Shipping tycoon calls for sustainable future in maritime industry

A prominent figure in the global shipping industry has urged for a shift towards sustainability in business practices.

Chavalit Frederick Tsao is the chairman of Singapore-based Tsao Pao Chee Group (TPC), a fourth-generation family business founded in China in the late 1800s, and former head of The International Association of Dry Cargo Shipowners (INTERCARGO).

When speaking with the China Media Group's English-language channel CGTN, the businessman said that it is essential to align business ecosystems with global sustainability and explore new operation model in the industry.

"Shipping industry on sustainable shipping has a distinct focus on de-carbonization. The fuel, the engine, would it be a combined energy so there are also wind-assisted propulsion system…Everybody is trying to find a solution to net zero. There a lot of debate that the ships are putting a lot of pollution, the way we scrap, and ships should be really scrapped as the same as they built which is in shipyard, properly process things that has toxin if scrapped out, probably process and then digest into a recycling economy into the system. Almost 60 percent of shipping is fossil fuel related - coal, gas, oil, so forth. So that is expected to shrink. Now shipping industry is very sensitive to supply and demand, so we are expecting a shrinking of the demand and the reposition on new type of ships and new type of operation. That is the challenge the shipping industry has to face with regulation and with the market itself," he said.

Looking beyond immediate industry challenges, Tsao proposed a broader vision for sustainability which could benefit all in the maritime system.

"We can do restoring the oceans, creating new business model that restore at least the coastlines, seabed which includes a new way of doing fishing along the coast and creating new livelihood, new system for ESG (Environmental, Social and Governance) community that lives off the water to re-understand what wellbeing is and what happiness is, which United Nations call wellbeing and happiness economy GNH (Gross National Happiness)-led GDP. So this is the big picture that our industry's in," Tsao said.

However, the shipping tycoon also pointed to growing wealth disparities as a challenge to global sustainability efforts.

"I'm a family business that began from the Qing Dynasty (1636-1912). It's a very old-rooted family business. And family business is all about sustainability. China is the biggest investor of sustainability, contributing 50 percent of all government investment into sustainability with only 20 percent of population. Now the world become very wealthy, but 25 billionaires earn more and have more wealth than the bottom 50 percent of the global population. So how do you use business people to use wealth for good, to create wellbeing? This is what China is doing and asking business to do," Tsao said.

Shipping tycoon calls for sustainable future in maritime industry

Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.

Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.

More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.

Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.

"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.

During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.

"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.

In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.

With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.

"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.

Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition