Tianjin hosted an investment promotion conference in Hong Kong on Feb 20, 2023. A total of 19 agreements were signed at the ceremony, valued at 15 billion yuan ($2.2 billion) on investment, trade and industry development,. (ANDY CHONG / CHINA DAILY)

Hong Kong and Tianjin on Monday signed 19 project agreements with a total value of over 15 billion yuan ($2.2 billion) on investment, trade and industry development, further deepening business collaboration between the two bustling port cities.

The agreements were signed during the Tianjin (Hong Kong) Investment Environment Conference, which was held in Hong Kong and attended by about 300 officials, industry leaders and other dignitaries from the two cities.

The projects are on intelligent manufacturing, new energy, commercial real estate, biomedicine, financial investment and infrastructure construction. 

Zhu Peng, vice-mayor Tianjin, speaks at the investment promotion conference in Hong Kong on Feb 20, 2023. (ANDY CHONG / CHINA DAILY)

A vital port city in north China, Tianjin has a unique geographical position, extensive connections, a wealth of strategic resources, and fully-fledged industries, Vice Mayor of Tianjin Zhu Peng said when delivering a speech at the conference.

Zhu envisions broad prospects for cooperation between Hong Kong and Tianjin, both of which are international port cities. 

He made particular mention of the fact that Tianjin is making an all-out effort to build a demonstration zone for financial innovation, and is hoping to expand financial collaboration with Hong Kong, which serves as an international financial center. 

He encouraged Hong Kong enterprises to actively seek business opportunities in Tianjin’s development, especially in the finance, technology, and shipping areas.

Hong Kong Chief Executive John Lee Ka-chiu speaks via video at the investment promotion conference held by Tianjin in Hong Kong on Feb 20, 2023. (ANDY CHONG / CHINA DAILY)

In his opening address at the conference, Hong Kong Chief Executive John Lee Ka-chiu said Hong Kong has always been the largest source of overseas investment for Tianjin, and is also the first choice for Tianjin enterprises seeking overseas investment. In 2017, the Hong Kong government set up a liaison office in Tianjin to better connect with the local community.

Lee noted that Tianjin was among the nation’s first group of cities to establish a free trade zone and has great potential for economic development. Promoted by the coordinated development of the Beijing-Tianjin-Hebei region, Tianjin’s role as a transportation hub has been increasingly highlighted and it is also actively promoting industrial upgrading.

He encouraged Hong Kong enterprises and professional services providers to seize the opportunity to further expand into the markets of Tianjin and other mainland cities.

Peter Lam Kin-ngok, chairman of the Hong Kong Trade Development Council, said Hong Kong has always been an important window for Tianjin's opening up. More than 10,000 Hong Kong enterprises had settled in Tianjin by the end of last year.

The key fields that Tianjin will actively promote in the future also coincide with Hong Kong's development, such as computer science, biomedicine and development of the digital economy. He hopes enterprises in the two cities can jointly tap into business opportunities in the Belt and Road Initiative and the broader overseas market.