Toronto ETO and HKTB host joint Lunar New Year reception (with photos)
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In her welcoming remarks at the reception, the Director of the Toronto ETO, Miss Kathy Chan, updated guests on the economic performance of Hong Kong in 2017 and said the city has continued to prosper under the "one country, two systems" principle.
"Hong Kong has been crowned as the world's freest economy for 24 consecutive years by the United States' Heritage Foundation. We have also continued to top the Fraser Institute's World Economic Freedom Index every year since its first report in 1995," Miss Chan said.
"In addition, we have been named as the world's most competitive economy for the second consecutive year by the International Institute for Management Development," she said.
Miss Chan highlighted that Hong Kong is working to introduce a two-tier profits tax system, which will enhance Hong Kong's attractiveness as a premier place to do business. Specifically, the corporate profits tax rate for the first HK$2 million in profits will be halved from 16.5 per cent to 8.25 per cent and the Government aims to implement this new tax rate within 2018.
Another measure will be the additional tax reduction to encourage research and development (R&D) investment such that the first HK$2 million of eligible R&D expenditure will enjoy as much as a 300 per cent tax deduction with the remainder at 200 per cent.
Miss Chan said Hong Kong's economy has benefited from closer economic co-operation with Mainland China over the years. The new national strategy of developing the Hong Kong-Guangdong-Macao Bay Area, which links Hong Kong, Macao and nine cities in Guangdong Province, would bring enormous opportunities to businesses operating in Hong Kong.
Turning to Hong Kong-Canada relations, Miss Chan noted that the two places continue to be important trading partners. Hong Kong was Canada's eighth largest merchandise export market and the largest export market for frozen beef as well as the fourth largest for fish and seafood in 2016.
Miss Chan also remarked that bilateral trade ties between the two sides continue to strengthen. In late November to early December last year, the Premier of Ontario in Canada, Ms Kathleen Wynne, led a trade mission to China including Hong Kong. During her stay in Hong Kong, she met with the Chief Executive of the HKSAR, Mrs Carrie Lam, and they discussed opportunities to work as partners in areas of interest for both parties, including technology and R&D.
Beyond trade relations, Miss Chan said that Hong Kong and Canada also share close human ties. The Canadian community is among the largest foreign communities in Hong Kong and around 400 000 Canadian nationals visited or resided in Hong Kong in 2016. In order to encourage youths of Hong Kong and Canada to experience life in each place, the two governments increased the 2017 quota of the Working Holiday Scheme from 200 to 240 on a one-off basis. Air transport links between Hong Kong and Canada have become more frequent during the past year. Last June, Hong Kong Airlines started a new non-stop daily service between Hong Kong and Vancouver. Cathay Pacific has also increased the frequency of its flights connecting Hong Kong and Canada in the past year.
Miss Chan added that the HKSAR Government welcomes Canadian people to go to Hong Kong to develop their career. Last March, a delegation from Hong Kong's Immigration Department visited Toronto, Montreal and Vancouver to promote various admission schemes in order to attract talent, professionals and entrepreneurs from Canada to Hong Kong. In particular, she said that a pilot scheme was introduced in 2015 to attract the second generation of Chinese Hong Kong permanent residents to pursue careers in the city. As at the end of last year, 58 applications from Canada had been approved under the pilot scheme.
Miss Chan concluded by reviewing the many events organised or supported by the Toronto ETO last year across Canada to celebrate the 20th anniversary of the establishment of the HKSAR, including gala dinners, film festivals, cultural performances by Hong Kong performing arts groups, photo and painting exhibitions, and business and academic seminars. She said that the Toronto ETO would continue to organise or support various business and cultural activities across Canada in 2018 to promote bilateral relations between Hong Kong and Canada on all fronts.
During the reception, the Director for Canada and Central and South America of the HKTB, Mr Michael Lim, reviewed the tourism marketing plans for Canada in 2018. "In view of the positive macro environment, it will be a good opportunity for us to drive visitor arrivals with multi-channel integrated campaigns leveraging our 'Best of All, It's in Hong Kong' theme, as well as to accelerate our multi-destination partnerships with Asian destinations including Mainland China, Thailand, Taiwan and Vietnam. Overall, we want to invite visitors to discover Hong Kong like a local," he said.
About 120 guests, including representatives from the business sector, local communities, academia and the media, joined the reception. A similar reception will be held in Vancouver on March 7.
Ends/Friday, February 23, 2018
Issued at HKT 11:28
Issued at HKT 11:28
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