Chairman’s Note | The American Chamber of Commerce in Hong Kong

2025 Chairman David Butts

I. Introduction

Good afternoon, American Chamber members, fellow Board of Governors, business associates, friends of the Chamber, and distinguished guests.

Thank you for the warm welcome. I am extremely honored to be the 2025 Chairman of the American Chamber of Commerce in Hong Kong.

A duty I plan to execute with dedication, integrity, and extreme energy.

I am looking forward to working with our Board, the professional staff of the Chamber, our dedicated President Eden Woon, our members, and indeed all of you who are our stakeholders.

Let’s begin, my journey with the Chamber started in 2002. Over these 23 years, I have been fortunate to have an exciting career and play a key role building my employer Techtronic Industries (TTI) into a global multinational which is listed on the HKSE.

TTI is another HK success story.

For me personally, Hong Kong has been open and welcoming. A great place to live, raise a family, and prosper in business.

My work with AmCham started by attending industry events and the annual Thanksgiving lunch. It was not until I began reaching out and seriously engaging with other senior business heads that I received the biggest benefits.

I have met numerous leaders, opening doors for business, as well as friendships. AmCham and Hong Kong are both amazing places to interact with regional and global leaders. These networks and sharing of information from AmCham continue to help my company and others grow in a changing world.

I joined my first Committee, the Innovation and Technology Committee, because they had a meeting at the Google office which I wanted to see. But the I&T Committee opened my eyes to a vibrant start-up community in Hong Kong. And TTI has benefited from the technology connections on the Committee.

So today, it is my utmost pleasure to welcome you to this Inaugural Luncheon where we lay out the top priorities for the Chamber in 2025.

We have a bold vision for the future of AmCham …and Hong Kong.

First, the Chamber reflects the very special relationship between business and government. A relationship which has stood the test of time and continues as a cornerstone of our mission, especially during uncertain periods like now.

So, I am very pleased that

Ministry of Foreign Affairs Deputy Commissioner – Li Yongsheng
HKSAR Government Executive Council Convenor - Regina Ip
And United States Acting Deputy Consul General – Marc Williams

… are sparing their very busy time to be with us today.

And of course, we thank our sponsors. My company is supporting this luncheon with a table mostly filled with guests who are not yet Chamber members, and The Asia Group is continuing its steadfast support of AmCham… with a special thank you to George Chen for all his contributions.

To that end, let me welcome the Managing Director of The Asia Group, former US Consul General Kurt Tong, who is in town this week.

And you all saw our former Chairman Geoff Siebengartner earlier in his new role as Chairman of the Board of Trustees of AmCham’s Charitable Foundation – a very important body, which as part of the “American Pillars”, gives back to the community supporting education and the disadvantaged here in Hong Kong.

Let us give Geoff a hand as he very ably steered AmCham through the last two not-so-easy years since Covid - plus his challenging responsibility of coaching me as Vice-Chair.

Speaking of the American Pillars, we are pleased that Tim Chen and Chris Burgess, the current President and immediate past President of the American Club, respectively, are with us today.

Next, I am grateful to Sally Peng of FTI, who has agreed to be my Vice Chairman, and to Greg de Ferriere of Logitech as the new Treasurer. These two will form a strong core of the 9-person Executive Committee of the Board.

Finally, we welcome 6 new members to our Board of Governors who have been selected from of a pool of top business leaders in Hong Kong:

Jessica Cutrera, Leo Wealth
Bryan Ha, Amazon Web Services
Jeremiah Heller, Jardine Schindler
Joanne Hon, Equinix
Arthur Ozeki, RGA,
And Tim Sypko, HK Disneyland

I am thrilled to have each of you on the Board. With your fresh ideas, deep business knowledge, experience, and connections you will be important contributors in setting the strategic direction of the Chamber and overseeing governance in the future.

I am excited about the high quality of our 2025 Board.

II. How AmCham Supports its Members in 2025

This year, AmCham is marking 55 years of continual operations. Just as we did from day one, we remain dedicated to bridging the needs of the business community and government to ensure a thriving and prosperous Hong Kong.

