Edward Yau, Secretary for Commerce and Economic Development of the Hong Kong SAR, again summoned the Consul General of Panama in Hong Kong to express strong dissatisfaction over the port operation rights ruling involving CK Hutchison, criticizing the decision for causing profound harm to Panama's business environment and economic development.
On Saturday (February 7), the Hong Kong Commerce and Economic Development Bureau revealed in a Facebook post that Edward Yau had once again summoned the Panama Consul General, expressing strong discontent and opposition to the Panamanian Supreme Court's ruling that deemed the legal basis for the renewal of the Panamanian government's agreements with PPE—Panama Ports Company, a subsidiary of Hong Kong's CK Hutchison—for operating two ports in Panama as unconstitutional.
Edward Yau reiterated the SAR government's stance and pointed out that PPC has made massive investments and created a large number of jobs locally over the years. He criticized Panama for damaging its national credibility, saying this would cause lasting harm to Panama's business environment and economic development, as well as seriously undermine international trade rules.
Yau urged the Panamanian government to respect contractual spirit, provide a fair and unbiased business environment for enterprises operating locally in accordance with the law, and ensure that their legitimate rights and interests are not interfered with. He stated that Hong Kong enterprises operating and investing in Panama should receive fair and reasonable treatment and protection.
Yau urged the Panamanian government to respect contractual spirit, provide a fair and unbiased business environment for enterprises operating locally in accordance with the law, and ensure that their legitimate rights and interests are not interfered with. He stated that Hong Kong enterprises operating and investing in Panama should receive fair and reasonable treatment and protection.
Media reports indicate that this was not Yau's first meeting with the Panamanian Consul General, according to the statement. However, the Commerce and Economic Development Bureau declined to comment on the details of previous meetings.
The Panamanian Supreme Court last week ruled that the legal foundation for PPC’s concession for two Panama Canal ports was unconstitutional. PPC rejected the ruling and has initiated international arbitration against the Panamanian government. China’s Ministry of Foreign Affairs emphasized it would take all necessary measures to safeguard the rights and interests of Chinese enterprises. Reportedly, China has already launched a series of countermeasures, including instructing state-owned enterprises to halt negotiations on new projects in Panama.
The Panamanian Supreme Court last week ruled that the legal foundation for PPC’s concession for two Panama Canal ports was unconstitutional. PPC rejected the ruling and has initiated international arbitration against the Panamanian government. China’s Ministry of Foreign Affairs emphasized it would take all necessary measures to safeguard the rights and interests of Chinese enterprises. Reportedly, China has already launched a series of countermeasures, including instructing state-owned enterprises to halt negotiations on new projects in Panama.