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Maritime industry37,38The consultancy study of the HKMPB on Hong Kong’s position as an international maritime centre pointed out that promotion by the Government of the maritime industry has been passive and generic, especially when compared to the efforts made in this regard by the Singapore Government. Insufficient promotion has diverted the attention of ship owners away towards Singapore as they are not aware of Hong Kong’s technical expertise and commercial excellence. Therefore, the HKMPB suggested that the Government should introduce more marketing initiatives such as overseas visits and participation in trade shows to promote Hong Kong. The Financial Services Development Council (FSDC) also suggested that the Government should encourage local organisations and companies to actively participate in industry bodies with a global footprint, including the International Maritime Organization, INTERTANKO, and the World Shipping Council. Active participation in these associations can enhance Hong Kong’s position as a centre of industry expertise.While Hong Kong is an international financial centre, feedback from ship owners suggested that the limited presence of shipping banks and export credit agencies prevented them from obtaining adequate finance. Due to their business nature, ship owners prefer financing with tenors of longer than ten years, but commercial banks generally prefer tenors within ten years as longer loans are associated with higher risks.Hence, it is recommended that the Government should establish a sovereign-rated financial institution to bridge the funding gap and provide an alternative source of financing. It can offer products such as shipping loan insurance and securitised shipping loans, and may even buy shipping loans directly from banks. The FSDC also suggested that it could potentially facilitate a market for new fixed income financial products in Hong Kong.1. Devote resources to marketing and promotions to attract commercial principals2. Establish a sovereign-rated financial institution to provide funding to ship owners37 BMT Asia Pacific. (2014). Consultancy Study on Enhancing Hong Kong’s Position as an International Maritime Centre Final Report. 38 Financial Services Development Council. (2018, May). Maritime Leasing Paper.96