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Hong Kong Woos Canadian Business,
by Mary Swire, Tax-News.com, Washington
Tuesday, November 13, 2007
Hong Kong's Secretary for Commerce and Economic Development, Frederick Ma, has
encouraged Canadian business people to make use of established Hong Kong-Canada
links to grasp opportunities in Hong Kong and Mainland China.
Speaking at an Empire Club luncheon in Toronto on Friday, Ma observed that Hong Kong
has leveraged the rapid economic development of Mainland China since the handover,
and this has helped put Hong Kong on the threshold of a new era.
"We are also plotting a course to make the most of the new opportunities
ahead of us," explained Ma, while outlining Hong Kong's latest action plans
to equip itself with the necessary hardware and software at the upcoming stage
of progressive development, including 10 infrastructure projects covering roads,
railways and urban planning, which will generate an added value of more than
C$12 billion annually to Hong Kong's economy, and create 250,000 additional
jobs.
Some of the projects involve cross-boundary collaboration, and will improve
Hong Kong's transport links with China.
"Hong Kong provides a level playing field for all businesses, local and
foreign," he stated. "We hope that more overseas enterprises, including
Canadian companies, will lend their expertise to our infrastructure development
and take part in the bidding process for some of the projects."
Ma cited several areas in which Hong Kong and Canada could cooperate, including
IT, creative industries, financial services, and bi-lateral trade.
"We have yet to fully utilise the opportunities arising from the Closer
Economic Partnership Arrangement between Hong Kong and the Mainland. This free-trade
agreement provides Hong Kong goods and services with WTO-plus market access
opportunities in Mainland China," Ma explained, pointing out that foreign-owned
or controlled companies incorporated in Hong Kong can also enjoy CEPA's full
benefits.
"I believe the well established ties between our two economies will give
Canadian companies a head start over their rivals in tapping the Asian market,
including China," he concluded.
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