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Under the terms of a new Memorandum of Understanding, Maritime London and the Hong Kong Maritime & Port Board (HKMPB) will cooperate in a range of areas including promotional activity, training and sharing of best practice for maritime business services, MANA correspondent reported.

The agreement was signed in London during London International Shipping Week by Chan Fan, Frank, JP, Secretary for Transport & Housing, Hong Kong Government and Maritime London Chairman, Lord Mountevans at the Foreign & Commonwealth Office. 

Lord Mountevans commented, "The Hong Kong and UK maritime business communities have a unique historical relationship and very strong ties. Nearly 10% of the world's ships are managed or owned in Hong Kong, it is home to one of the world's leading hub ports and an important gateway to mainland China. Both the UK and Hong Kong look beyond their borders and provide world beating maritime expertise to global ship owners, traders and charterers. This agreement is designed to help both London and Hong Kong businesses collaborate and prosper with the support of their respective representative bodies."

Secretary Chan said, "By working together, London and Hong Kong can grow together." 

Trading and logistics are a major economic pillar for Hong Kong, accounting for 22 percent of its GDP and 20 percent of employment. The U.K. maritime business services sector which includes ship broking, financial, legal, education and insurance services contributes £3.5 billion to the U.K. economy and supports 48,600 jobs.