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The Secretary for Commerce and Economic Development, Mr Frederick Ma, today (November 9, Toronto time) encouraged Canadian business people to make full use of the well-established Hong Kong-Canada links to grasp the arising opportunities in Hong Kong and Mainland China.
In a keynote speech, entitled "A New Direction for Hong Kong - New Opportunities for Canadian Business", given at the Empire Club luncheon in Toronto, Mr Ma said Hong Kong has leveraged on the rapid economic development of Mainland China since the handover. "This has helped put Hong Kong on the threshold of a new era."
Attended by an audience of 200 business people, the business luncheon was co-hosted by the Hong Kong-Canada Business Association and supported by the Hong Kong Economic & Trade Office in Canada.
"We are also plotting a course to make the most of the new opportunities ahead of us," said Mr Ma, while outlining Hong Kong's latest "action plans" to equip the Special Administrative Region with the necessary hardware and software at the upcoming stage of "progressive development", including the 10 super-scale infrastructure projects covering roads, railways and urban planning, which will generate an added value of more than CAD$12 billion annually to Hong Kong's economy, and create some 250,000 additional jobs. Some of the projects involve cross-boundary collaboration and will improve Hong Kong's transport links with China.
"Hong Kong provides a level playing field for all businesses, local and foreign," he said. "We hope that more overseas enterprises, including Canadian companies, will lend their expertise to our infrastructure development and take part in the bidding process for some of the projects."
Mr Ma cited several areas that Hong Kong and Canada could cooperate in a win-win situation. They include IT, creative industries, financial services, and bi-lateral trade.
"We have yet to fully utilise the opportunities arising from the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and the Mainland. This free trade agreement provides Hong Kong goods and services with WTO-plus market access opportunities in Mainland China," he said, pointing out that foreign-owned or controlled companies incorporated in Hong Kong can also enjoy the full benefits of CEPA.
"I believe the well-established ties between our two economies will give Canadian companies a head start over their rivals in tapping the Asia market, including China," he said.
"In the context of the Mainland's booming market, I recall Ontario Premier McGuinty's remark made during his trade mission to Hong Kong in 2005. He said, 'We know China's economic boom is often fuelled by Hong Kong's savvy, Hong Kong's expertise, and Hong Kong's capital'. And I add, who else, if not Hong Kong, can you count on in your China plan?" added Mr Ma.
At a breakfast roundtable earlier in the day, Mr Ma conveyed a similar message to a group of business leaders, including representatives from the Canadian Federation of Independent Business, Canadian Bankers Association, Ontario Chamber of Commerce, Toronto Board of Trade, and Investment Industry Association of Canada, Export Development Canada, Canadian Association of Importers and Exporters, Canada China Business Council, and Federation of Hong Kong Business Association Worldwide.
Mr Ma also met with Federal Health Minister Tony Clement to discuss the product safety issue. Both shared the commitment to cooperate in ensuring product safety and in addition also focusing on education of consumers, the role of suppliers, and installation of a proper regulatory system.
Mr Ma will have a meeting with Canada's Minister of International Trade, the Hon David Emerson, in Vancouver Saturday before returning to Hong Kong over the weekend. The Hon Emerson is taking a Canadian trade delegation to Hong Kong next January.
Ends/Saturday, November 10, 2007
Issued at HKT 12:58
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