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Hong Kong's position as the premier international finance centre in the Asian time zone and its comprehensive shipping services had attracted shipping companies and ship financing institutions from all over the world to establish businesses here, the Permanent Secretary for Transport and Housing (Transport), Mr Francis Ho, said today (November 4).
Speaking at a seminar on the development of ship finance in Ningbo and Hong Kong held today as part of the Ningbo-Hong Kong Economic Co-operation Forum, Mr Ho counted Hong Kong's free port, simple and low tax regime, free flow of capital and information, common law, well-established judiciary and arbitration services among the favourable factors for doing business here.
Mr Ho said the shipping industry was one of Hong Kong's economic pillars, with 850 shipping-related companies operating in the territory, and the Hong Kong Shipping Register recording more than 43 million gross tonnage in September and currently ranking among the top five in the world.
He also said that, as of end of June this year, there were 170 licensed banks and restricted licence banks in Hong Kong, together with 74 local representative offices of overseas banking institutions. Some of the banks had been providing quality ship finance services.
The Ningbo-Hong Kong Economic Co-operation Forum is an annual event co-organised by the Ningbo Municipal People's Government and the Hong Kong Trade Development Council to promote trade and economic co-operation between the two cities. It has been hosted alternately by Ningbo and Hong Kong since 2002. This year's event is being held in Hong Kong today and tomorrow (November 4 and 5).
Today's seminar on ship finance was attended by representatives from the Ningbo Municipal People's Government and the shipping, logistics, banking and insurance sectors of Ningbo and Hong Kong. Other Hong Kong speakers included Vice-Chairman of the Hong Kong Shipowners Association, Mr Kenneth Koo; Chief Assistant Registrar of the Hong Kong Shipping Register, Mr Cheung Sik-woon; and Managing Director of Houlder Insurance Brokers Far East Ltd., Mr Raymond Chow.
Ends/Wednesday, November 4, 2009
Issued at HKT 19:46
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