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Hong Kong and Guangdong Province partnered in a seminar in Sydney today (August 29) to promote investment in the two places. Around 240 senior business executives attended the seminar, and actively participated in the discussions concerning the business environments and opportunities in Hong Kong and Guangdong.
Organised by Invest Hong Kong and the Department of Foreign Trade & Economic Cooperation (DOFTEC) of Guangdong Province, the half-day program highlighted opportunities for Australian companies in the Greater Pearl River Delta, including Hong Kong and Guangdong. Leaders of the Hong Kong and Guangdong delegations - Director-General of Investment Promotion, Mr Mike Rowse, and Deputy Director-General of Guangdong DOFTEC, Mr Wu Jun - encouraged Australian companies to take advantage of these opportunities by investing in both places.
In his keynote speech, Mr Rowse highlighted the distinct advantages of Hong Kong as a strategic gateway to access this dynamic region. He said, "The interaction of Hong Kong and Guangdong Province has contributed greatly to prosperity on both sides of the boundary. During the past 30 years, we have combined and leveraged our respective strengths to develop one of the world's most efficient and cost-effective manufacturing supply chains. Hong Kong provides the capital, management, technology, market knowledge and access to international markets while PRD cities offer world-class low-cost manufacturing, and access to a new, demanding consumer base."
He continued, "Australia is one of Hong Kong's most important economic partners and a major source of inward investment. There are over 450 Australian companies in our city, 90 of which serve as regional operations. And I hope that many more firms from Sydney and other parts of this country - including small and medium-sized companies - will join the thousands of international companies and regional businesses which have already established 'beachheads' in Hong Kong."
Mr Wu Jun then highlighted Guangdong Province's attractions for investors from Australia. He said, "Guangdong has become the leading province in terms of economic aggregate and external trade, as well as one of the regions in China with the most active economy, most advanced production forces and strongest science and technology strength. In 2007, Guangdong's GDP amounted to RMB 3,108.4 billion, accounting for 1/8 of China's national total. The import and export value and the accumulated actual input of foreign direct investment accounted for about 1/3 and 1/4 of mainland's total respectively. Guangdong is one of the most important manufacturing bases in China, and has nine pillar industries, namely electronics and information, electric appliances and machinery, petrochemical, automobile, pharmaceutical, paper making, textiles & garments, food & beverage and construction material, with rapid development in modern service industry such as logistics and exhibition. Especially in electronics and information industry, Guangdong has become one of the most important production and export bases of IT products."
He continued, "Until the end of 2007, Guangdong has introduced 697 Australian investment projects, with the contracted foreign investment of USD 1.097 billion and the actual use of foreign investment US$ 611 million. With excellent investment environment and large market capacity, Guangdong will invest more than two trillion USD in infrastructure facilities and significant project construction in the field of basic industries in the next few years, which is bound to bring enormous development opportunities for investors from different countries and regions all over the world including Australia."
The seminar also included a case study presentation by Mr Jeff Fok, Manager of GHD Limited and Ms Lily Chen, Client Services Manager of M&Y Data Solutions, as well as practical information on how to set up business operations in both places from both accounting and legal perspectives. Speakers included Ms Chooi Ho, Partner with Ernst & Young and Mr Julian Courtney-Stubbs, Partner with Gilbert & Tobin. In addition, Mr Peter Osborne, National Manager Investment, Australian Trade Commission (Austrade) and Ms Bonnie Shek, Director of the Hong Kong Trade Development Council (HKTDC) in Australia and New Zealand, briefed participants on their services to assist Australian companies in developing their businesses in Hong Kong and Guangdong.
Ends/Friday, August 29, 2008
Issued at HKT 16:09
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