by top-notch medical research institutions and the sector's maturity.