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Hong Kong Commissioner for Economic and Trade Affairs, USA, Mr Donald Tong, and Director of the Hong Kong Economic and Trade Office, San Francisco (SFETO), Mr Jeff Leung completed a three-day visit to Kansas and New Mexico concluded on March 31 (San Francisco time) to reinforce ties between Hong Kong and the two states.
In Kansas, Mr Tong and Mr Leung met with the Governor of Kansas, Sam Brownback; Kansas Secretary of Commerce, Pat George; Senate President, Stephen Morris; Secretary of Agriculture, Dale Rodman; and many legislators including Speaker of the Kansas House of Representatives, Mike O'Neal, as well as Mayor of Topeka, Bill Bunten.
In New Mexico, they met with Lieutenant Governor, John Sanchez; Mayor of Albuquerque, Richard Berry; Mayor of Santa Fe, David Coss; New Mexico Secretary of State, Dianna Duran; and Senate Majority Leader, Michael Sanchez .
During the visit, the SFETO partnered with the Kansas Department of Commerce, Santa Fe Council on International Relations, as well as Albuquerque Economic Development, INC and City of Albuquerque in organising three luncheons to update the business leaders on the latest development of Hong Kong.
While Hong Kong continues to strengthen the four economic pillars of financial services, trading and logistics, professional services, and tourism, Hong Kong is positioning herself as China's global financial centre. "Hong Kong has been given a new role, serving as the testing ground for the Mainland's financial reforms and liberalisation of its currency. Hong Kong currently hosts the largest offshore pool of renminbi (RMB) liquidity and is a place outside Mainland China where international investors can invest in RMB bonds and other RMB-denominated financial products," said Mr Tong.
He encouraged Kansas and New Mexico businesses to leverage Hong Kong's experience in offshore RMB business to settle their Mainland trade in RMB with over 67,000 mainland enterprises in 20 provinces and cities. This would help US companies offset the risks of exchange rate fluctuations and give more certainty to their business transactions.
Mr Tong further commented that the development of six new industries, namely, testing and certification, medical services, innovation and technology, cultural and creative industries, environmental industry, and educational services may present unique market opportunities for American firms.
He hoped the visit will further strengthen the trade relationship between Hong Kong and the two states. According to the most recent annual trade data, Kansas companies exported close to US$109 million worth of goods to Hong Kong in 2010, a significant increase of 56% from the previous year's level. Export from New Mexican companies also showed a sharp increase of 66% from 2009 level, reaching about US$26 million in 2010.
During the visit, Mr Tong also spoke at University of New Mexico and University of Kansas.
Ends/Saturday, April 2, 2011
Issued at HKT 12:08
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