HKETO

By Hong Kong Economic Trade Office (HKETO)

Hong Kong's powerful business and financial edge as reinforced by its unique role as a "super-connector" between Mainland China and the rest of the world was once again promoted by Invest Hong Kong (InvestHK) and the Hong Kong Economic and Trade Office (Toronto) (HKETO) at a seminar held in Toronto today (October 8, Toronto time).

Speaking at the seminar "Hong Kong: The Super-Connector", which was held by the Toronto Region Board of Trade and supported by the HKETO and the Hong Kong-Canada Business Association, the Director-General of Investment Promotion, Dr Simon Galpin, told participants that the "one Country, two Systems" principle guarantees Hong Kong's competitive edges in the international business community.

The seminar was told that the principle ensures Hong Kong's business-friendly environment, free flows of capital and information, a sound and independent legal system and a low and stable tax regime. Against this backdrop, it serves as a perfect platform for Canadian companies to enter into the Mainland and other Asian markets.

According to the United Nations Conference on Trade and Development World Investment Report 2015, Hong Kong registered foreign direct investment inflows of US$103 billion in 2014, a year-on-year increase of 39 per cent. The figure puts Hong Kong second only to Mainland China (US$129 billion) and ahead of the United States (US$92 billion), the United Kingdom (US$72 billion) and Singapore (US$68 billion).

Dr Galpin said that the numbers highlight Hong Kong's role as a "super-connector" and a conduit for direct investment.

Currently around 7 600 overseas and Mainland Chinese companies keep offices in Hong Kong, including some 100 Canadian companies. In the first half of 2015, InvestHK assisted a record 260 companies from 32 economies to set up and expand in Hong Kong, and Canada made it into the top 10 list of originating economies.

"Hong Kong is not only a magnet for multinationals and individual founders and entrepreneurs, it is also an ideal location for corporate treasury centres," added Dr Galpin.
 
He told the seminar that with a highly international outlook and positioning in terms of finance, legal services, accounting, trade, logistics, shipping and aviation, Mainland companies will continue to use Hong Kong to "go global", while overseas companies will also use the city to manage their global activities.

"There have been new trends developing in Hong Kong, such as the fast-growing startup ecosystem," said Dr Galpin. He told the participants that Canadian companies are most welcome to come to Hong Kong and commercialise their new technologies for other markets.

Statistics shows that in August this year, a total of 1,558 start-ups at 40 co-work spaces were registered in Hong Kong, up 46 per cent compared to a similar poll last year.

Also speaking at the seminar, HKETO Director Miss Gloria Lo noted that Hong Kong-Canada bilateral trade reached nearly CAD$5.7 billion last year and there was 4.5 per cent increase year-on-year for the first seven months of this year.

"Hong Kong can be the launching pad for Canadian start-ups given its sound legal system, a level playing field, simple and low taxation and facilitating measures for business. The city can also provide an ideal platform for the commercialisation of new technologies to cater for the Mainland market and other Asian markets, as well as for intellectual property trading."

She added that there are strong social ties between Hong Kong and Canada, and encouraged more exchanges between the youths and students of the two places.

The President of the Hong Kong University of Science and Technology (HKUST), Professor Tony Chan, was also a keynote speaker at the seminar. Established in 1991, HKUST has been ranked 28th globally (ranked first in Hong Kong) in 2015-16 and as Asia's top university for three out the last five years in the Quacquarelli Symonds World University Rankings.

Read more: http://www.info.gov.hk/gia/general/201510/09/P201510080571.htm