We are proud to be the oldest and largest international chamber in Hong Kong, continuing to serve as the foremost business advocate, promoting commerce among the United States of America, Hong Kong, and Mainland China.

Those of you who have chosen to be members, we are stronger with you, because of you, and for you.

In today’s unpredictable and rapidly changing world, it is vital that we continue to enhance Hong Kong's status as an international business center.

We are competing on all levels with other cities and countries, for resources, capital, talent, knowledge, innovation, and technology—a competition that extends even within many of our own multinational businesses.

Having resided in Hong Kong for 30 years, I can attest that the city has witnessed many ups and downs but has an amazing resilience and energy to succeed.

This is demonstrated best by the Chamber, which has not only survived but thrived… as have our numerous members over the years.

Both business and politics today require agility, and Hong Kong finds itself at the heart of this dynamic environment.

Need I remind everyone that the inauguration of the next US President is one week away… and Sally informs me that Global Supply Chains as we know them today, are ready for a flurry of tariffs and the burning of regulations… again.

But it is during changing times like these that opportunities appear and a business association like AmCham can prove its worth.

We provide intelligence to our members and help them move forward with knowledge and shared confidence.

So, this year, we have taken an assessment of the future needs of the HK business community creating a vision for AmCham.

A top priority being connectivity to government offering timely information and access that businesses require for investment decisions.

AmCham offers this in a big way.

But business is complex.

For this reason, the Chamber is enhancing our content covering even more relevant topics.

Here is a taste of our high impact programs for today’s business climate:

… The inspirational Women of Influence Conference is expanding to include a WOI Series of leadership programs and lunches culminating with the WOI award ceremony, attended last year by over 350 members, business executives, and allies.

… Building on previous success, the ESG Conference is being revamped into an AmCham Sustainability Day that will take place in synch with sustainability events around town.

… An impactful and geographically important China Business Conference will be held. With Hong Kong being the international gateway to China in a complicated geopolitical environment, how business is done with China has changed a great deal in the past five years, and this conference features practitioners and experts who will give their insights and analysis on the way forward.

… A new thought-leadership series, “Future of Hong Kong”, exploring ideas of Hong Kong being a Healthcare Hub, an Innovation & Technology Hub, a Hospitality & Tourism Hub, a Sustainable Finance Hub, and a Supply Chain Hub. All Big Ideas worth exploring!

… And the successful Future Leaders Program – which is now running in its 6th year with more than 150 graduates – is a highly competitive and selective program to develop and retain top local and international talents in Hong Kong. Around 90% of the graduates get promoted within 2 years. I personally attest to the benefits of this program as TTI has had 6 business leaders graduate from it.

So, please nominate your high-potential leaders and build your future now!

III. AmCham Initiatives for 2025

But we are not stopping with these.

The AmCham leadership is moving forward with 3 key initiatives to expand the foundation for a broader, deeper, and more engaged Chamber that brings immense value to our business stakeholders and government partners.

1. The first, massively ramp-up the engagement with CEO and senior management of leading US and multinational businesses operating in Hong Kong.

AmCham offers the opportunity to connect senior management of companies and provide immediate links to our government partners.

We are foremost all about business.

We want to be the first choice for business leaders when they look outside their organizations for ideas, information, and access.

It is important to note the latest statistics released by the HKSAR Government show that American companies in Hong Kong increased by 10% from 2023 to 2024, jumping to almost 1400 now — higher than pre-COVID levels.

We are putting a priority effort on bringing in more of these American companies as members.

My “inner sales manager” wants all 1400 as members! So if you are not a member yet, expect to join in 2025.

But we also have a healthy mix of HK companies and multinational companies who do business in the US. TTI is one of these HK companies.

Wherever our members are from, we will make sure that they get the most assistance and up-to-date information possible as they navigate through the business landscape in Hong Kong, in the region, and in the US.

