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The first of a series of upcoming business seminars organised by the Hong Kong Economic and Trade Office, Brussels (HKETO, Brussels) was held in Venice, Italy, on March 15 (Italian time). At the seminar Italian companies were told how Hong Kong could help them benefit from China's visionary Belt and Road Initative. The HKETO, Brussels will be organising or supporting similar seminars around Europe in the following weeks and months.
At the seminar in Venice, which was co-organised by HKETO, Brussels, the Hong Kong Trade Development Council and Veneto Promozione, Deputy Representative of the HKETO, Brussels, Miss Alice Choi, explained the three-fold role Hong Kong will play under the Belt and Road, namely as an international financial centre, a trade and logistics platform and a platform for professional services.
"We take pride in the fact that Hong Kong has always been the 'super-connector' connecting the Mainland with the rest of the world, and we stand ready to help Italian companies seize the far-reaching opportunities this project will provide," Miss Choi said. She noted that 350 Italian companies already had offices in Hong Kong and Italian business was well-represented in sectors such as food and wine, banking, luxury goods, transportation, automotive manufacturing, trading and retail. Hong Kong and Italy's bilateral merchandise trade is growing at an average rate of 5.6 per cent a year.
Miss Choi said that Hong Kong is one of the most business-friendly places in the world and famous for, among others, its simple and low taxation system.
"There is some very good news for Italian companies in this regard. The agreement signed between Hong Kong and Italy in 2013 for the avoidance of double taxation finally entered into force on August 10 last year, after its ratification by the Italian parliament," she added.
Miss Choi said that the agreement has also addressed Italy's concerns about Hong Kong's commitment to enhancing tax transparency and combating cross-border tax evasion, and as a result, Hong Kong has now been removed from Italy's fiscal blacklist.
"The full implementation of the agreement provides excellent financial incentives for Italian companies to do business or invest in Hong Kong, where corporate tax is a maximum of 16.5 per cent of profits," she said, encouraging them to seize the first-mover advantage in making good use of Hong Kong as the gateway to China and Asia.
Over the coming weeks, the HKETO, Brussels will be promoting Hong Kong's role in the Belt and Road Initiative at business seminars in Milan, Italy (March 22), Bucharest, Romania (March 21), Madrid, Spain (April 12), Barcelona, Spain (April 13) and Brussels, Belgium (April 20).
Ends/Wednesday, March 16, 2016
Issued at HKT 19:41
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