World's largest lock maker sees Hong Kong as key to Asia Pacific
The world's largest lock manufacturer, ASSA ABLOY of Sweden, has chosen Hong Kong as its Asia Pacific headquarters and the first city in Asia to launch a 'security centre' as part of its expansion programme.
The President and Chief Executive Officer of ASSA ABLOY Asia Ltd, Mr
C K Jeang, said today (August 5) that Hong Kong was an important business
centre for two reasons - it was a rapidly growing domestic market and
a launching pad for the company's expansion into China and the rest of
Asia.
"On the domestic front, we will open three to four more 'security
centres' and expand our Industry and Production Sales Department over
the next three years, generating about 25 jobs here. Initially we plan
to invest HK$20 million in the local market," he said.
These centres feature a full range of high security locking solutions available to both professional customers, such as architects and interior designers, and the general public with retail sales, customer service and product display.
Mr Jeang said that on the regional front, ASSA ABLOY's regional headquarters in Hong Kong would drive expansion in other Asian markets. This includes the conversion of 13 existing technical centres in China to fully-fledged security centres in 2003.
ASSA ABLOY's Asia Pacific headquarters in Hong Kong oversees sales, marketing, financing, technology and business development in the region.
The company cited Hong Kong's prime location as the gateway to mainland China; its low, simple and predictable tax regime; excellent banking and financial services; a versatile workforce coupled with entrepreneurial flair and enormous business opportunities in the region as major reasons for earlier upgrading its Hong Kong office to regional headquarters.
Speaking at the opening of the 'security centre', the acting Director-General of Investment Promotion at Invest Hong Kong, Mr John Wan, said: "Hong Kong provides foreign investors the security they need through the rule of law, a level playing field, clean government, protection of intellectual property rights, protection of individual freedoms, and the free flow of capital, information and goods.
"The peace of mind we offer makes Hong Kong the location of choice for over 3,200 foreign-owned companies with regional headquarters or regional offices in the SAR."
With annual sales of US$3 billion in the 2001-2002 fiscal year and over 30,000 staff at present, ASSA ABLOY is a key global lock group with 10 per cent of the world market share.
Ends/Monday, August 5, 2002
