Hong Kong's Chief Executive, Donald Tsang has thanked investors from mainland China and further afield for their continued vote of confidence in the territory's economy.
He made the remarks at a reception hosted last week, for about 200 chief executive officers and senior representatives of overseas and mainland companies which had recently established a business presence or expanded operations in Hong Kong.
”This year, Hong Kong is celebrating the 10th Anniversary of our return to China," Tsang observed. "What a milestone. And what better way to highlight just how wrong all the doomsayers of yesteryear were.”
He noted some changes during the past decade, especially Hong Kong’s impressive economic development, while highlighting the city’s continued advantages for overseas and Mainland investors.
”Just as important as the things that have changed are the things that remain the same," he noted. "The rule of law, civil rights and freedoms, the free flow of information, capital, people and goods. We remain a multi-cultural, multi-faith, multi-national community. All of you here today are testimony to that.”
The Secretary for Commerce and Economic Development, Fredrick Ma Si-hang and the Director-General of Investment Promotion at Invest Hong Kong, Mike Rowse, greeted the business executives at the reception. Also present were some of Hong Kong’s Investment Promotion Ambassadors.
Expressing his gratitude to the new investors, Rowse commented: "Your presence here sends a strong message – that Hong Kong is the premier business hub in the region. I am particularly delighted that we have an increasing number of Mainland companies joining us. This underlies our growing role as a springboard for successful Mainland enterprises to expand overseas.”
Since Invest Hong Kong was established in 2000, the Department has assisted over 1,200 foreign, Mainland and Taiwan companies to set up or expand operations in Hong Kong. These projects have created more than 40,000 jobs for Hong Kong. Initial investment by these companies topped HK$37 billion (US$4.75 billion) in total.
He also noted that inward investment had remained robust this year. As at the end of June, Invest Hong Kong had assisted 147 companies to invest or expand in Hong Kong, achieving more than half of its annual target of 250.
The Closer Economic Partnership Arrangement (CEPA) has continued to have a positive impact on attracting investors to Hong Kong. Some 23% of the companies assisted by Invest Hong Kong so far this year have indicated that CEPA was one of the factors considered when making the investment. Rowse predicted that with the implementation of new liberalisation measures, CEPA’s appeal to current and potential investors would be strengthened, as more qualified Hong Kong based companies would enjoy greater access to the Mainland.
A highlight of Invest Hong Kong’s Mainland promotion activities this year has been the beginning of a three-year campaign, ‘On Your Marks, Get-set Go’ which focuses on seven key provinces in Mainland China – Zhejiang, Jiangsu, Shandong, Liaoning, Sichuan, Guangdong and Fujian. It aims to provide privately-owned enterprises with the information and tools to expand internationally using Hong Kong as their gateway.
Mainland enterprises have increasingly recognised Hong Kong’s strategic role as the springboard to expand regionally and globally. About 16% of the completed projects in the first half of 2007 involved Mainland investments.
Invest Hong Kong has also continued to step up its efforts to promote Hong Kong’s advantages to Mainland enterprises. During the past four years, Invest Hong Kong has organised 73 investment promotion seminars in 29 Mainland cities.
The latest statistics show that Hong Kong remains a highly preferred destination for foreign direct investment (FDI). During the first quarter of 2007, FDI inflows to Hong Kong reached HK$120.2 billion (US$15.4 billion). Total FDI inflow during all of 2006 was HK$333.2 billion (US$42.9 billion).
Rowse concluded: "We will continue to work closely with the business community in Hong Kong and internationally to attract even more companies to invest and expand their presence in Hong Kong. For your companies and others that have already invested in Hong Kong, we will always be here to lend a helping hand."
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