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Following is the speech by the Secretary for Commerce and Economic Development, Mr Gregory So, at the signing ceremony of the Hong Kong-Canada Investment Promotion and Protection Agreement (IPPA) in Toronto, Canada today (February 10, Toronto time):
Minister Freeland (Minister of International Trade of Canada, Ms Chrystia Freeland), distinguished guests, ladies and gentlemen,
Good afternoon. It gives me great pleasure to sign the Hong Kong-Canada Investment Promotion and Protection Agreement today in this captivating city of Toronto - Canada's financial and business capital.
Hong Kong and Canada have a long history of friendship and are important trade and investment partners. The two places have been enjoying excellent economic and trade ties, and are each other's important investment partners. As at the end of 2014, Canada was the 16th largest source of inward direct investment into Hong Kong, with a stock of HK$38.6 billion. At the same time, Canada was the 10th largest destination of outward direct investment from Hong Kong, with a stock of HK$73.9 billion.
With the IPPA, the two governments undertake to provide investors of the other side with fair, equitable and non-discriminatory treatment of investments; compensation for expropriation of investments; and the right to free transfer abroad of investments and returns. The IPPA also provides for settlement of investment disputes under internationally accepted rules.
Hong Kong is strategically located at the centre of Asia and between the Mainland of China and overseas. We have well-established international trade networks, and the most efficient hardware and software underpinning our open and facilitating trading regime. We have always been a key trade and investment centre in the region and an ideal gateway for Canadian businesses to enter the vast Chinese and Asian markets. With the signing of the IPPA, which gives additional assurance to investors, I trust that the investment flows between Hong Kong and Canada will be further expanded, and our bilateral economic and trade relations will turn a new chapter.
Ladies and gentlemen, both Hong Kong and Canada share the same strong commitment to trade and investment facilitation, and I strongly encourage all of you to make good use of our strong and ever-improving connections. I look forward to our even closer relationships on all fronts in future. Thank you very much.
Ends/Thursday, February 11, 2016
Issued at HKT 06:37
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