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In the midst of the economic downturn, Hong Kong will not shirk from the challenges and will continue to provide a sound, stable and transparent environment for investors at home and overseas, the acting Director of the Hong Kong Economic and Trade Office in Singapore (HKETO), Mr Law Kin-wai, said today (June 6).
Speaking at the luncheon of the 6th Asia Forum in Ho Chi Minh City, Vietnam, Mr Law stressed that Hong Kong has been focusing on stabilising the financial system, easing the credit crunch for enterprises and saving jobs for the workforce to weather the global financial storm.
To enhance competitiveness and lay a more solid foundation for the sustained development of the economy in future, Mr Law pointed out that six economic areas where Hong Kong enjoys clear advantages have been identified as priority areas for focused study and further development.
These areas are testing and certification; medical services; innovation and technology; cultural and creative industries; environmental industry; and educational services.
Mr Law also said Hong Kong is a Special Administrative Region of China that enjoys a high degree of autonomy, maintaining its status as a free port, a common law jurisdiction, a separate member of the WTO and a separate customs territory.
He said, "One of Hong Kong's attractions for investors has traditionally been our proximity to, and close relationship with, the Mainland. We are a gateway to the Mainland and ourselves the largest investor in the fast-growing Chinese economy."
Talking about the latest supplement to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) signed last month, Mr Law pointed out that the Mainland will introduce 29 liberalisation measures covering 20 service sectors, including tourism, banking, telecommunications, convention and exhibition, research and development, and transportation, thus expanding the total number of service sectors covered from 40 to 42.
Taking effect from October this year, the new measures can help enhance the relevant sectors' competitiveness on the Mainland and promote the long-term economic development of both sides, he added.
Mr Law also noted that Hong Kong is the seventh largest investor in Vietnam, with bilateral trade increasing 23% year-on-year to some US$4 billion last year. He added that Hong Kong and Vietnam have recently signed a Comprehensive Double Taxation Agreement and three Memoranda of Understanding covering education, trade promotion and finance to strengthen their co-operation and partnership.
He said he hoped to see more co-operation and exchanges between Hong Kong and Vietnam as well as other countries in the region.
The 6th Asia Forum is a platform for the members of Hong Kong business associations in the region to network, share experiences, and build contacts as well as business interests. It was supported by Hong Kong business associations from Singapore, Thailand, Vietnam, China and Japan.
Ends/Saturday, June 6, 2009
Issued at HKT 16:36
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