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Invest Hong Kong encourages Baotou enterprises to "go global" (with photo)
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     Invest Hong Kong (InvestHK) hosted a seminar in Baotou, Inner Mongolia Autonomous Region, today (July 5), encouraging local companies to leverage Hong Kong's business advantages to access overseas markets through Hong Kong under the national Belt and Road Initiative.

     The seminar, entitled "Belt and Road, Together We Grow", was organised by InvestHK in partnership with the Trade Office of the Economic Affairs Department of the Liaison Office of the Central People's Government (LOCPG) in the Hong Kong Special Administrative Region (HKSAR), and the Office of the Government of the HKSAR in Beijing. It was also supported by co-organisers including the Baotou City Investment Promotion Bureau, the Liaison Office of the Municipal People's Government of Baotou in Beijing, the Baotou National Rare Earth High and New Technology Industrial Development Zone, the Baotou Federation of Industry and Commerce, and the China Council for the Promotion of International Trade, Baotou City Committee.

     Associate Director-General of Investment Promotion Mr Francis Ho; the Deputy Director-General of the Economic Affairs Department and Head of the Commerce Office of the LOCPG in the HKSAR, Mr Yang Yi; and Member of the Baotou Municipal Party Standing Committee and Executive Deputy Mayor of Baotou, Inner Mongolia Autonomous Region, Mr He Weihua delivered welcome remarks at the event.

     Commenting on Hong Kong's business advantages and the opportunities it has to offer Inner Mongolia Autonomous Region and Baotou companies, Mr Ho said, "Hong Kong has been an important economy and trade partner and a key conduit of foreign investment of Inner Mongolia for many years. The city was the largest source of investment of Inner Mongolia. As the significant hub in connecting the northern and northwestern parts of the Mainland, Baotou is a key development and opening-up area of the nation and Inner Mongolia Autonomous Region. Under the Belt and Road Initiative, Baotou and Inner Mongolia Autonomous Region will enhance the economic and trade co-operation with the countries and regions along the route. Hong Kong as a 'super-connector' between Mainland China and the rest of the world can provide a dynamic business environment to Mainland enterprises, helping Baotou and Inner Mongolia Autonomous Region companies to embrace the new opportunities offered by the Belt and Road Initiative."

     He continued, "As an international city in Asia, Hong Kong offers effective financial, insurance, accounting and legal services, all of which work together to create a comprehensive and modern service industry platform to assist multinational and Mainland companies. It is also an ideal location for companies to establish their corporate treasury centres (CTCs). In order to attract more companies to set up their CTCs in Hong Kong, the HKSAR Government recently announced a concessionary tax rate, which is half of the ordinary profits tax rate, for qualifying CTCs. It provides an attractive environment for multinational and Mainland corporations to centralise their treasury functions in Hong Kong. In fact, more and more Mainland companies have already set up their presence in Hong Kong and used it as the platform to 'go global' and for fund-raising. According to the Ministry of Commerce of the People's Republic of China, there were nearly 3 500 Mainland companies investing in Hong Kong in 2015, an increase of more than 12 times compared to 282 companies 10 years ago. According to the International Institute for Management Development World Competitiveness Yearbook 2016, Hong Kong has regained its position as the world's most competitive economy. Together with the Belt and Road Initiative, Hong Kong could provide professional services to Mainland enterprises such as in financing, logistics and transportation, as well as legal services. InvestHK will strengthen the co-operation with the provinces and cities along the routes and jointly organise investment promotion activities to encourage companies in the regions to use Hong Kong as the platform to 'go global' and promote Hong Kong as the important hub as part of this initiative."

     The Head of North China Investment Promotion of InvestHK, Mr Matt Hu, also gave a presentation during the seminar, introducing Hong Kong's business environment and ways to "go global" under the Belt and Road Initiative. He also highlighted the various types of free services and assistance that InvestHK can offer to Baotou companies intending to set up in Hong Kong and "go global".

     Other speakers at the seminar included the Deputy General Manager of the Bank of East Asia (China) Limited Beijing Branch, Mr Wilson Guo; the Senior Manager of International Tax Services, Ernst & Young (China) Advisory Limited, Ms Freya Wu; the Regional Director, Northern China, of the Hong Kong Trade Development Council (HKTDC), Mr Ronald Ho; Representative of Hong Kong Exchanges and Clearing Limited, Beijing Representative Office, Ms Sarah Zhang; and Principal Immigration Officer of the Office of the Government of the HKSAR in Beijing, Mr Benson Kwok. They talked about how Hong Kong's banking sector can help Mainland enterprises to "go global", how Hong Kong's taxation regime benefits Mainland enterprises, the HKTDC's services for Mainland companies in overseas development, the advantages of capital raising and listing in Hong Kong for Mainland enterprises, and visa arrangements for entry to Hong Kong from the Mainland, and encouraged local enterprises to make use of Hong Kong's facilities and services to expand overseas.

About Invest Hong Kong

     InvestHK is the department of the HKSAR Government established in July 2000 to take responsibility for foreign direct investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kongˇ¦s vibrant economy. As at December of 2015, InvestHK had completed over 3 820 investment projects creating more than 41 200 new jobs in the first year of operation or expansion and over HK$101 billion of investment. For more information, please visit www.investhk.gov.hk.

     For event photos, please visit www.flickr.com/photos/investhk/albums/72157670634623625.

Ends/Tuesday, July 5, 2016
Issued at HKT 15:24

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