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The Principal Economic and Trade Representative (Tokyo) of the Hong Kong Special Administrative Region Government, Mrs Jennie Chok, has told the Japanese business sector that the potential for stronger business relations between Hong Kong and Japan is enormous, given the popularity of Japanese products and the numerous business opportunities available to overseas enterprises in Hong Kong.
Speaking to more than 130 participants at a Hong Kong business seminar in Takamatsu, Kagawa Prefecture, in Japan today (June 10), Mrs Chok outlined the factors that have made Hong Kong Asia's prime business hub and China's global financial and services centre.
She pointed out that Hong Kong is a preferred destination for foreign direct investment (FDI).
Hong Kong was the second largest FDI recipient in Asia after only Mainland China last year, she said, adding that the number of Japanese companies in Hong Kong amounted to 1,085 as at June 2010. Of those, 629 were regional headquarters or regional offices.
"This reflects investors' confidence in Hong Kong's enduring advantages and their preference for Hong Kong as a base in Asia from which to oversee their regional operations," Mrs Chok said.
The enduring advantages Hong Kong possesses include the rule of law, a low and simple tax system and a business-friendly environment in which all firms can compete on a level playing field, as well as an appropriate regulatory regime to ensure the integrity and smooth functioning of a free market.
To overseas investors wishing to establish a presence in the Mainland, Hong Kong, traditionally known as a gateway to China, is the perfect destination for accessing the vast Mainland market, especially after the implementation of the Closer Economic Partnership Arrangement between Hong Kong and the Mainland in 2004, Mrs Chok said.
"Another area of opportunity lies in the internationalisation of the Renminbi (RMB) and Hong Kong's role as an offshore RMB centre. Hong Kong is the only place outside Mainland China that hosts an RMB bond market, and overseas companies are encouraged to issue RMB bonds in Hong Kong," she added.
The seminar, organised by the Hong Kong Economic and Trade Office (Tokyo) to promote closer economic and trade ties between Hong Kong and Japan, was attended by government officials and business leaders including the Governor of the Kagawa Prefectural Government, Mr Keizo Hamada, and the Mayor of Takamatsu city, Mr Hideto Onishi.
Ends/Friday, June 10, 2011
Issued at HKT 12:28
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