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The Hong Kong Special Administrative Region Government's Principal Hong Kong Economic and Trade Representative in Japan, Mrs Jennie Chok, today (September 14) addressed an audience of over 150 people from political, business and media circles of Fukuoka, updating them on Hong Kong's economy and the expanding scope of business opportunities for foreign investors that are available in Hong Kong.
Mrs Chok was speaking at the luncheon seminar on "Hong Kong - New Opportunities; New Attractions" organised by the Hong Kong Economic and Trade Office in Tokyo, in conjunction with the Hong Kong Trade Development Council and Hong Kong Tourism Board, held in Fukuoka, Japan.
The Governor of the Fukuoka Prefecture, Wataru Asowho, gave the welcoming and introductory remarks.
Mrs Chok praised Fukuoka as a beautiful city that has been ranked among the top 10 boomtowns in the world by "Newsweek" magazine, and as the "best Asian city to live and work in" a number of times by "Asiaweek" magazine, which operated in the region for many years.
On Hong Kong's economy, Mrs Chok told the Fukuoka audience that after over five years of deflation that ended in mid-2004, Hong Kong now enjoys sustained and broad-based recovery, with GDP growing by 8.6% in 2004 and 7.3% in 2005.
"Foreign investment has been particularly strong, with inflow of FDI from Japan alone amounting to 196.3 billion yen in 2005 - an impressive 370% increase over 2004.
"The number of companies that have set up regional headquarters or regional offices in Hong Kong also reached an all-time high in 2005," said Mrs Chok.
The increasing economic integration with Mainland China and the latter's spectacular economic growth have opened up immense business opportunities for foreign investors.
"The Closer Economic Partnership Arrangement (CEPA) is one of the most important initiatives that will bring Hong Kong's economic and trade relationship with the Mainland to new heights," said Mrs Chok.
Under CEPA, all products of Hong Kong origin now enjoy tariff-free access to the Mainland Chinese market; and Hong Kong service suppliers in 27 service areas, including retail/distribution, logistics, construction, and audio-visual, etc, enjoy preferential treatment in the Mainland market.
Mrs Chok stressed that foreign companies setting up production or based in Hong Kong could also benefit from CEPA.
On financial services, she remarked that Hong Kong, both as the capital market gateway to the Mainland and the premier capital formation centre for Mainland enterprises, is offering yet more opportunities to its investors.
Moreover, Hong Kong has introduced a number of measures to enhance its attraction as an international financial centre. These include the abolition of the estate duty and the exemption of offshore funds from profits tax.
Mrs Chok said that the horizon of business opportunities in Hong Kong is still expanding, as Mainland China has emerged as one of the fastest growing consumer markets in the world and a huge source of tourism for Hong Kong.
At the luncheon seminar, Director, Japan of Hong Kong Trade Development Council, Ms Shigemi Furuta, and Regional Director, North Asia of the Hong Kong Tourism Board, Mr Ken Kano, also gave detailed presentations respectively on specific partnership opportunities with particular reference to Japanese businesses, and the latest tourist attractions and tourism campaigns in Hong Kong.
Hong Kong is Fukuoka's 5th largest export market. Merchandise trade between Fukuoka and Kong Kong amounted to some 200 billion yen in 2005, representing a healthy growth of over 14% per annum since 2003.
Ends/Thursday, September 14, 2006
Issued at HKT 14:37
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