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A seminar to enhance bilateral trade and investment relationship between Hong Kong and Korea was held at Ulsan, Korea, today (November 19).
Attended by about 80 local business leaders and government officials, the seminar was organised by the Hong Kong Economic and Trade Office (Tokyo) of the Hong Kong Special Administrative Region Government.
At the seminar, the Principal Hong Kong Trade and Economic Representative, Mrs Jennie Chok, updated the audience on Hong Kong's economic development and the strong fundamentals on which the Hong Kong economy was based.
These included low taxes, free trade, a level playing field for businesses, efficient communications, free flow of capital, a convertible currency, stable government, the rule of law upheld by an independent judiciary, great infrastructure and a prime location at the mouth of the Pearl River Delta.
She said more than 6,400 foreign companies, including 650 from Korea, had already set up subsidiaries in Hong Kong.
On Hong Kong's ties with Korea, she said with a bilateral trade value of US$23 billion last year, Korea was Hong Kong's sixth largest trading partner, and Hong Kong was Korea's 10th major trading partner.
"As a separate economy from that of Mainland China, Hong Kong is your fourth largest export market, after Mainland China, US and Japan," Mrs Chok said.
She said that in addition to domestic imports and exports, about 7% of the enormous bilateral trade between Korea and Mainland China was routed through Hong Kong.
On Korea's major exports to Hong Kong, Mrs Chok said they included electrical machinery, apparatus and appliances and electrical parts, petroleum and related products and materials, telecommunications and transportation equipment.
As an industrial powerhouse in Korea, Ulsan's exports to Hong Kong included cars, petrochemical and other industrial products.
Looking ahead, Mrs Chok called on Ulsan businesses to take advantage of the many different kinds of trade fairs in Hong Kong to showcase their products to buyers from all over the world, including in particular those from the fast growing China market.
Also present at the seminar today was the Vice-Mayor of Ulsan, Mr Joo Bong-hyun.
Ends/Thursday, November 19, 2009
Issued at HKT 14:00
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