Hong Kong and Shandong launch joint symposium series attracting foreign companies in Hong Kong to access Shandong market (with photos)
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     â€‹Invest Hong Kong (InvestHK) and Mainland government authorities today (June 2) held the first instalment of a "Shandong-Hong Kong Cooperation" symposium series aimed at updating foreign companies based in Hong Kong on the various business opportunities and advantages in the China (Shandong) Pilot Free Trade Zone.
      
     The symposium, entitled "Shandong - Hong Kong Cooperation: 'New Business Collaborative Opportunities in China (Shandong) Pilot Free Trade Zone'", was held in a hybrid format with physical events in Hong Kong and Shandong and live streaming for a global audience. It was jointly organised by InvestHK, the Commercial 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 Department of Commerce of Shandong Province. The event was co-organised by the China (Shandong) Pilot Free Trade Zone in Jinan, Qingdao and Yantai; the Shandong Business Office (Hong Kong and Macao); and the Qingdao Business Office (Hong Kong and Macao), and was supported by the Hong Kong Japanese Chamber of Commerce & Industry, the Korean Chamber of Commerce in Hong Kong and the German Chamber of Commerce, Hong Kong.
              
     InvestHK's Director-General of Investment Promotion, Mr Stephen Phillips, delivered welcome remarks via recorded video, while Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the LOCPG in the HKSAR Mr Liu Yajun and Deputy Director-General of the Department of Commerce of Shandong Province Ms Lu Wei delivered welcome remarks in Hong Kong and Jinan respectively.
              
     Mr Phillips said, "Shandong is an important economic hub for the Mainland and covers a wide spectrum of industries, such as food manufacturing, energy, both light and heavy manufacturing industries and industrial products, and is a major force for the maritime economy, the Blue Economy, etc. Shandong's GDP reached a new high in 2021, ranking third in China with RMB8.31 trillion. Today's symposium is a great opportunity to learn more about Shandong's immense business potential and new initiatives."
      
     He added, "Hong Kong is an ideal global platform serving both Mainland and foreign companies. If companies would like to tap the vast opportunities in the Mainland, Hong Kong and Asia more generally, InvestHK would be delighted to explore with you how we can help you achieve your goal."
              
     Mr Liu said, "The China (Shandong) Pilot Free Trade Zone was inaugurated in August 2019 and consists of the Jinan Area, the Qingdao Area and the Yantai Area. It is tasked to expedite the replacement of old growth drivers with new ones, develop a high-quality maritime economy and establish the areas as a new focus for opening up. Since its establishment, it has made bold trials and innovations as well as independent reform. It has achieved a number of institutional achievements, greatly improved its investment and business environment, and created huge investment and growth opportunities."
          
     Ms Lu said, "Hong Kong has been an important economy and trade partner as well as a key conduit of foreign investment for Shandong over many years. The bilateral trade between the two places from January to April this year reached RMB13.12 billion, of which the value of exports and imports amounted to RMB12.98 billion and RMB140 million respectively. There are 192 new Hong Kong companies set up in Shandong with the realised investment at US$5.63 billion, accounting for 72 per cent of the province's total realised inward investment. Hong Kong is also the most preferred destination of outbound investment in Shandong. Many Shandong enterprises have already expanded to overseas markets via Hong Kong. Shandong has recorded and approved 925 enterprises or institutions to invest in Hong Kong, with an investment amount of US$14.8 billion. These achievements make us firmly continue to complement each other's strengths, so as to achieve mutual benefits, keep on opening up Shandong to the world, and strengthen Hong Kong's prosperity and stability."
              
     Speakers at the symposium included government representatives from the Jinan, Qingdao and Yantai Areas as well as executives from Japanese, Korean, German and Hong Kong companies operating in the three areas. They spoke on their first-hand experiences in regard to the competitive advantages and the business-friendly environments in the areas.
      
     The China (Shandong) Pilot Free Trade Zone consists of three areas, namely the Jinan Area, the Qingdao Area and the Yantai Area, and each has its unique characteristics and positioning. The Jinan Area is dedicated to developing sectors including artificial intelligence, industrial financing, healthcare and wellness, culture and information technology. It aims to become a major regional economic centre, a logistics hub and a technological innovation centre. The Qingdao Area's development priorities include sectors such as modern maritime, international trade, shipping and logistics, modern finance and advanced manufacturing. It is intended to establish itself as an international shipping hub for Northeast Asia, a key innovation centre along the eastern coast and a demonstration zone for the maritime economy, with the aim of turning Qingdao into a pillar city on the Chinese coast. The Yantai Area is focused on fostering industries ranging from high-end equipment manufacturing, new materials and new-generation information technology to energy conservation and environmental protection, biomedicine and producer services. It aims to develop into a pilot zone for China-Korea trade and investment co-operation, a maritime intelligent manufacturing base and a demonstration zone for the nation's technological achievements and international technology transfers.
      
     For photos of the symposium, please visit: www.flickr.com/photos/investhk/albums/72177720299430250.

Ends/Thursday, June 2, 2022
Issued at HKT 16:30

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