This year, we are expanding the number of Executive Roundtables, plus I will host a lunch with fellow CEOs every couple of months – the first one is set for the 28th February and we have a great speaker line-up.

All these serve to make AmCham more plugged-in and helpful to the challenges facing senior business leaders.

2. The second initiative, accelerate the disciplined forging of strong and honest relationships with HKSAR, China, and US Governments.

Eden and his team are extraordinary in this area.

Throughout the year, we invite government officials to share their thoughts with us, and we have experts in Geopolitics to brief our members on what is happening in this volatile world. These may be in private settings or large-scale chamber-wide sessions.

We conduct our very useful Doorknocks to Washington DC and Beijing, telling everyone our members’ views on Hong Kong. We work diligently to maintain our stable government relationships.

Last year we added business visits to Shanghai and GBA, so we will be looking to further expand these networking and learning trips.

I can attest, these are really impactful experiences, which I strongly encourage you to participate as much as possible.

3. Thirdly, double-down on improving our service to members and enhancing the effectiveness of our committees – we do this through high-quality relevant content, constructive idea sharing, and expanding the reach of business.

Committees are what deeply connects us to industry issues – whether facing opportunities, embracing new technology, changing regulations, or other challenges. They are the primary engagement channel for members.

This year, several of the Committees identified burning issues and want to present “white papers” on their business sector, and we will allocate resources to help them do that.

Strategically, our Board is strengthening its connection with the committees through a revitalized Board / Committee liaison system.

We now have 18 committees. Two new Committees have been established this year, with significant interest and support already — The Education Committee and the Retail, Hospitality, Tourism Committee.

Our committees give a voice to industries. We urge you to get involved and make an impact.

A short call-out to our bi-monthly e-Magazine, which, among other things it does, captures thoughts of experts who may have participated in one of our “Chatham House-rules” events. It provides a great service by describing Hong Kong and the business environment to our readers who come from all parts of the globe.

Please share the e-Magazine within your organization, networks, and communities. Spread the AmCham word.

IV. A Peek at our Business Sentiment Survey

Before I close, we convinced Eden to let us peek at the latest Business Sentiment Survey, which gauge how our members are feeling about the business environment here. This Survey guides our work throughout the year, as it tells us what concerns you the most.

You will find the results this year again to be reassuring – slightly more positive than last year, with members feeling they can “gut” it out here despite the headwinds.

Members generally are optimistic about Hong Kong’s business environment, and they want to stay here to explore the opportunities.

Some of the takeaways -

Tensions in the US-China relationship, the slow Chinese economy, and overseas public perceptions of Hong Kong continue to be the most prominent business challenges.
Many more members are pessimistic about the US-China relations in the next 12 months, with a general uncertainty in business outlook and the meticulous need to comply with US and China regulations.
Cost of doing business and talent availability continue to be top operating issues in Hong Kong.
We asked questions about members’ views on their confidence in the rule of law, future of Hong Kong as a regional data center, and impact of NSL / Article 23.

Here, concerns were voiced that “Security” and “One Country” — while necessary for Hong Kong — are over-emphasized and have taken Hong Kong’s focus away from the much-needed work to make the “Two Systems” flourish, to improve perception overseas, and to re-emphasis its international business positioning.

In about a week, details of the results of this year’s Survey will be released.

So stay tuned!

V. Summary

Wrapping up, it is our goal to provide members timely advocacy, knowledge, ideas, networking, profile, and fun.

I hope you will find value in your membership as have TTI and I.

But the purpose of AmCham is not only to provide superb and relevant service to members, but to play a key role in the local economy, and with a changing Hong Kong, we are working hard and arguing passionately to keep Hong Kong international.

I am very excited about the potential of AmCham, our stable relationships with government, and our awesome members ranging from multinational companies, US companies, HK companies, China companies, and a flourishing start-up community.

We have a culture that embraces all businesses.

Ladies and Gentlemen, our future is very bright, but it is up to all of us to be involved in making it happen.

Together, we will make the American Chamber another HK success story!

Thank you very much!

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