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Korean businesses briefed on Hong Kong's advantages (with photos)

     More than 100 representatives from the government and business sectors were briefed on Hong Kong's advantages and the numerous opportunities the city offers Korean businesses at a business seminar in Changwon, Korea today (February 23).

     Speaking at the seminar, the Principal Hong Kong Economic and Trade Representative, Ms Sally Wong, outlined the various fundamental strengths which have made Hong Kong an ideal place for investment by overseas enterprises.

     These strengths include a low and simple tax system, a clean and efficient government and free flow of capital and information.

     "As an international financial centre, our robust regulatory regime is continually being updated to ensure the integrity and smooth functioning of a free market, enhancing investor protection on the one hand and facilitating market development on the other," Ms Wong added.

     Strategically located on the doorstep of the vast Mainland market and well connected globally, Hong Kong further strengthened its role as a gateway to China with the signing of a the Closer Economic Partnership Arrangement (CEPA) - a free trade pact with the Mainland.

     "Foreign companies, including Korean ones, are able to enjoy tariff-free treatment under CEPA provided they satisfy some basic requirements. They can also invest in the Mainland market by using the business and professional services that Hong Kong provides.

     "Overseas investors wishing to establish a presence on the Mainland often find it advantageous to set up regional headquarters or offices in Hong Kong for sales, marketing, distribution, finance, management and R&D, and to form strategic partnerships with Hong Kong entrepreneurs.

     "Another area of rising opportunity lies in Hong Kong's role as an offshore Renminbi (RMB) Centre. In 2011, RMB trade settlement conducted through Hong Kong amounted to RMB 1,900 billion, representing a five-fold increase in just one year.

     "On asset management, two-thirds of the assets of the fund management business in Hong Kong were sourced from non-Hong Kong investors, indicating that Hong Kong was a preferred location for overseas fund managers to conduct asset management business," Ms Wong said.

     Noting that Hong Kong is Korea's 6th largest trading partner, Ms Wong said that the close bilateral relationship between the two places will grow further in the years to come with the many business opportunities available in Hong Kong for Korean enterprises.

     With an aim to promote trade and investment ties between Hong Kong and Korea, the business seminar was co-organised by the Hong Kong Economic and Trade Office of the Hong Kong Special Administrative Region Government and Hong Kong Trade Development Council with the support of the Gyeongnam Regional Headquarters, Small and Medium Business Corporation.

Ends/Thursday, February 23, 2012
Issued at HKT 15:49


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