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The Financial Secretary, Mr John C Tsang, today (May 27) outlined how Hong Kong's multi-faceted role enables Austrian companies to make best use of the city's expertise and contacts to establish themselves in the region.
Addressing a business lunch in Vienna, he said: "To some, Hong Kong is their regional headquarters. To others, it's a low-risk starting point for China. For a third category, it is the business opportunities within our compact city that attract them. And, of course, there are those for whom Hong Kong is all three.
"Almost 4,000 foreign-owned and Mainland companies have chosen Hong Kong as their regional headquarters or office. It's a number that has risen by over 50% in the past decade and which makes us the most popular city in Asia for foreign companies."
The Financial Secretary said Hong Kong was an ideal location for Austrian companies to join thousands of international firms in developing their business.
"Hong Kong is an integral part of their China and Asia strategy," he said. "Smaller companies – with little appetite or budget for risk – can feel secure in Hong Kong's familiar and transparent business environment. They can start to develop the contacts and know-how so essential for success in China.
"For multinational corporations, Hong Kong is a clear leader in Asia as an international financial and professional services centre.
"Hong Kong is home to the region's largest cluster of financial, business and legal service professionals. With Austria's international reputation in banking and insurance, it comes as no surprise that many of your fellow countrymen are among those enjoying our financial services boom."
Mr Tsang arrived in Vienna from Slovenia in the early morning, continuing his week-long visit to Central Europe.
He met Austria's Vice-Chancellor and Minister of Finance, Mr Wilhelm Molterer, and among other topics they discussed the possibility of the stock exchanges from both places meeting on the subject of emissions trading.
After addressing the business lunch, Mr Tsang gave an interview to Austrian media and held talks with the Minister of Economics and Labour, Dr Martin Bartenstein.
Tomorrow (May 28), he will meet the Governor of the National Bank of Austria, Dr Klaus Liebscher, the Chief Executive Officer of Bank Austria, Dr Erich Hampel, and have a second briefing session with Austrian media.
On Thursday, Mr Tsang will go to the Czech Republic on the final leg of his tour.
Ends/Tuesday, May 27, 2008
Issued at HKT 22:58
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