On the morning of Oct. 19, the 2023 East Asia Business Forum opened in Haikou. The topic of the forum, which aims to promote high level sustainable development in East Asia and contribute to the steady recovery of regional and the global economy,  is themed “Working Together to Promote Comprehensive Regional Economic Recovery & Sharing New Opportunities in the RCEP”. Over 680 attendees from 13 countries and regions including Malaysia, Indonesia, and New Zealand, as well as Hong Kong SAR, Macao SAR, and Taiwan are in attendance. 

On the morning of October 19, the 2023 East Asia Business Forum opened in Haikou. Photo: Cao Zhi 

Located at the border between East Asia and mainland China, two of the world's most active markets, Hainan has great business potential. In recent years, thanks to the Regional Comprehensive Economic Partnership Agreement (RCEP) and the continued development of the Hainan Free Trade Port, ties between Hainan and the countries of East Asia have become increasingly close. 

On the morning of October 19, the 2023 East Asia Business Forum opened in Haikou. Photo: Cao Zhi 

Zhang Shaogang, Vice Chairman of the China Council for the Promotion of International Trade, said that East Asia has some of the greatest potential and development prospects in the world. He hopes that the business communities of East Asian countries will make good use of the RCEP's commitment to open up markets for goods, services，and investment as well as the high-standard rules of the agreement, take advantage of the opportunities for deeper connections, and promote high-quality trade and investment development. He hoes that the industrial and commercial circles of East Asian countries can make more effective use of the preferential trade and investment arrangements offered by the RCEP, improve strategic investment planning for enterprises, optimize industry structures, reduce operating costs, and open up new opportunities for improvement. The business communities of East Asian countries will hopefully focus on key areas such as the digital economy, the green economy, finance, and agriculture, continue to promote  the development of smooth and stable industrial and supply chains in East Asia, and further deepen international production capacity cooperation. 

"East Asia is one of the fastest growing regions in southeast Asia. As one of the key communication hubs between China and East Asian countries, Hainan plays a huge role in geopolitics.” Shaanti Shamdasani, Rotating Chairman of the East Asia Business Council, Founder & CEO of S. ASEAN International Advocacy & Consultancy, said that Hainan should seize the opportunity to strengthen exchanges and cooperation with East Asian countries, and take advantage of the province’s special geographical location and free port policy advantages to promote the development of its own industrial chain and supply chain. 

On the morning of October 19, the 2023 East Asia Business Forum opened in Haikou. Photo: Cao Zhi 

The Hainan Provincial Council for the Promotion of International Trade released the "Trade Report between Hainan and East Asian Countries" . The report was led by the Hainan Provincial Council for the Promotion of International Trade, the Hainan Chamber of International Commerce, and the Hainan East Asia Liaison Office, using big data to sort and summarize the trade results between Hainan Province and 15 countries including the ten ASEAN countries, Japan, South Korea, Australia, New Zealand, and India, and provides a reference for Hainan to further integrate into the regional value chains and industrial chains of East Asia. 

The unveiling ceremony of the Hainan Liaison Office of the China Committee of the East Asia Business Council was also held at the forum. The establishment of the liaison office also marks the start of the East Asia Business Cooperation Framework in Hainan, which will help Hainan's economy to become more deeply integrated into the East Asia regional economic cooperation system and effectively promote the development of the Hainan Free Trade Port.