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Following is the speech by the Financial Secretary, Mr John C Tsang, today (July 11, Toronto time) at the Dialogue with MBA/EMBA Students at the University of Toronto in Toronto, Canada:
Professor Soman (Dilip), distinguished guests, friends, future business leaders, ladies and gentlemen,
Good evening.
I am delighted to join you all here at the University of Toronto.
I visited your University in 2004 and I still have fond memories of my meeting with some of the students then. So I feel that I am on fairly familiar ground for a number of good reasons.
First, because we are in the Richard Charles Lee Canada-Hong Kong Library. This is a wonderful resource for anyone interested in Hong Kong as well as the city's relations with Canada. I hope that includes all of us.
The second reason is because my son just graduated from an EMBA programme in Hong Kong a couple of months ago. And I had the privilege of speaking at the commencement exercise.
I should also mention that my son is married to a wonderful girl from Toronto. They got married at the delightful Royal York Hotel. She actually graduated from University of Toronto, and her family still lives here. So I really do feel that I have a strong connection to this city and its people.
Having witnessed my son's endeavours, I also have a pretty good idea as to what you students are going through to achieve your academic goals. You have my utmost admiration.
I shall say a few words and then open up the floor for our dialogue.
In particular, I want to reiterate the importance of strong bilateral ties between Hong Kong and Canada in this era of globalisation.
I shall also talk about Hong Kong's role in an interconnected world - and, in particular, our role as the premier gateway to Mainland China. This gateway role not only covers business and finance, but also the flow of ideas and innovations as well as talent and cultural appreciation.
Herein lies the attractiveness of Hong Kong as a land of opportunity - albeit a relatively small plot of land compared to Canada.
Despite Hong Kong's relatively small size, about 1 000 square kilometres, all in, our city is home to some 160 Canadian companies. They depend on our deep pool of local and overseas talent. This includes a large number of people who have been born, brought up or educated in Canada before settling in Hong Kong.
At the same time, for many years Hong Kong people have come to Canada for high-quality education, work experience, a great lifestyle and for unforgettable holidays.
No doubt, you are all making the most of this opportunity studying in Toronto, one of the world's great cities. By experiencing different cultures, making new friends overseas and expanding your horizons, you will be able to make an even bigger contribution to our global village.
Whatever your plans after you finish your studies, and whatever your area of expertise, there will always be a warm welcome for you in Hong Kong. There are also plenty of opportunities to advance your chosen careers.
So let me discuss some of the areas that hold great potential and promises, not only to advance one's career but also to strengthen bilateral ties between Canada and Hong Kong.
Hong Kong's economy expanded 7 per cent last year. It grew 7.2 per cent in the first quarter of this year. So this is a great time to think about ways that stronger economic collaboration can benefit both Canada and Hong Kong.
Our pillar industries, including financial services, trade and logistics and professional services are each enjoying something of a boom. This is partly linked to Asia's strong recovery from the global financial crisis. It is also tied in with the increasing economic prominence of our nation, China.
You may be familiar with China's 12th Five-Year Plan. This is our nation's economic blueprint for the coming five years. The Plan gives full support to the development of Hong Kong's pillar industries. In particular, it underscores Hong Kong's role as China's global financial centre as well as an international centre for trade and shipping.
Another pillar industry that is performing strongly is tourism. Last year, Hong Kong attracted an all-time high 36 million tourists. That is more than five times the size of our entire population of seven million.
Over 400 000 of our visitors came from Canada last year. Many of them stayed in our world-class hotels, including that famous Canadian hotel, the Four Seasons, dined in trendy districts and shopped 'til they dropped!
Beyond these four pillar industries of tourism, financial services, professional services and trade and logistics, we are also promoting six knowledge-based industries where Hong Kong has a distinct advantage in our region.
Naturally, these industries include educational services.
For those of you who have not been to Hong Kong yet, I hope that you will pay us a visit soon, or even continue your studies in our city. Three of our universities are among the top 50 of the renowned QS World University Rankings 2010. They are the University of Hong Kong, Hong Kong University of Science and Technology and The Chinese University of Hong Kong.
We are also opening the door wider to overseas students so they can enjoy the unique experience of an education on the doorstep of Mainland China. Hong Kong's integration with the Mainland is a great attraction for students who see opportunities from our nation's increasingly high-profile role in international business and finance.
We have relaxed the quota for non-local students at our universities and changed the immigration rules. Students are able to take up part-time work and internships during their studies. They can also remain in Hong Kong for up to a year after they finish their courses. This provides plenty of time to find the right job. And there are plenty of jobs with the unemployment rate going down to 3.5 per cent currently.
As I mentioned, education services is just one area where we see huge potential in Hong Kong. Other priority areas for development are environmental industries, testing and certification services, innovation and technology, medical services and cultural and creative industries.
In each of these areas there is both opportunity for talented individuals and potential for strong collaboration between Hong Kong and Canada. Canada is ahead of the curve in many of these industries. This country's commitment to environmental industries, innovation and technology and creative industries is held in high regard around the world.
In Hong Kong the government has made it a priority to help clear the way for these industries to fulfill their potential in our region. We don't pick winners. That is not the role of the government. But we are talking a supply side approach, providing additional land resources and funding as well as helping to match needed skilled labour to soaring demand.
Those who choose to accept the challenge in Hong Kong will find our city to be an exciting and dynamic place. It is easy to immerse yourself in the Hong Kong style Chinese culture, learn the language and become familiar with the business opportunities and practices in Mainland China.
At the same time, Hong Kong is a safe, vibrant and easy place to live. Both English and Chinese are official languages in Hong Kong. This is just one example of the "One Country, Two Systems" concept under which our city thrives.
Under "One Country, Two Systems", Hong Kong enjoys the best of both worlds. We are a city in China but we are outside the Mainland. We have our own low and simple tax system and our own unique style of capitalism and way of life that has evolved over many decades. All this has remained in place since the Establishment of the Hong Kong Special Administrative Region in 1997.
Another example of how Hong Kong works under the "One Country, Two Systems" concept is our legal system. Hong Kong follows its own common law system which is based on the English system. It is also similar to that in Canada.
Journalists are drawn to Hong Kong by the city's free flow of information and unfettered media. Foreign media outlets, including international newspapers and television stations, have chosen Hong Kong as their regional base in Asia.
We celebrated our 14th Establishment Day Anniversary on July 1, the same day as Canada Day.
While Hong Kong has retained many of its unique characteristics over the past 14 years, we have also become more integrated within our nation, China.
There is no better way to gain a greater understanding of China and build your career in Asia than through first-hand experience. So, please do come and pay us a visit soon. You will have a great time.
I have covered some of the areas where opportunities abound in Hong Kong. I am also grateful for the chance to meet with you today. I promise to do my best to listen to what you have to say and provide you with the information that you seek.
Thank you very much.
Ends/Tuesday, July 12, 2011
Issued at HKT 10:23
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