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After the establishment of the Innovation and Technology Bureau last November specialising in the relevant policies and initiatives, Hong Kong is in full swing to develop its strengths in innovation and technology in addition to consolidating its pillar industries of financial services, tourism, trade and logistics, and professional services, the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Lam said.
It is also in a strong position to partner with "Belt and Road" countries in Europe to realise the opportunities under the "Belt and Road" Initiative.
Speaking at a reception hosted by the Hong Kong Economic and Trade Office, Brussels (HKETO, Brussels) in Milan, Italy yesterday (January 20, Milan time) on the occasion of Chinese New Year, Ms Lam noted that the number of start-ups in Hong Kong had increased by 46 per cent to 1 500 at the end of 2015. Half of these were from outside Hong Kong and under Hong Kong's level playing field, enjoying the same benefits as local companies.
Ms Lam said start-ups would further profit from the new initiatives announced in the Chief Executive's 2016 Policy Address on January 13.
These included increased support for start-ups through the Hong Kong Science Park and Cyberport such as an increase in the incubation scheme quota and work space for small companies, support for the commercialisation of research and the establishment of new clusters for areas such as financial technology and e-commerce.
Ms Lam said that apart from Hong Kong's free trade agreement with China, the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), and its leading role in the process of the Mainland's further opening of its financial markets and the internationalisation of the Renminbi, Hong Kong stands to gain from the "Belt and Road" Initiative, a very exciting development strategy announced by China.
Ms Lam outlined the three-fold role Hong Kong could play under the "Belt and Road" Initiative, namely acting as a capital formation and financing platform, a trade and a logistics platform and a platform for professional services.
"Italy is one of the 'Belt and Road' countries and is indeed one of the founding members of the new Asian Infrastructure Investment Bank.
"As set out in our Chief Executive's 2016 Policy Address, Hong Kong would be in a strong position to partner with 'Belt and Road' countries, including Italy, to realise the opportunities under the 'Belt and Road' Initiative," Ms Lam said.
On taxation, Ms Lam said that the entry into force of the avoidance of double taxation agreement between Hong Kong and Italy last August offers added incentives for companies in Italy to do business or invest in Hong Kong, where corporate tax is a maximum of 16.5 per cent of profits.
"Hong Kong is also ideal for all sorts of businesses seeking to expand to the Asian markets in particular the Chinese market. We take pride in the fact that Hong Kong has always been the 'super-connector' connecting the Mainland of China with the rest of the world," Ms Lam said.
The reception in Milan was one of the 11 Chinese New Year events HKETO, Brussels is hosting in major European cities to renew ties with its contacts in government, business, academic and media circles, as well as with members of overseas Hong Kong community. The other cities are Brussels, Barcelona, Dublin, Istanbul, Lisbon, Luxembourg, Madrid, Paris, The Hague and Venice.
To promote Hong Kong's music talent, HKETO, Brussels has invited the Windpipe Chinese Music Ensemble to perform at the receptions in Brussels, Luxembourg, Paris and The Hague. Also, three young Hong Kong musicians studying in renowned European conservatories, namely Bobby Cheng (oboe), Angus Lee (bassoon) and Timothy Chan (flute), will perform at the receptions in Barcelona, Dublin and Madrid.
Ends/Thursday, January 21, 2016
Issued at HKT 08:27
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