Invest HK Ahead Of Performance Target
Invest Hong Kong, the territory's investment promotion body, has helped 148 overseas
and Chinese firms invest or expand in Hong Kong in this year's first six months,
achieving more than half its annual target of 250, with Mainland companies accounting
for almost 20%.
Speaking at an Invest Hong Kong reception on Monday, Chief Executive Donald
Tsang said the city has become a springboard for Mainland firms to reach global
markets and a location where multinational companies perform global functions. "Just six years ago Invest Hong Kong did not have any Mainland clients.
In the first six months of this year Mainland companies accounted for almost
20% of our completed investment projects," he said. Leading multinationals, on the other hand, have begun to move worldwide business
and functions and even relocate senior executives with global responsibilities
to Hong Kong. This development suggests Hong Kong is fulfilling a similar role
in Asia to New York in North America and London in Europe - a trend depicted
in the expression "NyLonKong" coined by Time Magazine earlier this
year. Mr Tsang said: "This is a trend we welcome wholeheartedly and is set to
continue and deepen as Hong Kong further develops its role as China's major
international financial and business services centre, and as a vital cog in
the management of global financial flows." Director-General of Investment Promotion Mike Rowse said these new opportunities
will make Hong Kong even more attractive to foreign direct investors, as indicated
by the high number of completed projects in the first half of this year. With the overwhelming response to the 'On Your Marks, Get-set Go' nationwide
marketing campaign Mr Rowse expects projects from the Mainland to rise. A comprehensive report in our Intelligence Report series looking at Tax-Effective Global Manufacturing and Financing Structures is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report8.asp
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