**********************************************************
The deeper regional economic integration expected under a Free Trade Agreement (FTA) that is currently being negotiated between Hong Kong and the Association of Southeast Asian Nations (ASEAN) would bring huge potential benefits to the stakeholders, the Director of the Hong Kong Economic and Trade Office in Singapore, Mr Fong Ngai, said today (November 6).
Speaking at the Launching Ceremony of the newly established Hong Kong-Malaysia Business Association in Kuala Lumpur, Malaysia, Mr Fong said Malaysia and Hong Kong have long been important and close trading partners.
"Bilateral trade between the two economies grew at an average annual rate of 7 per cent in the past five years, placing Malaysia among the top 10 trading partners of Hong Kong. In 2013, bilateral goods trade reached HK$114.3 billion. The momentum has continued this year, with total trade up 20 per cent in the first eight months," he said.
Mr Fong pointed out that Hong Kong's strengths as an international financial centre and services hub have made it an ideal portal between Malaysia and the Mainland of China.
"Our aim is for Hong Kong to play a greater part in regional integration both as a gateway to the vast Mainland China markets as well as a platform for Chinese investment overseas.
"The Hong Kong business community is ready to team up with Malaysian counterparts to venture into the Mainland Chinese market together, and the establishment of the Hong Kong-Malaysia Business Association coupled with the FTA being negotiated are timely," he said.
The FTA between Hong Kong and ASEAN would not only help the business communities focus on the substantial market opportunities available, but also provide a stable and transparent framework in which regional trade could flourish. The FTA, for which formal negotiations commenced in July this year, is progressing smoothly. ASEAN and Hong Kong have agreed to a timeline for concluding the negotiations so that relevant parties can reap the benefits early.
Beyond the FTA, Hong Kong is also actively seeking to assist businesses on various fronts. Hong Kong and Malaysia signed a Comprehensive Double Taxation Agreement in April 2012 to enhance trade and investment between the two places. This was followed by a Memorandum of Understanding to enhance co-operation on investment promotion signed in June this year between Invest Hong Kong and the Malaysian Investment Development Authority.
Facilitated by the Hong Kong Trade Development Council, the Hong Kong-Malaysia Business Association was set up in May this year to promote networking and widen business opportunities for businesses in Hong Kong and Malaysia.
Ends/Thursday, November 6, 2014
Issued at HKT 18:29
NNNN
