Two more Hong Kong lawmakers have said they will not seek another term ahead of nominations opening later this month for the Legislative Council election, bringing the total to at least eight.

Veteran lawmaker Jeffrey Lam Kin-fung, a vice-chairman of the Business and Professionals Alliance for Hong Kong, said on Sunday that he would not stand for re-election.

Lam, who turns 74 this month, represents the “Commercial (First)” functional constituency in Legco. The seat is reserved for a representative of the Hong Kong General Chamber of Commerce.

“After careful consideration and consultation with the Hong Kong General Chamber of Commerce, fellow party members and my family, I have decided not to run for election to the new Legco,” the five-term lawmaker wrote on social media.

“This is a crucial period for Hong Kong’s economic recovery. I have decided not to run for re-election, partly because I want to focus on business affairs and work with the business community to attract investment.

“It is also because I hope to provide more opportunities for young talent in the sector to serve the people, to serve Hong Kong, and our country,” he wrote.