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Following is the speech delivered by the Chief Executive, Mr C Y Leung, at the opening ceremony of the Pakistan Chamber of Commerce Hong Kong this evening (April 25):
Mr Iqbal (Mr Javed Iqbal, President of Pakistan Chamber of Commerce Hong Kong), Your Excellency, distinguished guests, ladies and gentlemen,
It's a great pleasure for me to join you for the opening ceremony of the Pakistan Chamber of Commerce Hong Kong. This event marks an important milestone in the business relations between Pakistan and Hong Kong.
Through various platforms, the Chamber will help to strengthen the links between Pakistan and Hong Kong at the business-to-business (B2B) and people-to-people (P2P) levels. It will also reinforce, if I may just add to what the lady master of ceremony just said, Hong Kong's role as a bridge between business sectors in Pakistan and the Mainland of China. So hopefully this platform will promote not just business links between Hong Kong and Pakistan, but also between Pakistan and the rest of the country, which is a slightly bigger market than Hong Kong.
The Pakistan community has deep roots in Hong Kong and has made significant contributions to the development and progress of our city. Your knowledge and experience of Hong Kong is a valuable resource for generating more business opportunities with trade partners in Pakistan and around the world.
There is great potential for stronger commercial connectivity between Pakistan and Hong Kong. Pakistan is strategically located to become Asia's premier trade, energy and transport corridor. It is also the gateway to the energy-rich Central Asian States. With a population of over 180 million, Pakistan is a marketplace teeming with possibilities for greater investment from Hong Kong and the Mainland of China. These opportunities were highlighted by Premier Li Keqiang during his visit to Pakistan in May last year.
Relations between Pakistan and Hong Kong have been on a roll for many decades. Over the past five years, we have seen the value of our bilateral trade grow at an average annual rate of more than 13 per cent. The total trade value between Pakistan and Hong Kong reached HK$6.15 billion last year, which represents a year-on-year increase of 15 per cent.
Hong Kong serves as the premier international gateway to the Mainland of China. We have a stable, user-friendly business environment with a low and simple tax regime, free flow of information and capital, independent judiciary and world-class infrastructure. Hong Kong is an excellent showcase for Pakistani products and services and a stepping stone to markets in Mainland China and across Asia. I often say this: what sells well in Hong Kong will sell well in the rest of the country.
Among other things, we are working to streamline the implementation of our unique free trade pact with the Mainland of China, called the Closer Economic Partnership Arrangement, or CEPA. Under CEPA, Pakistan firms incorporated in Hong Kong can enjoy preferential treatment in accessing the Mainland China markets for goods and services.
The Chamber will help to keep members updated on new business developments and trends, including government initiatives to strengthen Hong Kong's competitiveness as a business centre in Asia and as a great place to live and work.
With the support of the Chamber and the resourcefulness of its members, I am confident that business links between Hong Kong and Pakistan will continue to grow and develop.
I wish the Pakistan Chamber of Commerce Hong Kong a great success and its members a long and prosperous future here in Asia's world city.
Thank you.
Ends/Friday, April 25, 2014
Issued at HKT 20:06
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