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The head of Invest Hong Kong today (September 15, Toronto time) encouraged business people in Toronto to make full use of Hong Kong as an international business and financial centre, and the region's logistics hub, as well as its free trade agreement with Mainland China, in their approach to the booming Asian markets.
Speaking to 250 business people at a luncheon seminar entitled "Establishing Business in Asia", the Director-General of Invest Hong Kong of the Hong Kong Special Administrative Region (HKSAR) Government, Mr Mike Rowse, addressed some of the concerns of Canadian businesses when considering their presence or expansion in Asia. He explained how Hong Kong has a unique two-way "gateway" role for foreign companies to do business with China and for Chinese companies to go international.
"With a population of seven million people and 28 million tourists visiting us annually, Hong Kong itself is a huge market," he said. "Many of these visitors come to Hong Kong to shop for major brand name products because Hong Kong has no GST and offers the best IP protection."
Mr Rowse said Hong Kong's positioning as the gateway to Mainland China and the business hub of Asia has attracted companies from different countries to set up operations to access the lucrative markets in the region. "Hong Kong is the business co-ordination centre in China and in the region," he added.
He quoted the example of Wal-Mart, the world's largest retailer, which opened its new Asia regional headquarters in Hong Kong on September 3 to oversee the company's operations in Mainland China, India and Japan, as well as identify new business opportunities for Wal-Mart throughout Asia.
Mr Rowse said Hong Kong is a preferred location for leading global players to manage their business in Mainland China and elsewhere in Asia. Over the years, Hong Kong has been the most popular location for international companies to establish their presence in Asia. "Some 3,900 overseas and Mainland companies operate regional headquarters or regional offices in Hong Kong."
Mr Rowse told the guests at the luncheon that Hong Kong has become a springboard for Mainland China companies venturing out to global markets. "Companies in Mainland China have increasingly recognised Hong Kong's strategic role as the springboard to expand regionally and globally." As of end-June, 148 Mainland China companies have invested or expanded in Hong Kong.
"This is something Hong Kong welcomes wholeheartedly and is set to continue and strengthen as the city further develops its role as Chinas major international financial and business service centre," he said.
Mr Rowse said Canadian businesses should explore the ample opportunities under the Closer Economic Partnership Arrangement - a free-trade agreement between Hong Kong and the Mainland - that can help them gain better and easier access to the China market.
Today's luncheon was co-organised by the Ontario Chamber of Commerce and the Toronto Section of the Hong Kong-Canada Business Association with the support of the Hong Kong Economic and Trade Office in Canada.
Ends/Tuesday, September 16, 2008
Issued at HKT 11:38
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