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Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region Mr Frederick Ma and Canadian Minister of International Trade Mr David Emerson, today announced the signing of a Memorandum of Understanding (MOU) on investment promotion co-operation.
"Canada places great importance on enhancing its commercial relations with Hong Kong and recognises the benefit of increasing two-way investment between our economies," Mr Emerson said. "Hong Kong, an international financial centre, ranks third among Canadian investment destinations in Asia."
The latest investment figures show that direct investment from Hong Kong into Canada stood at C$6 billion (HK$39.9 billion) (note) and ranked eighth globally in terms of investment holdings in Canada. At the end of 2006, Canadian direct investment in Hong Kong stood at HK$31.1 billion (C$4.6 billion).
"By working collaboratively through targeted activities specified in the MOU, Canada and Hong Kong expect to significantly increase private sector investment activity in both markets," Mr Emerson said.
Mr Ma welcomed the MOU signing and highlighted Canada's longstanding recognition of Hong Kong as a strategic investment destination.
"This is an important step which reinforces the well-established ties between Canada and Hong Kong," Mr Ma said. "We look forward to this MOU benefiting investors in both our economies, and promoting overall economic growth."
He encouraged Canadian companies to fully utilise the opportunities arising from the Closer Economic Partnership Arrangement (CEPA) between Mainland China and Hong Kong. The Arrangement provides Hong Kong goods and services with preferential market access opportunities in Mainland China. This will benefit foreign-owned or controlled companies incorporated in Hong Kong.
The MOU will also help identify strategic investments from Hong Kong into smaller Canadian companies who are seeking capital and local market expertise to launch business opportunities into Mainland China. Investment promotion is an important part of the new Global Commerce Strategy of the Canadian government.
A series of seminars will be jointly organised by the Hong Kong Commerce and Economic Development Bureau and Foreign Affairs and International Trade Canada. These seminars will take place later this year in cities across Canada to explain the benefits of the CEPA to Canadian business leaders.
Note: 2005 figures
Ends/Friday, January 11, 2008
Issued at HKT 20:14
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