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HK, India Talk On Investment And Economic Ties

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

01 November 2010


Hong Kong’s Chief Executive, Donald Tsang, during a visit to India, has met with representatives of the Indian government and the country’s business sector to highlight the unique advantages of Hong Kong as a global financial and business centre.

Noting that so far no Indian companies have listed in Hong Kong, the Chief Executive invited them to do so and take advantage of the growing range of renminbi businesses Hong Kong is allowed to undertake. Given the close business relationship between firms in Hong Kong and those in Mainland China, he encouraged Indian enterprises to make use of Hong Kong as a stepping-stone to gain access to the Mainland market.

Speaking at the Hong Kong-Guangdong Business Conference in New Delhi, Tsang encouraged Indian corporations to establish a base in Hong Kong to benefit from the strong ties between the city and Guangdong. He highlighted Hong Kong's strong appeal to international companies as a platform to reach Guangdong, the rest of the Mainland and the whole of the Asia-Pacific region.

Hong Kong, he said, has also “benefited tremendously through transforming itself into a services-oriented economy to support the region's development. Firms focusing on trading, logistics, financial and other professional services today contribute over 90% of Hong Kong's GDP."

"Hong Kong is also a familiar place for Indian entrepreneurs,” he added. “English is the language of our business communities; we have similar legal systems, and we share common goals of openness, diversity and fair play. Apart from being right on the Mainland's doorstep, Hong Kong is a stable and dynamic global financial centre in the Asian time zone. We also share many of the characteristics cherished by entrepreneurs the world over including a fully convertible currency and free flow of capital."

While addressing a luncheon co-organised by the Indian Chambers of Commerce & Industries and National Association of Software & Services Companies, Tsang told participants about the development of information and communications technology in Hong Kong and the city's vision to develop itself into a hub for innovation, technical co-operation and trade.

During a meeting with the Indian Minister of Finance, Pranab Mukherjee, he proposed that the Hong Kong and Indian governments should agree to expedite the conclusion of a comprehensive double taxation agreement. He also proposed increasing the frequencies of flights between the two places, and asked the Indian authorities to consider granting visa-free access to Hong Kong visitors and recognising Hong Kong's arbitration awards.

TAGS: tax | investment | business | double tax agreement (DTA) | India | offshore | agreements | Hong Kong | trade

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