The Financial Secretary, Mr Paul Chan, commenced his visit programme in Berlin, Germany yesterday (September 25, Berlin time).
      
     Mr Chan visited two German companies engaged in artificial intelligence and insurance technology respectively, learning about their businesses and development plans, and exchanging views with their leaders on the latest development trends of the sectors. He briefed the companies on Hong Kong's proactive strategies to develop innovation and technology (I&T), including various special policies to encourage strategic enterprises to establish presence in Hong Kong, as well as measures to attract talents to the city.
      
     Mr Chan pointed out that Hong Kong has a strong foundation in basic research, and has gathered capital from around the world and top talents. Meanwhile, the Guangdong-Hong Kong-Macao Greater Bay Area has excellent advanced manufacturing and product commercialisation capabilities, while being a huge consumer market. Coupled with the implementation of policies facilitating the cross-boundary flow of data and factors of production from the Mainland to Hong Kong, German I&T companies will find it meritorious to use Hong Kong as a base for scientific research or business, in order to develop their business in the Mainland and even the entire Asian market.
      
     Mr Chan also met with the responsible persons of companies representing a number of European family offices. They exchanged views on opportunities to invest in the financial and I&T industries in Asia. He pointed out that Hong Kong's asset and wealth management business is in a leading position in Asia, with a rich professional network and connections, and benefits from a simple and low tax rate system. Hong Kong’s fundraising platform, ranging from venture capital and private equity funds to listing in the stock exchange, also entails a complete and thriving ecosystem. At the same time, the art trading market is mature and vibrant.

     Mr Chan said that Hong Kong can meet the investment and development needs of family funds at different stages and in different areas, and welcomes European family funds to fully utilise Hong Kong to tap into the Asian market.
      
     At noon, Mr Chan had a lunch meeting with representatives of the Germany Chamber of Commerce and Industry. He introduced them to Hong Kong's business environment and economic situation. In particular, he stressed that the long-term implementation of the "one country, two systems" principle has allowed Hong Kong to maintain its unique status, and its advantages have become more prominent. On the one hand, Hong Kong enjoys the advantages of "one country" and benefits from a huge market. On the other, under the "two systems", Hong Kong maintains the needed flexibility, and continues to uphold the common law system, the rule of law as well as the free flow of capital, information, and people. As a city that connects the Mainland and international markets, Hong Kong will offer immense business opportunities. The German business community and enterprises are most welcome to make full use of Hong Kong's advantages to further expand into the Mainland and the region.
      
     In the morning, Mr Chan met with the Minister of the Chinese Embassy in Germany, Ms Zeng Yingru. Mr Chan shared the observations and achievements of his trip to Europe, as well as various aspects of Hong Kong's economic and social developments. They also exchanged views on Sino-German and Sino-European relations, geopolitics, and the economic situation in Europe.
      
     In the evening, Mr Chan had dinner with representatives from the German Private Equity and Venture Capital Association.  They exchanged views on promoting further collaboration between the trades of the two places.
      
     Mr Chan will proceed to visit Frankfurt today (September 26, Berlin time), and will depart for Hong Kong in the evening at local time.

Ends/Tuesday, September 26, 2023
Issued at HKT 9:00

NNNN