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Canadian companies are encouraged to route through Hong Kong to the vibrant and rapidly growing Chinese and Asian markets by making use of the Hong Kong advantages at the 2013 National Canada-Hong Kong Business Forum in Ottawa today (June 14, Ottawa time).
About 300 people attended the "Think Asia, Think Hong Kong" business forum organised by the Hong Kong-Canada Business Association (HKCBA) and supported by the Hong Kong Economic and Trade Office in Toronto (HKETO). Participants included delegates from the eight sections of the HKCBA, from Vancouver, Calgary, Edmonton, Winnipeg, Toronto, Montreal, Halifax and Ottawa.
Speaking at the forum, the Director of HKETO, Miss Gloria Lo, described Hong Kong as "an amazing wonder in the world - an economic wonder", which had made its way from a fishing village to the ninth largest trading entity and the third largest international financial centre after London and New York.
"Over the past two decades, our economy has more than doubled in size and our GDP grew at an average of 4.5 per cent for the past 10 years in real terms," she said.
Miss Lo emphasised that Hong Kong "is the gateway to access the fast growing markets in Mainland China and other parts of Asia", as well as a platform for Mainland enterprises to go global. There are now 737 Mainland companies listed on Hong Kong stock exchange, while more than 800 Mainland companies have set up regional operations or local offices in Hong Kong.
"It is a world city in Asia and a hub for trading, logistics and financial services in the region," she said. "It is not just a trade middleman, but a multiplier for capital and services in the region."
She asked potential investors in Canada to make full use of Hong Kong's human resources. "In Hong Kong, you can easily find partners whom you can trust," said Miss Lo. "Our vibrancy could not be explained by mere efficiency and speed. Hong Kong people are highly praised for their tenacity and resilience, their vigour and drive."
Miss Lo said highly about Hong Kong systems – common law legal system, independent judiciary, sound financial system, clean government, independent anti-corruption authority, level playing field, simple and low tax regime, as well as strong protection of intellectual property rights. "Hong Kong is the only place in China that practices common law legal system," she said, adding that Hong Kong people have great respect for rule of law and justice.
Furthermore, according to Miss Lo, Hong Kong has recently modernised its law for mediation and arbitration. "In regard to business disputes, Hong Kong can provide strong support for mediation and arbitration with the presence of qualified professionals, arbitration bodies and modern legislation," she said.
The Director of HKETO concluded by asking Canadian businessmen not to miss the boat with the rapidly growing wealth in Asia. "By 2025, it is projected that the Asian consuming class will increase to more than two billion people who will account for one third of global consumption."
Her view was endorsed by the Ambassador of the People's Republic of China to Canada, Mr Zhang Junsai, in his speech at the business forum. The Ambassador said the Canadian Government has made Asia a "key priority" in its trade and economic diversification strategy. "Hong Kong has naturally attracted greater attention here as it is a financial, trade and shipping centre," he said.
The Ambassador said Hong Kong is expected to play a bigger part in China-Canada strategic partnership. "The increasing market integration between Hong Kong and the Mainland has provided good opportunities for Canadian companies targeting the Mainland," said Ambassador Zhang. "Canada can team up better with Hong Kong in participating in the economic transformation of Mainland China."
The Director-General of Investment Promotion, Mr Simon Galpin, gave a keynote speech on "where business goes to grow", at the full-day forum's luncheon. Other speakers at the forum included Consul General of Canada in Hong Kong, Mr Ian Burchett; Advisor of the World Trade Centres Association (Hong Kong), Mr W H Wong; and Director (Canada) of the Hong Kong Trade Development Council, Mr Andrew Yui.
Ends/Saturday, June 15, 2013
Issued at HKT 06:35
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