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The Chief Executive, Mr Donald Tsang, today (June 29) hosted a cocktail reception to thank the overseas and Mainland investors that have set up or expanded in Hong Kong during the past year. Their presence in Hong Kong is a testimony not only to the accumulative business potential of the city; but also to the strengths that underpin Hong Kong's development as Asia's world city. The cocktail reception, attended by about 350 top executives, is an annual event of Invest Hong Kong.
Addressing the audience, Mr Tsang said, "Over the past decade, the value of our trade in goods and services has grown by 104 per cent. Air cargo is up 153 per cent. Port cargo by 36 per cent. The capitalisation of our Stock market has increased more than four-fold."
"While much has changed, other key aspects of Hong Kong have remained the same. These include our common law legal system underpinned by an independent judiciary, zero tolerance of corruption, freely convertible currency, low tax regime, free flow of information and liberal immigration policies. We are committed to maintaining these business-friendly advantages. They provide a familiar and secure base for businesses from all over the world."
"I am delighted that the number of overseas and Mainland-owned regional operations here continues to grow. I am also proud of our record of attracting foreign direct investment, or FDI. A staggering HK$535 billion worth of FDI was invested here last year. That is according to the Census and Statistics Department. It represents a 32 per cent increase over 2009."
Joining Mr Tsang at the reception were Secretary for Commerce and Economic Development, Mr Gregory So; Permanent Secretary for Commerce and Economic Development, Mr Andrew Wong; and Director-General of Investment Promotion, Mr Simon Galpin.
Mr Galpin said, "It is very encouraging to see that we have already assisted 198 overseas and Mainland companies to set up or expand their business operations in the city in the first half of 2011, which is an all-time high since the establishment of the department in July 2000. Together, these companies created more than 1 700 jobs in their first year of operation or expansion in Hong Kong."
Mr Galpin added, "Geographically, in the first half of 2011 the number of completed investment projects from Asia Pacific, Europe and North America, respectively, accounted for 44 per cent, 33 per cent and 19 per cent. Mainland China is the single largest market by source of these completed projects, followed by the US, Japan and the UK."
Prior to the reception, three senior executives from companies that Invest Hong Kong has assisted met the media to explain the reasons why they invested in the city and the business opportunities they are pursuing in Hong Kong. They included Senior Vice President of the Gemological Institute of America, Mr Tom Moses; General Manager of JTR Automotive System, Mr Jerry Yu; and Executive Director of Wm Morrison (HK) Ltd, Mr Bob Guard. Their company profiles are outlined below:
Gemological Institute of America (GIA)
Established in 1931, GIA is an independent non-profit organisation, which translated its knowledge into a gemological education in 1953. The Institute created the International Diamond Grading System which is recognised by professional jewellers worldwide. Through research, education, gemological laboratory services, and instrument development, the Institute is dedicated to ensure public trust in gems and jewellery by upholding the highest standards of integrity, academics, science, and professionalism. GIA announced the official opening of its new laboratory and diamond grading facility in Hong Kong in September 2010. For more information, please visit www.gia.edu.
JTR Automotive System
Founded in 2002, China-based JTR Automotive System specialises in developing, manufacturing and trading automotive components for the OEM market. The company's head office is in Shanghai and it operates four plants on the Mainland. JTR Automotive System Hong Kong Co Ltd was established in 2010 to focus on the global sales and sourcing activities, as part of its globalisation strategy.
Wm Morrison (HK) Ltd
Established in 1899, Wm Morrison Supermarkets plc (Morrisons) is currently the fourth largest supermarket chain in the UK, employing more than 132,000 staff with 455 stores. The company established its Asian sourcing arm in Hong Kong, Wm Morrison (HK) Ltd, in June 2011. The Hong Kong office will serve as a regional office initially and gradually develop into the company's regional headquarters when the scope of sourcing expands. For more information, please visit www.morrisons.co.uk.
About Invest Hong Kong
Invest Hong Kong is the department of the Hong Kong Special Administrative Region (HKSAR) Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. Over the last 11 years since its establishment, Invest Hong Kong has completed over 2 300 investment projects creating over 28 000 new jobs in the first year of operation or expansion and HK$60 billion of investment. For more information, please visit www.investhk.gov.hk.
For event photos, please visit www.flickr.com/photos/investhk/sets/72157626910542487 .
Ends/Wednesday, June 29, 2011
Issued at HKT 21:22
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