Hong Kong -- New Era, New Opportunities

The Secretary for Commerce, Industry and Technology of the Hong Kong SAR Government, Mr John Tsang, told Canadian business people about the many opportunities Hong Kong presents to access the vast and ever-growing Mainland China market during his official visit to Toronto in November. 

Speaking at a Toronto Board of Trade luncheon, Mr Tsang spoke of the strong connections between Hong Kong and Canada. “Our bilateral trade last year was worth some five billion Canadian dollars,” he said. “And our cumulative investment in each others’ economies is in the same range. In addition, the Canadian Chamber of Commerce in Hong Kong has more than 1,000 members and is one of the largest and most influential business groups in the Asia Pacific.”

He said Hong Kong’s economy had rebounded from the aftermath of the SARS outbreak to reach a forecast growth of 7.5 per cent his year. “We have several major factors in our favour, starting with China’s entry to the World Trade Organization in late 2001 that sparked renewed international interest in Hong Kong; and put beyond doubt the fact that we are the pre-eminent two-way platform for international companies wanting to access the China market, as well as for Chinese companies wanting to expand onto the global scene.”

Mr Tsang highlighted the “excellent opportunities for Canadian and other overseas companies” under CEPA (Closer Economic Partnership Arrangement), a landmark free trade agreement between Hong Kong and Mainland China, which came into effect at the beginning of 2004. He said the best way for overseas companies to benefit from CEPA “is to either set up in Hong Kong, partner with a Hong Kong company, or even acquire a company in Hong Kong.”

He described the exciting development of a South China “common market” under the Pan-Pearl River Delta Regional Co-operation and Development Forum, or Pan-PRD. Today, there are some 60,000 Hong Kong-invested manufacturers in the Pearl River Delta, employing some 11 million workers – that is almost one-third of the population of Canada.

“Pan-PRD is the first attempt to create a regional economic bloc in the Mainland,” Mr Tsang said. “The idea is that Hong Kong would provide the capital, the international access, expertise, connectivity, and management; and the nine provinces (in southern China) providing land, labour, industrial capacity, and consumer markets.”

“We believe Pan-PRD will have far-reaching consequences for China’s future in breaking down the barriers between local economies and forging a multi-provincial, regional free-trade area, which is expected to grow into one of the world’s largest and most efficient regional economies,” he said. Mr Tsang encouraged his Canadian audience to explore these opportunities with Hong Kong.  

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