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More than 170 government officials and representatives from the business sector were briefed on Hong Kong's unique advantages and exciting business opportunities at a business seminar in Daegu, Korea, today (January 23).
Speaking at the seminar, "Hong Kong Update", organised by the Hong Kong Economic and Trade Office in co-operation with the Hong Kong Trade Development Council and the Hong Kong Tourism Board, the Principal Hong Kong Economic and Trade Representative (Tokyo), Ms Sally Wong, outlined the fundamental strengths which make Hong Kong an ideal place for investment by overseas businesses.
These strengths include a low and simple tax system, a clean and efficient government, free flow of capital and information, and being a prime entry point to China, the rest of Asia and the world.
"Located right on the doorstep of the vast Mainland market, Hong Kong has for many decades served as the gateway to China, especially the Pearl River Delta region, which is one of the most affluent parts of China. As a city of China but outside the Mainland system, Hong Kong has many unique benefits," Ms Wong said.
Among the many advantages Hong Kong offers, one that is of particular relevance to Korean enterprises is the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA). Giving an overview of this free trade pact, Ms Wong pointed out that CEPA is nationality-neutral.
She said, "Foreign companies, including those from Korea, are able to enjoy preferential treatment under CEPA so long as they are incorporated as a Hong Kong company or partner with one, after satisfying some basic requirements."
Ms Wong went on to say that another area of rising opportunity lies in Hong Kong's role as an offshore Renminbi (RMB) centre. She noted that the Chinese Government fully supports consolidating Hong Kong's role as an international financial centre and is leveraging on its advantages to test out the Mainland's financial reforms, including the internationalisation of the RMB.
On the close relations between Hong Kong and Korea, Ms Wong said that there were about 140 Korean companies operating in Hong Kong as regional headquarters, regional offices or local offices in 2013, according to Invest Hong Kong's annual survey. Adding that Hong Kong is a very open and cosmopolitan city which very much welcomes foreign investment, she called on companies from Daegu and other parts of Korea to seize Hong Kong's many business opportunities.
Ends/Thursday, January 23, 2014
Issued at HKT 17:59
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