Opinion

How Hong Kong can deepen engagement with Indonesia, Asean’s largest economy

Indonesia, a core pillar of Asia’s future, has big plans that Hong Kong can support, as a centre of trade and finance with green compliance expertise

Stronger cultural, tourism and academic ties will also complement China’s strategic partnership with Indonesia

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Indonesia’s President Joko Widodo speaks at a press conference at the 42nd Asean Summit in Labuan Bajo, East Nusa Tenggara, Indonesia, on May 11. Indonesia is the chair of Asean this year. Photo: EPA-EFE

Daryl Ng is chairman of Sino Group and the founding chairman of the Hong Kong-Asean Foundation, a not-for-profit organisation promoting and deepening ties between Hong Kong and Asean to build a community of shared future to reinforce Hong Kong’s international position and support future growth.

Published: 8:15am, 16 May 2023

As Hong Kong reopens, we must seize the moment for meaningful re-internationalisation and the 10-member Asean bloc, our second-largest trading partner, is a linchpin.

Within the Association of Southeast Asian Nations, Indonesia is the largest economy. It is the world’s 10th-largest economy in purchasing power parity terms and poised to become the fourth-largest by 2045; Indonesia’s strategic importance is only increasing. The International Monetary Fund expects its economy to grow by 5 per cent this year, close to China’s 5.2 per cent projection.

It makes good sense for Indonesia and Hong Kong to have a constructive and symbiotic relationship. Both are known for their open embrace of multilateralism, internationalisation and global friendships, rooted in their rich, diverse and agile cultures; both thrive on connectivity in trade, innovation and tourism.

Hong Kong must improve its knowledge, understanding, language proficiency and engagement with this core pillar of Asia’s future. Indeed, there are four areas where action is needed.