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Basic Law 23
IMF Forecasts
Pearl River Delta
HK Asia's Business Hub
Insurance in HK
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|
 At
a meeting of the Hong Kong Institute of Arbitrators on February 28, the
Secretary for Commerce, Industry and Technology (SCIT) of the HKSAR
Government, Mr Henry Tang, spoke about Hong Kong’s competitive advantages
and the steps being taken to enhance its appeal as the Asian hub for
business.
In addition to the world-class infrastructure, low and simple tax system,
level playing field, the rule of law and the free flow of capital,
information, people, services and goods, Mr Tang stressed Hong Kong’s superb
location, its high-tech advantages, the fact that it is the second largest
recipient of foreign direct investment in Asia and its well-deserved
reputation as the ideal centre for resolving disputes arising out of
international business transactions in the Mainland.
However, as Mr Tang pointed out, “Our externally-oriented economy remains
susceptible to the performance of our trading partners and the world
economy.” The possibility of war in Iraq, deflationary pressure and economic
re-structuring to a knowledge-based economy have all been a source of
stress.
Creating new opportunities for business is the focus of the HKSAR
Government. Along with strengthening Hong Kong’s economic ties with the
Mainland, in particular the Pearl River Delta, Mr Tang said Invest Hong
Kong, the Hong Kong Economic and Trade Office in Guangdong and the Hong Kong
Trade Development Council would market this strength more aggressively with
joint promotions with Guangdong authorities and foreign missions.
New passenger and cargo rail links are being examined and the HKSAR
Government is committed to supporting innovation and technology as pivotal
economic drivers. Mr Tang said, “Hong Kong possesses the basic qualities for
the development of creative industries, which cover product design, IC
design, high-tech instruments, multimedia, film, digital entertainment and
games.”
Steering committees on innovation and design have been established to
promote these industries and to provide the necessary education.
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