Posted in: Press Releases
November 7, 2017
The Director of the Hong Kong Economic and Trade Office (Toronto) (HKETO), Miss Kathy Chan, paid a visit to Winnipeg on November 6 and 7 to promote to major business organisations of the city that Hong Kong is an ideal business partner of Canadian companies to explore the Asia market and beyond.
On November 6, Miss Chan met with President and CEO of the World Trade Centre Winnipeg, Ms Mariette Mulaire, and Director of Trade Services, Mr Alberto Velasco, to exchange ideas on how Hong Kong can help Manitoba companies to develop export markets in Asia and beyond.
In the morning of November 7, Miss Chan attended and spoke at the Annual General Meeting and Workshop organised by the Winnipeg chapter of the Hong Kong-Canada Business Association (HKCBA) and updated the participants on the latest economic situation of Hong Kong, the advantages of doing business in Hong Kong, and Hong Kong’s role as the ideal gateway to Mainland China, Southeast Asia and the wider Belt and Road region.
First, on the advantages of doing business in Hong Kong, apart from being an open and free market with the rule of law and a clean and efficient government, Miss Chan highlighted that Hong Kong has recently been ranked by the World Bank as the 5th globally in terms of easiness of doing business. And to attract more enterprises to establish in Hong Kong, the Chief Executive of the Hong Kong Special Administrative Region Mrs. Carrie Lam has just announced in her first policy address two taxation proposals. “First, we propose to lower by half the corporate profits tax rate for the first HK$2 million profits earned by enterprises (around CAD300,000) from 16.5% to 8.25%. Second, to encourage more R&D investments by enterprises, we propose to offer additional tax deductions. The first HK$2 million eligible R&D expenditure (around CAD300,000) will enjoy 300% tax deduction with the remainder at 200%”, she said.
Turning to Hong Kong-Canada trade relations, Hong Kong was Canada’s 8th largest merchandise export market in 2016 and Canada’s largest export market in the world for frozen beef and 4th largest market for fish and seafood. In addition, Miss Chan said that the two places were an important investment source of each other. “Hong Kong-Canada Investment Promotion and Protection Agreement also entered into force in September 2016. It would bolster confidence of investors and enhance investment flows between the two places,” she added.
In terms of being a gateway to Asia particularly Mainland China, Miss Chan said that the Closer Economic Partnership Arrangement (CEPA) signed between Hong Kong and Mainland China in 2003 has provided Hong Kong with more preferential investment access than any other external investor in a wide range of services and non-services sectors on Mainland China, and enabled goods of Hong Kong origin to be exported to Mainland China free of tariffs. Canadian entrepreneurs can enjoy benefits under this nationality neutral arrangement by establishing a presence in Hong Kong or working with a Hong Kong partner. She added that Hong Kong has also just concluded negotiations on a Free Trade Agreement and a related Investment Agreement with the Association of Southeast Asian Nations in September, and the Agreements will be signed this November. When the agreements come into force, Canadian companies can also enjoy the facilitation measures if they use Hong Kong as a base in Asia or partner with Hong Kong service providers.
Before closing, Miss Chan said the Belt and Road Initiative promulgated by the Chinese government offers numerous opportunities from infrastructure to trade and investments. Hong Kong can partner with Canadian companies to venture into the Belt and Road markets. “Hong Kong can be a fundraising hub of Belt and Road business. In addition, Hong Kong’s vast pool of professional services especially in consulting, risk assessment, project management, legal advisory and dispute resolution services can make contributions to Canadian ventures in the region. Canadian enterprises can also make use of the large number of international trade shows run by the Hong Kong Trade Development Council throughout the year to market their products to customers coming from all over the world,” she said.
After the workshop, Miss Chan also met with President and CEO of Manitoba Chambers of Commerce, Mr Chuck Davidson, to have exchanges on how to strengthen Hong Kong-Manitoba trade relations. She also met with President and CEO of Manitoba Trade and Investment, Mr Don Callis, to explore collaboration opportunities to help enterprises of the province to develop export markets in Asia and beyond through Hong Kong.
Miss Chan returned to Toronto in the evening of November 7.
The Director of the Hong Kong Economic and Trade Office (Toronto) (HKETO), Miss Kathy Chan (second right), met with President and CEO of World Trade Centre Winnipeg, Ms Mariette Mulaire (second left), Director of Trade Services, Mr Alberto Velasco (first left), and Director (Canada) of the Hong Kong Trade Development Council, Mr Andrew Yui (first right), on November 6 to explore collaboration opportunities to help Manitoba companies grow their business in Asia and beyond through Hong Kong.
Miss Chan spoke at the Annual General Meeting and Workshop organised by Hong Kong-Canada Business Association (Winnipeg) on November 7.
Miss Chan photos with President of HKCBA (Winnipeg), Mr Alfonz Koncan.
Miss Chan (right) and Mr Andrew Yui (left) met with President and CEO of Manitoba Chambers of Commerce, Mr Chuck Davidson, on November 7 to have exchanges on how to strengthen Hong Kong-Manitoba trade relations.
Chinese version on next page.
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