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The Director of the Hong Kong Economic and Trade Office in Singapore, Mr Fong Ngai, said today (November 26) that it is most encouraging to see Hong Kong and the Philippines enter a new page of bilateral relations.
Speaking at the first induction celebration of the Hong Kong Chamber of Commerce of the Philippines Inc in Manila, the Philippines, Mr Fong said Hong Kong and the Philippines enjoy high complementarity in the areas of trade and investment. He also pointed out that, given Hong Kong's strategic location in China and its strength as an international financial centre and services and logistics hub, Hong Kong is an ideal portal between the Mainland of China and the Philippines.
"On the other hand, we also play a key role in working with Mainland companies to 'go global', including in investment into the Philippines," he said, adding that Hong Kong enjoys a unique and well-justified reputation as the pre-eminent gateway to China.
"As the biggest single investor in all the Mainland provinces in recent decades, we know better than anyone else the incredible evolution of the China market," he explained. Currently, some 60 per cent of foreign direct investment into the Mainland originates from Hong Kong, and more than 50 per cent of the Mainland's external direct investment is destined for or channelled through Hong Kong.
"More than 16.5 per cent of trade between the Philippines and Mainland China goes through Hong Kong. On this note, I strongly encourage more Philippine companies to take advantage of Hong Kong's efficient services, which account for 93 per cent of Hong Kong's GDP, and team up with the Hong Kong business community in venturing into the Mainland Chinese market together," he said.
The Director also said that the Philippines and Hong Kong are important and close trading partners.
He said, "The Philippines' outstanding economic performance in the past years is most impressive, achieving growth of 6.8 per cent in 2012 and 7.2 per cent in 2013. Bilateral trade between the Philippines and Hong Kong also grew at an average annual rate of 7 per cent in the past five years, totalling US$8.2 billion in 2013, achieving 15 per cent growth in the first eight months of 2014, and placing the Philippines among the top 20 trading partners of Hong Kong."
Talking on the Free Trade Agreement (FTA) between the Association of Southeast Asian Nations (ASEAN) and Hong Kong, Mr Fong said the agreement will help business communities focus on the substantial market opportunities available in ASEAN member states including the Philippines and provide a stable and transparent framework in which regional trade and investment can flourish.
"The negotiation of the FTA is progressing smoothly, and ASEAN and Hong Kong have agreed to a timeline for concluding the negotiations so that relevant parties can reap the benefits early," he said.
Today's celebration drew the participation of over 800 guests from the business sector. The Hong Kong Chamber of Commerce of the Philippines Inc, which boasts a membership of close to 300, has been set up for the promotion of the mutual interests of the Philippines and Hong Kong.
Ends/Wednesday, November 26, 2014
Issued at HKT 19:45
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