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With rights and freedoms guaranteed under the Basic Law, Hong Kong remains a regional hub for trade, commerce, logistics, shipping and tourism, and is one of the world's financial capitals.
This was stated by the Principal Hong Kong Economic and Trade Representative of the Hong Kong Special Administrative Region Government, Mrs Jennie Chok, at a business seminar in Gwangju, Korea, today (December 9).
Mrs Chok explained that Hong Kong had become an integral part of China since 1997, but remained as a separate economy with a high degree of autonomy under the "One Country, Two Systems" principle.
She said that all the strong characteristics and fundamentals of the Hong Kong economy remained intact. These included low taxes, free trade a level playing field for businesses, efficient communications, free flow of capital, a convertible currency, stable government, the rule of law upheld by an independent judiciary, great infrastructure and a prime location at the mouth of the Pearl River Delta.
Noting that Hong Kong had always been a major gateway to China, she said Hong Kong, further supported by the Closer Economic Partnership Arrangement (CEPA), was in the best position to benefit from the opportunities in the huge mainland market.
She said more than 6,400 foreign companies, including 650 from Korea, had taken advantage of the benefits of CEPA and set up subsidiaries in Hong Kong.
On Hong Kong's ties with Korea, Mrs Chok said with a bilateral trade value of US$23 billion in 2008, Korea was Hong Kong's sixth largest trading partner and Hong Kong was Korea's 10th major trading partner.
Gwangju is Korea's sixth largest city and a renowned cultural and education hub.
Attended by more than 150 government officials and local business leaders, the seminar was organised by the Hong Kong Economic and Trade Office to enhance further trade and investment ties between Hong Kong and Korea.
Ends/Wednesday, December 9, 2009
Issued at HKT 13:19
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