************************************************************
Hong Kong and Foshan outlined the complementary advantages to companies interested in expanding their presence in Hong Kong and the Greater Pearl River Delta (PRD) Region to a 270-strong audience in Santa Clara, California today (September 13, California time).
Director-General of Investment Promotion, Mr Mike Rowse, updated local business people on opportunities in China, including the Greater PRD Region, and highlighted Hong Kong's role in helping companies develop a regional expansion strategy.
The half-day seminar was co-hosted by Invest Hong Kong and the Foshan Municipal People's Government. It is the third such collaboration between Hong Kong and Foshan and included first-hand insights and advice from companies experienced in doing business in the two cities.
"American companies are among the largest investors in Hong Kong because they understand the value the city offers to their regional business strategy. This seminar allows us to reach out to yet more companies to explain opportunities across various sectors, as well as offering practical advice on the business environment in Hong Kong and Mainland China," Mr Rowse said.
"Together, Hong Kong and Foshan offer complementary business functions, covering the full spectrum of manufacturing, procurement and global distribution, as well as international business support services, such as legal, financial and sales and marketing."
Mayor of the Foshan Municipal People's Government Mr Chen Yunxian agreed, pointing out that "Foshan is ideally positioned in the southern area of Guangdong, China's most economically dynamic province. Our proximity to Hong Kong and Macau, as well as our long history as a commercial centre and a fast-growing consumer market, makes us an attractive base for foreign companies."
"Following years of strong economic development, Foshan is now recognised as one of China's leading manufacturing centres, most notably for electronics, telecoms and digital equipment. The brand 'Foshan-made' has a first-class reputation. And we are equally dedicated to developing our traditional service industries," Mr Chen said.
The event included a business seminar and individual meetings. In the seminar, Chief Marketing Officer of DuPont Teijin Films, Mr Paul Moran, shared his experience and successful strategies in operating in Hong Kong and Foshan. Senior Manager of Deloitte Tax LLP, Mr Albert Chou, gave practical tips on accounting and tax handling issues in Hong Kong and Mainland China. Director-General, Foshan Bureau of Foreign Trade and Economic Co-operation (BOFTEC), Mr Zhang Jianhui, briefed audience on the services of Foshan BOFTEC. Director, International Promotions of Hong Kong Trade and Development Council, Ms Joyce Hui, talked about services available to assist US companies with their China business.
There are about 1,280 US firms in Hong Kong, including 295 regional headquarters and 594 regional offices (June 2006). These firms were concentrated in trading, banking and finance, and transport.
The US is a major source of foreign direct investment in Hong Kong, with a total stock of US$26.4 billion (end-2005).
American companies in Hong Kong are a vibrant and diverse group. Professional services have a strong presence, led by accounting, law and consultancy firms - as do US financial institutions, insurance companies and investment. The US business community also includes major multinationals in sectors ranging from IT, chemicals and communications and logistics to food and beverages, apparel and energy. SMEs and individual entrepreneurs also flourish in various services sectors, IT, trading and many other areas.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating foreign investment into the city by providing all the support needed to establish a business presence here. For more information, please visit www.investhk.gov.hk.
Ends/Friday, September 14, 2007
Issued at HKT 11:56
NNNN
