Ties between Hong Kong and the Republic of Korea are extending beyond finance and trade, and the two sides could find synergy in innovation, officials said at an event on Wednesday.

“Sharing the experience of rising as advanced economies – the “Asian Tigers” – (the Republic of) Korea and Hong Kong maintain close ties across various sectors,” said Seo Man-kyo, consul general of the Republic of Korea in the Hong Kong Special Administrative Region, at a reception celebrating the ROK’s National Day, which falls annually on Oct 3.

Bound by historical, geographic, and cultural ties, Seo said Hong Kong remains the ROK’s seventh largest trading partner. Beyond traditional economic and cultural exchanges, he said that both sides are also actively expanding cooperation in sectors such as law and education, with a strong ROK community of 18,000 people contributing to the city’s economy.

“Let us combine Hong Kong’s status as a global hub with (the Republic of) Korea’s innovation to open a greater future,” said Seo.  

Noting the city’s first Five-Year Plan emphasized innovation and technology partnerships, Chan Kwok-ki, chief secretary for administration of the HKSAR, said Hong Kong and the ROK are natural partners.

“(The Republic of) Korea is strong in artificial intelligence and advanced in semiconductors, while Hong Kong excels in financial and professional services,” said Chan, adding that the city’s international connectivity under the “one country, two systems” principle makes it a gateway to the Guangdong-Hong Kong-Macao Greater Bay Area, and markets beyond.

From 2020 to 2024, trade between the ROK and HKSAR grew by an average of 25 percent each year, Chan said, adding that goods trade between the ROK and the Chinese mainland that went through Hong Kong made up nearly 15 percent last year, or $49 billion, of the ROK’s total goods trade with the Chinese mainland.

Deputy Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in the Hong Kong Special Administrative Region Hua You, former HKSAR chief executive Carrie Lam Cheng Yuet-ngor and around 300 representatives from various sectors and foreign consulates in the SAR also attended the reception.

Contact the writer at kelly@chinadailyapac.com