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Hong Kong the ideal partner for Korean businesses seeking to expand (with photos)

     More than 170 guests from the Korean business sector were briefed on how they can benefit from the many exciting opportunities arising from the latest developments in Hong Kong at a business seminar in Seoul, Korea, today (July 4).

     The Principal Hong Kong Economic and Trade Representative, Ms Sally Wong, said Hong Kong's fundamental strengths and its strategic location in China and Asia have made the city an ideal place for overseas investors to expand their business, citing the fact that Hong Kong plays host to about 7,000 overseas companies.

     "Our fundamental strengths include a low and simple tax system, a clean, transparent and efficient government, a level playing field, and free flow of capital, people and information. Our 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.

     "Overseas investors wishing to establish a presence in the Mainland often find it advantageous to set up regional headquarters or offices in Hong Kong, and to form strategic partnerships with Hong Kong entrepreneurs," she said.

     Ms Wong added that companies from Korea and around the world may also enjoy the benefits of the Closer Economic Partnership Arrangement (CEPA), a free trade pact signed between Hong Kong and the Mainland, as CEPA rules are nationality neutral.

     Apart from being the gateway to China, Hong Kong also plays a role as China's global financial centre and a hub for offshore Renminbi (RMB) business.

     The Central Government has recently announced further measures to strengthen co-operation between the Mainland and Hong Kong, of which several relate to RMB business including the issuing of more RMB sovereign and non-sovereign bonds in Hong Kong and expansion of the use of RMB overseas by supporting third parties to conduct trade settlement in RMB through Hong Kong.

     "These measures underscore the important role Hong Kong plays in the cross-border use of RMB and will expedite the development of offshore RMB business in Hong Kong.

     "Hong Kong is a crucial element of China's plans to internationalise the use of the Renminbi, because of our experience in dealing with international markets and the Mainland market.

     "We encourage Korean financial institutions and companies to use Hong Kong as a capital raising platform," Ms Wong said.

     She added that Korean enterprises can also find investment opportunities in the six new growth industries that Hong Kong is developing.

     They are medical services, testing and certification, education services, innovation and technology, creative and cultural industries, and green industries.

     At the seminar, representatives from the Hong Kong Trade Development Council, KOTRA Korea Business Centre in Hong Kong and Cathay Pacific Airways shared with the participants their experience and insight on doing business in Hong Kong.

     The seminar is one of the events organised by the Hong Kong Economic and Trade Office to celebrate the 15th anniversary of the establishment of the Hong Kong Special Administrative Region.

Ends/Wednesday, July 4, 2012
Issued at HKT 14:34


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