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With its own institutions, long history of international trade and a business-friendly environment, Hong Kong is the key for German companies, particularly small and medium enterprises (SMEs), to enter the vast Chinese market, said the Director of the Hong Kong Economic and Trade Office, Berlin (HKETO Berlin), Ms Betty Ho, at a business seminar in Fellbach near Stuttgart today (August 31, Berlin time).
Ms Ho briefed the guests, invited by the German Member of Parliament Dr Joachim Pfeiffer, about the benefits that Hong Kong had to offer to German companies to tap the potential of the huge markets in Asia. "Not only is Hong Kong located at the heart of Asia", she said, "but also local and foreign companies enjoy our rule of law, low and simple tax system as well as free flows of capital, information and talents."
With regard to Hong Kong's pillar industries - which are trading and logistics, tourism, business and professional services, and financial services - Hong Kong would also take advantage of China's "One Belt, One Road" initiative, Ms Ho emphasised. These economic co-operation corridors, spanning different regions in Asia, Europe and Africa, would promote co-development among countries and foster co-operation in the political, economic and social areas.
Hong Kong is also the world's leading wine auction centre and a major hub for wine trade since the abolishment of all wine-related duties in 2008. The value of wine imports almost tripled since 2008, reaching US$1.1 billion in 2014. For wine-growers of the Stuttgart region, Hong Kong serves as the gateway to the fast-growing market in the Mainland of China, Ms Ho said. The Hong Kong Wine & Dine Festival (October 22-25, 2015) and Hong Kong International Wine & Spirits Fair (November 5-7, 2015) will offer wine-growers from around the world the opportunity to promote their products and explore business opportunities in the Asia Pacific region.
The Head of Investment Promotion of HKETO Berlin, Dr Chung Wing-hin, added that the Hong Kong Special Administrative Region Government started new initiatives to promote the city as a start-up hub in the region. The initiatives were particularly addressing SMEs in the innovation and technology sector, a field in which companies from the Stuttgart region have developed strong knowledge over the decades.
Germany is Hong Kong's largest trading partner in Europe and ranked 10th among Hong Kong's trading partners in the world. Bilateral trade amounted to some EUR12.35 billion in 2014. Hong Kong also played a significant role in the trade between the Mainland of China and Germany, with about 6.5 per cent of the trade routed through Hong Kong, amounting to some EUR8.6 billion. The Heritage Foundation has named Hong Kong the world's freest economy for 21 consecutive years.
About Hong Kong Economic and Trade Office, Berlin
HKETO Berlin is the official Hong Kong Special Administrative Region Government representative in commercial relations and other economic and trade matters in Germany as well as Austria, the Czech Republic, Hungary, Poland, the Slovak Republic, Slovenia and Switzerland.
Ends/Monday, August 31, 2015
Issued at HKT 21:49
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