Hong Kong and Dongjiang, Tianjin, today signed a Memorandum of Understanding (MOU) to deepen co-operation in the development of the aircraft leasing and financing industries.

The MOU was signed by representatives of the Transport & Logistics Bureau and the Tianjin Dongjiang Free Trade Port Zone Administrative Commission.

Secretary for Transport & Logistics Lam Sai-hung and CPC Tianjin Municipal Committee Standing Committee Member and Tianjin Executive Vice Mayor Liu Guiping witnessed the ceremony.

According to the MOU, the two sides will fully utilise their comparative advantages and join hands to build a regionally linked and complementary aircraft leasing and financing platform to promote co-operation between enterprises of the two places.

Relying on the advantages of Hong Kong as an international financial centre and those of Dongjiang in the clustering of aircraft leasing industry players, the two sides will forge deeper co-operation in financing, business, international competition, publicity, and the promotion of talent exchanges and training.

Addressing the signing ceremony, Mr Lam said the MOU marks a new milestone in the development of aircraft leasing between Hong Kong and Dongjiang.

He pointed out that the Hong Kong Special Administrative Region Government has been promoting the development of aircraft leasing in Hong Kong in accordance with the Greater Bay Area Outline Development Plan and the report to the 20th CPC National Congress.

He added that as an international financial centre and aviation hub, Hong Kong is well positioned to provide the necessary resources and support to aircraft lessors.

The Tianjin Dongjiang Free Trade Port Zone has become the largest aircraft leasing hub in China and the second largest in the world after Ireland.

With the signing of the MOU, Mr Lam said he looks forward to more aircraft lessors, airlines as well as organisations and individuals utilising the joint platforms of the two places for aircraft leasing business.