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Hong Kong Woos Russian Business
by Mary Swire, Tax-News.com, Hong Kong

02 October 2007

Hong Kong's Secretary for Commerce and Economic Development, Frederick Ma has told Russian business representatives that Hong Kong's unique relationship with China offers Russian entrepreneurs the perfect staging post for entry into the vast Chinese markets.

Speaking at a Trade Development Council seminar in St Petersburg, Russia, on Friday, Ma stated that Hong Kong's high degree of economic autonomy under 'One country, two systems', and strategic position under the Closer Economic Partnership Arrangement with the Mainland have given rise to unrivalled opportunities that will benefit overseas partners setting up operations in Hong Kong.

Ma arrived in St Petersburg together with a high-level trade delegation last week, and gave a briefing to Russian local media to promote better understanding with regard to Hong Kong's economic advantages. Apart from speaking on potential trade growth between Hong Kong and Russia, Ma also encouraged more co-operation between the tourism sectors.

Hong Kong has been heavily promoting itself as the gateway to China in recent months, encouraging businesses in many territories and industry sectors to establish a presence in the city. Speaking at the National Day reception on Monday, Chief Executive Donald Tsang said that Hong Kong must continue to deliver this message in order to strengthen its position as Asia's premier financial centre.

"As enterprises in the Mainland continue to grow and our financial system keeps improving, Hong Kong has become the most-preferred platform for them to raise capital. While the Mainland enterprises can expand their business by making use of our services, our status as an international financial centre will also be reinforced," he said.

"Our economy has now revitalised, but we should not be complacent. My team and I will keep on with our efforts to show our citizens that we are a professional, committed, experienced and energetic team. We will strive to promote our economic development and improve people's livelihood so that all sectors of the community can share the fruits of economic prosperity," he concluded.

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