(Yicai Global) Nov. 27 -- Construction of the Guangdong-Hong Kong-Macao Greater Bay Area will bring about tremendous opportunities and consolidate Hong Kong's status as an international shipping and logistics center, Hong Kong China News Agency quoted Matthew Cheung, chief secretary for administration of the special administrative region, as saying on Nov. 26.

Hong Kong's shipping industry has vigorously promoted economic development and the local government is committed to generating high value-added maritime services, Cheung said. The special administrative region currently has more than 800 companies providing a range of maritime services, including ship management firms, shipping agencies and brokerages, maritime insurers and law and arbitration companies, to clients in China, Hong Kong, Taiwan and overseas.

Shipping is an international industry, he continued. Faced with fierce competition from other maritime cities around the world, there are huge development opportunities for the Greater Bay Area, which has the potential to be the largest shipping and logistics center in the world. Hong Kong is familiar with the operation and rulemaking process of international trade and has a large global network in the industry, Cheung added.

Hong Kong should give full play to its own advantages and lead other cities in the Greater Bay Area to jointly build world-class port and airport clusters and cooperate with the Belt and Road Initiative, he said.