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The Hong Kong Economic and Trade Office, Brussels organised a seminar in Luxembourg on March 19 (Luxembourg time) to bring Luxembourg companies up-to-date on the latest economic developments in Hong Kong and the business opportunities it can offer in this time of global economic crisis. The event was co-organised by the Luxembourg Chamber of Commerce and supported by the Hong Kong Trade Development Council.
Special Representative for Hong Kong Economic and Trade Affairs to the European Communities, Miss Mary Chow, stressed that there were still plenty of opportunities for those prepared to seize them.
"Now is a good time to make a move in order to be well placed as soon as business in our part of the world takes off again," she said.
Highlighting Hong Kong's advantages as one of the most business-friendly cities in the world, she listed among others its geographic location which has made it a two-way bridge between China and the rest of the world, its rich expertise and experience for supporting foreign companies interested in entering the Chinese market and its comprehensive range of business support services.
"This is why for many small and medium-size businesses, Hong Kong is often the first step in the Asian market, paving the way for expansion in the region," she said.
She encouraged Luxembourg companies to make use of the network of organisations, including InvestHK and HKTDC, that can help them every step of the way in setting up their business ventures in Hong Kong.
Mr George Ammerlaan, Director Benelux, Hong Kong Trade Development Council, introduced the full range of services available to Luxembourg businesses.
"Hong Kong people really make the difference, I believe, because they have been trading with China for many, many years. We have seen generations of entrepreneurial spirit, which can help you tap into the Chinese market," he said.
Mr Siegfried Verstappen, Senior Investment Promotion Executive Europe, InvestHK outlined the strategic advantages that Hong Kong offers to investors wishing to expand their business activities, not only in Mainland China, but in the Asia Pacific Region.
"Its key location grants access to half of the world's population in the countries in the region within five hours' flight from Hong Kong, making the city the preferred location for regional headquarters. Hong Kong is a safe place to do business with a high level of legal protection and efficient tax structure, not to mention its high-skilled labour force."
Mr Dirk Dewitte, International Tax Partner and Head of International Tax, Deloitte SA, elaborated on Hong Kong's simple and low tax system and the benefits of the comprehensive Avoidance of Double Taxation Agreement (DTA) concluded between Hong Kong and Luxembourg.
The DTA, which came into effect on January 20, 2009 and retroactively applies in Hong Kong from the year of assessment 2008/2009 and in Luxembourg as from January 1, 2008, eliminates double taxation instances encountered by Luxembourg and Hong Kong investors, and brings about tax savings and certainty in tax liabilities in connection with cross-border economic activities.
"The combination of Hong Kong as a gateway to China and Luxembourg as a gateway to Europe gives double leverage and can really bring about the notion of international tax planning," said Mr Dewitte, adding that Hong Kong is currently negotiating with other countries to expand its network of DTAs.
Other speakers included Mr Carlo Thelen, Member of the Managing Board of the Luxembourg Chamber of Commerce.
The seminar was the third organised by the Brussels ETO this month, after Bucharest, Romania and Sofia, Bulgaria on March 10 and 12 respectively. The next business seminar organised by the Brussels ETO will take place in Dublin on March 30.
Ends/Friday, March 20, 2009
Issued at HKT 22:21
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