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The Hong Kong Economic and Trade Office, Berlin (HKETO, Berlin) organised an annual reception in Bern, Switzerland, today (July 7) on the occasion of the 14th anniversary of the establishment of the Hong Kong Special Administrative Region.
Speaking at the reception, the Director of the HKETO, Berlin, Mr Stephen Kai Wong said, "Since my office took over the promotion of bilateral trade and economic relations with Switzerland, our work in Switzerland has been very fruitful, for which I am most grateful. I am particularly pleased to tell you that Hong Kong has signed a Free Trade Agreement with the Ministers of the European Free Trade Association (EFTA) states, including the Federal Councillor and Head of the Federal Department of Economic Affairs, Switzerland, Mr Johann Schneider-Ammann, on June 21, 2011 in Liechtenstein. The agreement is Hong Kong's first free trade agreement with the European economies. It covers trade in services and goods as well as investment, and other trade-related issues like protection of intellectual property. We strongly believe that the agreement will provide new incentives for enterprises in Switzerland to invest in Hong Kong."
Mr Wong took the opportunity to update the guests on recent developments in Hong Kong. "For the first time in China's five-year plans, there is a dedicated chapter on Hong Kong and Macao, demonstrating the importance the Central Government attaches to Hong Kong and underscoring the special role under 'One Country, Two Systems' whereby we in Hong Kong can contribute to the nation's development. The current National 12th Five-Year Plan established the important functions and positioning of Hong Kong in the development strategy of the nation and highlighted the role of Hong Kong as China's global financial centre," he said.
Mr Wong also explained Hong Kong's important role as an international Renminbi (RMB) offshore centre. "The 12th Five-Year Plan explicitly sets out the Mainland Government's intention to develop Hong Kong into an international financing, asset management and offshore RMB business centre.
"An important function of Hong Kong's offshore RMB business is to provide an efficient market and financial platform to allow the effective circulation of RMB funds. As an offshore RMB business centre, we are building up in Hong Kong a financial platform for RMB outer circulation, by promoting the use of RMB in international markets under trade accounts and non-trade accounts. We will continue to promote the development of RMB business so as to attract more overseas financial institutions and corporations to use Hong Kong's RMB financial platform for various kinds of RMB businesses," he added.
Mr Wong also emphasised that "China's RMB internationalisation will give Hong Kong an excellent opportunity to grow and build influence. As RMB has become widely used outside the Mainland of China, Hong Kong continues to build on its role as China's testing ground for financial reforms, becoming the place where the use of RMB as a settlement, investment and funding currency outside Mainland China is tested.
"Over the past year, we have also made significant progress on various fronts with help from the community. The Statutory Minimum Wage, after years of discussion, finally came into legislation and implementation. The Transport Subsidy and the Community Care Fund were rolled out as new measures to alleviate poverty. The legal frameworks for selecting the Chief Executive and forming the Legislative Council in 2012 were also put in place," Mr Wong concluded.
About 100 guests joined the reception, including senior officials from the Swiss Government, such as the State Secretary for Education and Research, Mauro Dell'Ambrogio; Head of Bilateral Economic Relations from the State Secretariat for Economic Affairs, Ambassador Eric Martin; and the Deputy Head of Asia and Pacific of the Federal Department of Foreign Affairs, Mr Pierre-Yves Fux. Counsellor Feng Haiyang (representing the Chinese Ambassador in Switzerland), representatives from other embassies, and Swiss entrepreneurs also graced the event.
Ends/Thursday, July 7, 2011
Issued at HKT 20:14
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