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The Hong Kong Economic and Trade Office, Brussels and the Hong Kong Trade Development Council (HKTDC) organised a seminar in Bucharest, Romania today (March 3, Romanian time) to inform Romanian businessmen how Hong Kong can help them expand to China and Asia. The event was well attended by over 100 representatives of the local business community.
In her opening remarks, the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Miss Mary Chow, presented Hong Kong's enduring advantages as the world's freest economy with the rule of law, and free flow of information guaranteed by the Basic Law, stringent intellectual property protection regime, strong anti-corruption culture, and low and simple taxation system.
"Hong Kong still maintains the common law system with its own Final Court of Appeal. There is legal protection for contracts and arbitration awards made in Hong Kong and the Mainland are reciprocally enforceable," she said.
Miss Chow underlined that Hong Kong has long served as a gateway for foreign companies to enter the China market. It has recently taken on the role of China's off-shore Renminbi centre, a regional asset management hub and an international capital formation centre.
"Hong Kong is the only jurisdiction outside the mainland of China with a Renminbi bond market. It is also the largest Renminbi trade settlement centre, handling 75 percent of Mainland China's global yuan trade. Last year, it was the biggest initial public offering centre in the world with both foreign and Mainland enterprises raising capital through Hong Kong's stock market."
Miss Chow said that in addition to boosting the four traditional pillar industries in financial services, trade and logistics, tourism and professional services, the Government has also identified six new growth economic sectors where Hong Kong enjoys a competitive edge, namely testing and certification services, medical services, innovation and technology, cultural and creative industries, environmental industries and educational services.
"Hong Kong has always maintained a level playing field and we certainly welcome Romanian investment in all these areas. Foreign companies established in Hong Kong are treated on an equal footing with our own enterprises. They can benefit, for example, from our free trade agreement with the Mainland, the Closer Economic Partnership Arrangement."
Miss Chow added that the wine trade is also an area with abundant opportunities for Romanian companies.
Senior Investment Promotion Executive, Invest Hong Kong (InvestHK), Mr Siegfried Verstappen, explained how business opportunities in the Asia Pacific Region could be exploited through investment in Hong Kong and the assistance that InvestHK, the investment promotion agency of Hong Kong, could offer to Romanian investors. He also highlighted the new opportunities in Hong Kong arising from the introduction of China's Renminbi trade settlement scheme, which allows international trade to be settled in Chinese yuan with reduced currency exchange risks.
HKTDC's Director for Germany and Eastern Europe, Mr Winchell Cheung, said, "Hong Kong as the freest and most globalised economy in the world welcomes Romanian companies to use the metropolis as a platform to start and develop their business within China and Asia.
"As a start, Romanian entrepreneurs may visit one of our Hong Kong trade fairs, some of them being the biggest in the world or Asia. Buyers and exhibitors will be able to gain an excellent market overview and meet potential business partners from all over the world. The HKTDC offers certain sponsorship programmes as well as business matching programs to make your trade fair visit convenient and successful."
Other speakers included President of the Chamber of Commerce and Industry of Romania, Mr Gabriel Cosmin Ghelmegeanu; Superior Counsellor of the Ministry of Economy, Commerce and Business Environment of Romania, Ms Anca-Rodica Turcea; Director General of RomChrono S.R.L., Mr Gheorghe Parv; and Director of Strop Productie S.R.L, Mr Daniel Marius Eduard Margus. The seminar was followed by a lively question-and-answer session and a reception to celebrate the Chinese New Year of the Rabbit.
Ends/Thursday, March 3, 2011
Issued at HKT 22:50
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