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Following is the speech by the Chief Executive, Mr Donald Tsang, at the annual reception for new investors today (June 29):
Distinguished guests, friends, ladies and gentlemen,
Thank you for making time in your busy schedules to join us for this reception for new overseas investors.
I am very pleased to have this opportunity to welcome you all to Hong Kong.
You are all now members of our Hong Kong "family". We want you to feel completely at home in our community. We also want you to stay and grow and prosper with us. Your success is our success.
No doubt many of you have already seen the "Wall of Fame" on show here. The Wall displays the logos of most of the companies that set up or expanded in Hong Kong in 2010 with Invest Hong Kong's capable assistance.
It is testimony not only to the accumulative business potential in front of me; but also to the strengths that underpin Hong Kong's development as Asia's world city.
During the past 12 months, Invest Hong Kong has been celebrating its 10th Anniversary. Since Invest Hong Kong was established in July 2000, the number of new investors has reached a record high year after year. Last year alone, Invest Hong Kong assisted 284 new completed investment projects. That's an average of more than five new completed overseas investments every week.
Simon (Director-General of Investment Promotion, Mr Simon Galpin) assures me that 2011 is shaping up to be yet another record year. Moreover, the pipeline of potential future projects is extremely healthy.
I should emphasise that Hong Kong today is significantly different to what it was in 2000. Over the past decade, the value of our trade in goods and services has grown by 104 per cent. Air cargo is up 153 per cent. Port cargo by 36 per cent. The capitalisation of our stock market has increased more than four-fold.
Renminbi deposits, which did not exist in Hong Kong in 2000, now exceed 510 billion Renminbi - or US$65 billion - according to the Hong Kong Monetary Authority. Even after the recent global financial tsunami, the Hang Seng Index is 53 per cent ahead of its 2000 level.
The number of visitors to our city has almost trebled in the past decade. The number of foreign-owned regional operations has grown by over 21 per cent. Indeed, many of you represent companies with regional operations based in Hong Kong.
All these are important accomplishments that have added to Invest Hong Kong's 10th anniversary celebrations.
While much has changed, other key aspects of Hong Kong have remained the same. These include our common law legal system underpinned by an independent judiciary, zero tolerance of corruption, freely convertible currency, low tax regime, free flow of information and liberal immigration policies. We are committed to maintaining these business-friendly advantages. They provide a familiar and secure base for businesses from all over the world.
Importantly, Hong Kong is not just an ideal base for overseas companies to access opportunities in Mainland China; we also serve as a launch pad for Mainland companies to go global.
Our free market and international business environment provide the perfect platform for Mainland companies wishing to test the waters in international markets - and do business with companies like yours.
The number of such Mainland companies is ever-increasing. In 2000, Invest Hong Kong did not have any Mainland clients. Last year Mainland China was the biggest source of investment projects for Invest Hong Kong, followed closely by the US and Britain.
I am delighted that the number of overseas and Mainland-owned regional operations here continues to grow. I am also proud of our record of attracting foreign direct investment, or FDI. A staggering HK$535 billion worth of FDI was invested here last year. That is according to the Census and Statistics Department. It represents a 32 per cent increase over 2009.
Ladies and gentlemen, on the one hand Hong Kong has successfully preserved its strengths as an international business and financial centre. At the same time, we are a small and agile city, flexible enough to respond to new opportunities in a rapidly changing world.
We deeply appreciate your vote of confidence in Hong Kong. I can assure you it is well placed. We also look forward to your presence here enriching our society through your talent, your passion, your ideas and of course your investment!
Once again, thank you for attending this reception. I wish you all every success in Hong Kong.
Ends/Wednesday, June 29, 2011
Issued at HKT 19:55
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