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The Hong Kong Economic and Trade Office in Toronto (HKETO), together with the local offices of the Hong Kong Trade Development Council (HKTDC) and the Hong Kong Tourism Board (HKTB), are conducting a series of promotion events in the provinces of Alberta, British Columbia and Manitoba to promote Hong Kong as the Asia's world city for business and tourism.
Speaking yesterday and today (September 23 and 24, Toronto time) at two networking events organised by the Hong Kong-Canada Business Association (Calgary Chapter) and Burnaby Board of Trade in Calgary and Vancouver respectively, the Director of the HKETO, Miss Gloria Lo, said that Hong Kong would continue to maintain its status as a major international financial centre, Renminbi (RMB) offshore business centre, and regional logistics hub. Hong Kong has also developed as the Asian centre for disputes resolution through mediation and arbitration.
"Hong Kong's economy remains sound with steady growth with its GDP grown by 3.3 per cent in real terms in the second quarter of the year. Hong Kong's labour market is virtually in full employment with the unemployment rate standing at 3.3 per cent. This reflects that businesses in Hong Kong are doing well with continuous growth in jobs and investment," said Miss Gloria Lo.
Canada's think-tank Fraser Institute released the 2013 annual report on world economic freedom last week. The report compares and ranks a total of 152 economies. Hong Kong is once again ranked first as the freest economy in the world.
"Apart from our pillar industries, we also have a number of new industries with growth potential. Through the five research centres, the Hong Kong Science Park, the Cyberport, various funding programs and cash rebate scheme, Hong Kong creates a favourable environment for innovation and technology. Hong Kong has an IT savvy population to provide a good test bed for new ICT solutions and services. Hong Kong also has a sound IP protection system providing an ideal platform for IP trading and playing a strong role as the intermediaries for the selling and buying of IP rights," said Miss Lo.
Miss Lo also said that there is clear potential for environmental industry in Hong Kong. The Government's targets include reducing municipal solid waste disposal rate by 40 per cent on a per capita basis by 2022, and increasing the recovery rate to 55 per cent. We will continue to invest on relevant infrastructure and adopt new environmental technology. With the bilateral free trade agreement CEPA, service suppliers in Hong Kong may enjoy easier access to Mainland market in various service sectors including environmental industries, IT and telecommunication business, professional services, etc.
"For other soft areas such as culture and creativity, the West Kowloon Cultural District project is in progress and its first phase will start commissioning from 2018. Meanwhile we will continue to promote our film industry and encourage Hong Kong-Canada film co-production, which may take advantage of CEPA for access to the Mainland," Miss Lo said.
With the city's unique advantages, Miss Lo encouraged the Canadian companies to make use of Hong Kong to tap into the Mainland and Asia. "Alberta, British Columbia and Manitoba altogether account for 52 per cent of the GDP of Canada. Their economic importance in Canada also means the potential for promoting more business and trade between these provinces and Hong Kong. Specifically on tax, the comprehensive avoidance of double taxation agreement signed between Canada and Hong Kong last year is expected to come into effect in 2014. The agreement would help reduce the costs for business and investment between the two places."
To help Canadian business people ccapitaliseon the window of opportunities in Hong Kong, the HKTDC encouraged local business community to participate in the upcoming Hong Kong Forum, the SME Expo and the Business for IP Asia Forum to be held in December 2013, and the Asia Financial Forum in January 2014. These annual major events provide a great platform for market intelligence, networking and generation of new business.
Business aside, Hong Kong has lots of tourist attractions and mega events conducted throughout the year to bring different excitement and experiences for tourists from all over the world. "The commissioning of the first berth of the cruise terminal in Kai Tak Area is the highlight of the year. We welcome our Canadian friends to visit our city for fun, for shopping, for good food, or other special experiences in our greenery," Miss Lo added.
Miss Lo will continue her visit in Winnipeg to attend a breakfast workshop jointly organised by Hong Kong-Canada Business Association (Winnipeg Chapter), HKETO, HKTDC and HKTB later this week.
Ends/Wednesday, September 25, 2013
Issued at HKT 09:16
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