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Following is the speech delivered by the Chief Executive, Mr Donald Tsang, at the national day reception for the 30th Anniversary of the Victory of the Islamic Republic of Iran held at the Island Shangri-La today (February 6):
Consul General, distinguished guests, ladies and gentlemen,
It is a great pleasure to join you all today. I am delighted to celebrate with you the 30th Anniversary of the Islamic Republic of Iran.
Our consular relations with Iran date back to 1973. In recent years, our bilateral ties have advanced on various levels including trade, culture, science and educational co-operation.
More Hong Kong tourists are visiting Iran to see for themselves the natural beauty and historical treasures of your country and experience the warm hospitality of the Iranian people.
Our two nations already have a deep and prosperous relationship. China is Iran's largest trading partner with bilateral trade worth more than US$25 billion last year.
However, only a small amount of this trade is routed through Hong Kong. Last year, this amounted to some US$135 million or about 0.5% of the total.
As trade between Iran and China continues to grow, I am confident that Hong Kong will play a greater role as a bridge between our two nations.
Hong Kong is a low risk and highly efficient entry point to the Mainland for overseas firms. We have a low and simple tax regime, freely convertible currency and a deep and broad pool of talent. We also have a great deal of experience in connecting overseas companies to the Mainland and to the rest of the region.
As a global financial centre, we are expanding our portfolio by establishing a platform for Islamic finance in Hong Kong. We are reviewing our tax laws to accommodate Shariah-compliant products and ensure a level playing field for Islamic bonds vis-a-vis conventional bonds. Last year an exchangeable Islamic bond, or sukuk, was listed on the local stock market, and a new Shariah-compliant stock index featuring Hong Kong-listed Mainland stocks has been introduced as well.
During these uncertain economic times, we will focus on maintaining financial stability, helping businesses weather the financial storm and creating new jobs. We are also identifying new opportunities to become a more effective partner for Iranian companies in our part of the world.
Last December, our Trade Development Council led a mission to Tehran, meeting business leaders, discussing Hong Kong's competitive edge and exploring ways for greater business co-operation. There was a great deal of interest from Iranian businesses.
Ladies and Gentlemen, I thank you all for your continued support and confidence in Hong Kong, and look forward to closer relations in the years ahead. I am particularly grateful to the Iranian Government for repeatedly inviting me to visit your beautiful country. This warm offer is close to my heart, and I shall strive to bring a trade mission with me to Iran at an opportune time in the future.
Once again, I congratulate you on the 30th Anniversary of the Islamic Republic of Iran and wish all of you a happy and prosperous Year of the Ox.
Ends/Friday, February 6, 2009
Issued at HKT 18:53
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