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Following is the speech delivered by the Financial Secretary, Mr John C Tsang, at the French National Day 2013 Official Reception this evening (July 12):
Consul General (Mr Arnaud Barthélémy), your excellencies, distinguished guests, ladies and gentlemen,
Good evening. Thank you, Consul General, for your kind words.
I am indeed very pleased to join you all tonight in celebrating Bastille Day. My warmest congratulations to our friends from France on your country's 224th National Day anniversary.
Last year, we celebrated 150 years of consular relations between Hong Kong and France. This year, as the Consul General has just mentioned, the French are taking over Hong Kong, or so it seems in many of our shopping, business and entertainment business in Hong Kong.
Indeed, Hong Kong's fast-growing links with France have been the main focus of several media articles in recent months and a popular topic of conversation around town.
Our French expatriate community has doubled since 2006. French exports to Hong Kong have increased significantly in the past three years, and the value of French wine imports has increased three-fold, 300 per cent, since we eliminated tariffs on wine in my 2008 Budget.
If this is not enough, I was recently told about a local rugby club's player recruitment drive along the lines of, "you don't have to be French to join, but it probably helps!"
Light-minded comments aside, I am pleased that France is making good use of Hong Kong's dynamic and business-friendly environment with its low and simple taxes, the rule of law and strong regional connectivity.
Not only does Hong Kong provide a little shelter from the economic uncertainties in the euro zone, we are also a stepping stone to new opportunities that are emerging in this part of the world, and especially in the Mainland of China.
We also provide an ideal location for international brands to showcase their goods and services to new potential customers. Leading French brands have been particularly quick to seize this opportunity in various sectors from finance and IT to luxury items and, of course, French wine and French cuisine.
We are always pleased to see our friends from France enjoying Hong Kong, whether they come here on holiday or on business or even just to play rugby.
In particular, we look forward to welcoming more young people from France under the new bilateral Working Holiday Scheme which came into play on July 1. This is a great opportunity for our next generation to learn more about each other's culture and also the way of life, and reinforce the friendship between France and Hong Kong.
Among the over 100,000 French visitors to Hong Kong so far this year, was the Minister of Foreign and European Affairs, Mr Laurent Fabius. We are honoured that Mr Fabius co-signed the bilateral Working Holiday Scheme in May.
In April, I had the pleasure of meeting French Minister of Economy and Finance, Mr Pierre Moscovici when he paid us a visit. Among other things, we discussed opportunities for collaboration between Hong Kong and Paris in promoting the internationalisation of the Mainland currency, the Renminbi.
I hope that we would be able to pursue it further, and bring about some further collaborative effort in the near future.
Hong Kong is the premier offshore Renminbi business centre, serving as the global hub for Renminbi trade settlement, financing and asset management. Paris is fast becoming a key player in offshore Renminbi business, mainly through Renminbi deposits and Renminbi bond issuance. There is certainly room for collaboration between Paris and Hong Kong, such that French businesses can take advantage of the wider use of Renminbi in international transactions.
Ladies and gentlemen, it now just remains for me to thank the Consul General as well as his colleagues for their hospitality this evening and to congratulate all our friends from France on Bastille Day.
Please raise your glasses and join me in a toast: To the People of the Republic of France.
Ends/Friday, July 12, 2013
Issued at HKT 22:03
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