Frederick Ma will replace Peter Lam, who is to return to chairman role at the Tourism Board

Former commerce secretary and ex-chairman of the MTR Corporation Frederick Ma Si-hang will lead the Hong Kong Trade Development Council, at a time when the city is actively seeking new business partners and diversifying its markets.

The government also confirmed yesterday that outgoing council head Peter Lam Kin-ngok would return to the Tourism Board as chairman.

Lam, whose six-year stint at the council will end in May, will take over from Tourism Board chairman Pang Yiu-kai after his second three-year term comes to an end on March 31.

The arrangement will see Lam, 67, balancing leadership positions at the council and the board for two months, before 72-year-old Ma starts in June.

"I am honoured by this appointment and will do my best to support Hong Kong businesses on the global stage, building on [the city's] long-established position as an international trade and financial centre, 'superconnector' and 'super value-adder'," Ma said.

The reshuffle is seen as a bid by the government to boost the economy through the commerce and tourism sectors, while securing overseas and domestic business opportunities.

Hong Kong is currently caught in the midst of Washington and Beijing's trade war, with the prospect of United States President Donald Trump's planned reciprocal tariffs looming over manufacturers in the city and mainland China, given the difficulty of replacing the American market with alternatives.

According to the Census and Statistics Department, Hong Kong's exports to the US as of 2024 were valued at HK$295.57 billion. The country is the city's second-largest export market after the mainland.

Trump signed an executive order earlier this month to impose an additional 10 per cent tariff on Chinese imports, including those from Hong Kong.

Ma boasts rich experience and extensive international connections from his role as a member of the international advisory council of the China Investment Corporation, which could help the city navigate difficult waters.

The sovereign wealth fund manages US$1.35 trillion worth of assets, with council members including former German chancellor Gerhard Schroeder and Barrick Gold Corp executive chairman John Thornton, who is a former Goldman Sachs president.

Ma is currently chairman of insurance provider FWD Group, which has been actively developing its Southeast Asian market.

He was also a speaker at the Post's China Conference: Southeast Asia 2025 in Malaysia on Monday, where he discussed business ties with the Asean bloc and said that China's broader foreign policy focused on friendly ties with all countries.

He previously travelled to Malaysia, Indonesia and Vietnam as part of Chief Executive John Lee Ka-chiu's tour to the region to promote the city and explore business collaborations.

Lam, who headed the Tourism Board before Pang, returns to the position with a strong network spanning political, business and entertainment circles. He was also an investor in the hit film Twilight of the Warriors: Walled In, which the government has used to promote the city and attract tourists.

Danny Lau Tat-pong, honorary chairman of the Hong Kong Small and Medium Enterprises Association, said he felt Ma was more familiar with the city's economic system than Lam.

He hoped Ma would take the lead in improving Hong Kong's exports as the sector was currently quite weak.

"It will not be very helpful if he only has the title and does run-of-the-mill things without any breakthrough. People say, 'the US market is no good and markets that are less well-off need to be developed' – such advice is superfluous," Lau said.

"Looking at the two big markets, the US and Europe, alongside Japan and the Middle East – should there be concrete plans that can bring us in and secure business? That's where the actual work is."

Travel Industry Council chairman Tommy Tam Kwong-shun said it welcomed Lam's appointment, adding he was confident the move could help revive the tourism sector. "I look forward to working with him. He has the experience and the network. What he achieved in his previous stint was clear for all to see," Tam said. "His ideas were innovative and ahead of the game."

Tam said he had worked with Lam when he last led the board and felt this past understanding would help their collaborations.

Tourism sector lawmaker Perry Yiu Pak-leung said the appointment could help bring synergy to the culture, sports and tourism industries, which would attract business and high-spending visitors to Hong Kong, enhancing the city's competitive edge.