Hong Kong Promotes Business Sector To East Europe

by Mary Swire, Tax-News.com, Hong Kong

31 October 2003

This week, about 600 business leaders from Hungary and Poland were briefed by Andrew Leung, the Director-General of the Hong Kong Economic and Trade Office (HKETO) in London, on the latest economic development and business opportunities in Hong Kong and its substantial role enhanced by the Closer Economic Partnership Arrangement (CEPA) in the dynamic China market.

Speaking to about 300 prominent business leaders at a seminar in Budapest, Hungary early this week and to another 300 in Warsaw, Poland on Wednesday, Mr Leung urged the delegates to capitalise on the substantial business opportunities presented by the new development of CEPA.

Mr Leung outlined four ‘megatrends’ underpinning the Mainland China market: a manufacturing powerhouse in the PRD (Pearl River Delta); a fast developing internal market of over 200 million middle-class consumers; huge infrastructural development such as the water diversion project linking the Yangtze River with the Yellow River; and an increasing flow of outward investment.

"With CEPA and a new Hong Kong-Macau-Zhuhai Bridge, Hong Kong is set to play an even more dynamic role in honing the vast and rapidly expanding China market, which is destined to be one of the most vibrant economies in the world in the coming decades," Mr Leung added.

In addition to a variety of businessmen, the two business seminars were respectively attended by various Hungarian and Polish government officials, as well as Mr Zhu ZuShou, Ambassador Extraordinary & Plenipotentiary of the People's Republic of China to the Republic of Hungary.

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