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The Hong Kong Economic and Trade Office (Toronto) (HKETO) started a Canada-wide roving presentation exercise in Montreal today (September 24, Montreal time) to showcase Hong Kong's position as a "super-connector" between Mainland China and Canada in commerce and trade.
In addressing the local business community at a Hong Kong Canada Business Association (HKCBA) (Montreal section) business event jointly supported by the HKETO, Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council, the Director of the HKETO, Miss Gloria Lo, said that Hong Kong and Canada have long enjoyed robust bilateral trade relations and strong social ties and friendship, upon which the two can leverage more co-operation with mutual benefits. Last year, Hong Kong-Canada bilateral trade reached nearly CAD5.7 billion, with a 4.5 per cent increase year-on-year for the first seven months of this year.
"Like Canada, Hong Kong has adopted the common law legal system and the two places share a similar business culture in terms of respect for contractual obligations and intellectual property rights, among others. Canadian friends can just feel like they are at home while doing business in Hong Kong," Miss Lo said.
Miss Lo noted that Hong Kong was again ranked the top of the world in terms of economic freedom, according to the 2015 Economic Freedom of the World report released by the Fraser Institute based in Canada.
"Our government attaches great importance to Hong Kong's economic freedom. We will continue to steadfastly uphold our rule of law and independent judiciary, a small and efficient public sector, and a free and open business and trade environment," she said.
Miss Lo further told the participants that with the combined advantages of the "one country, two systems" arrangement, Hong Kong is the unique "super-connector" between Mainland China and the rest of the world, including Canada. More specifically, Canadian companies in Hong Kong can take advantage of the Mainland and Hong Kong Closer Economic Partnership Arrangement, Hong Kong's free-trade pact with Mainland China, to gain easier access to the Chinese market, in particular for service sectors in which Canada has clear advantages for venturing into the Mainland.
Meanwhile, it is noted that Hong Kong continues to be a favourite investment place for international businesses. As many as 7,600 overseas and Mainland Chinese companies keep offices in Hong Kong and that includes some 100 Canadian companies. The United Nations Conference on Trade and Development World Investment Report 2015 shows that Hong Kong came second in global foreign direct investment. In the first half of 2015, InvestHK assisted a record 260 companies from 32 economies to set up or expand in Hong Kong, and Canada made it to the top 10 list of origins.
"Hong Kong is also rapidly emerging as a start-up hub, with our sound legal system, level playing field, simple and low taxation, strong protection of intellectual property rights and various facilitating measures. In particular, the StartmeupHK Venture Programme by InvestHK serves to attract entrepreneurial talent and innovative ventures from around the world to Hong Kong to establish their global launch pad. Canadian friends are most welcome to come to Hong Kong to commercialise their new technologies for other markets," Miss Lo added.
Statistics shows that in August this year, a total of 1,558 start-ups at 40 co-work spaces were registered in their premises in Hong Kong, up 46 per cent compared to a similar poll done a year ago.
Hong Kong has been well known for its four traditional pillar industries in financial services, trading and logistics, tourism and business and professional services. To further broaden Hong Kong's economic base for continued prosperity, the Hong Kong Government is supporting the development of a number of new industries in which the city enjoys distinct advantages. These include innovation and technology, cultural and creative industries, intellectual property trading and legal services such as dispute resolution services.
Miss Lo also stressed that Hong Kong is the ideal gateway for business and investment in other parts of Asia.
"Hong Kong enjoys strong economic and trade ties with the Association of Southeast Asian Nations (ASEAN). The Hong Kong-ASEAN Free Trade Agreement, which is currently under negotiation, will certainly further enhance Hong Kong as a regional trading hub," Miss Lo said.
Another major development is the Central Government's New Silk Road Economic Belt Initiative, designed to link China with Europe through Central and Western Asia, and the 21st Century Maritime Silk Road, which will connect the Mainland with Southeast Asia, Africa and Europe.
"The 'Belt and Road' initiatives will generate demand, increase the volume and intensity of international trade and stimulate investment flow among countries on the routes. Hong Kong is well placed to serve as the 'super-connector' for these developments. The potential through Hong Kong is enormous," she said.
At the end of the event, Miss Lo reiterated that Hong Kong is an ideal platform for companies to both access Mainland China and seek other collaborations and investment with Mainland companies which want to "go global". She welcomed Canadian companies and investors to approach the HKETO or InvestHK for advice and assistance for starting up or expansion in Hong Kong.
The HKETO will continue to present Hong Kong's competitive edge to the Canadian business sector at four other HKCBA seminars to be held in Toronto (September 29), Ottawa (September 30), Vancouver (October 7) and Edmonton (October 8).
Ends/Friday, September 25, 2015
Issued at HKT 07:15
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