SCED concludes visit to Australia (with photos)
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In the morning, Mr Yau paid a courtesy call on the Consul-General of the People's Republic of China in Sydney, Mr Wang Yu, to update him on Hong Kong's latest developments and measures to drive sustained economic growth and consolidate and enhance Hong Kong's status as an international trade centre.
Mr Yau then visited an enterprise specialising in beauty and wellness products and exchanged views with its senior management on the vast potential of the Asian market. Mr Yau introduced Hong Kong's distinctive advantage of enjoying the strong support of the motherland while being closely connected to the world under the "one country, two systems" principle, and encouraged Australian enterprises to set up regional headquarters in Hong Kong to seize the opportunities of the Mainland, in particular the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and Southeast Asian markets.
Mr Yau also had a lunch meeting with representatives of the Australian Chamber of Commerce in Hong Kong and the local business community to understand the needs and development directions of Australian enterprises and exchange views on fostering closer co-operation in the areas of business and trade between Hong Kong and Australia to achieve mutual benefits.
In the afternoon, Mr Yau met with a representative of the Australian Distillers Association to introduce Hong Kong's reduction in liquor duty to promote liquor trading and boost the development of high value-added industries including logistics and storage, tourism as well as high-end food and beverage consumption. He noted that the initiative has made reference to the successful experience in 2008 regarding the removal of import duty on wine, adding that he looks forward to seeing more premium liquor from Australia seizing the business opportunities. He also visited a distillery to understand more about the process of distilling and the development of Australian spirits.
In the evening, Mr Yau attended the Hong Kong Australia Business Association NSW Chapter Business Awards Gala Dinner. Speaking at the event, he shared with the Australian business community the distinctive advantages of Hong Kong under the "one country, two systems" principle and the opportunities ahead for collaboration between Hong Kong and Australia. One of the examples is the recent enhancements to the Mainland and Hong Kong Closer Economic Partnership Arrangement. Mr Yau said that provisions such as allowing Hong Kong-invested enterprises to adopt Hong Kong law and to choose for arbitration to be seated in Hong Kong empower foreign firms including Australian companies to leverage Hong Kong's legal and financial strengths when tapping into the Mainland market, especially within the GBA.
He added that Hong Kong ranked third globally in terms of foreign direct investment inflows, and with close to 10 000 overseas and Mainland companies as well as 4 700 start-ups present in Hong Kong, the city continues to thrive as a business hub.
Mr Yau said that regionally, Hong Kong is actively seeking to join the Regional Comprehensive Economic Partnership (RCEP), adding that Hong Kong will continue to communicate and collaborate with RCEP economies including Australia to advance this important goal.
Mr Yau will return to Hong Kong tomorrow (August 16).
Ends/Friday, August 15, 2025
Issued at HKT 18:22
Issued at HKT 18:22
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