Press Release - August 26, 2005

Calgary businesses were told that now is the best time to invest in Hong Kong as the city offers various distinctive advantages that help underline its role as the ideal launching platform for foreign business people, including those in Canada, to Mainland China.

Speaking at a business seminar aimed to inform Calgary companies about the business opportunities in Hong Kong and China, the Deputy Director of the Hong Kong Economic and Trade Office in Canada (HKETO), Mr Francis Ho, told the participants that with the implementation of the second phase of the Closer Economic Partnership Arrangement (CEPA), the booming Mainland economy, Hong Kong�s participation in the Pan-Pearl River Delta (PRD) regional cooperation, and the conduct of Renminbi (RMB) business in Hong Kong, all help strengthen Hong Kong's role as the launching platform to the Mainland for businesses around the world.

He explained to the participants during his presentation entitled �Hong Kong: Canada�s Bridgehead in China� about the unlimited development potential of the Pan-PRD regional cooperation and the enormous prospects for foreign investors in the region.

"Last year, the Pan-PRD Regional Co-operation Framework was established among Hong Kong, Macao and nine Mainland provinces neighbouring Hong Kong," he said. In 2003, the Pan-PRD region accounted for about 40% of China's GDP, with total foreign trade of more than US$800 billion.

"The 11 Pan-PRD governments have agreed to strengthen co-operation in 10 areas, including infrastructure, business and trade, investment, and tourism. The development potential of Pan-PRD regional cooperation, and hence the prospects for foreign investors are enormous," he explained.

In addition, he said as a leading international financial centre, Hong Kong's scope of financial services has expanded to RMB business since last year.

"Hong Kong is the first place outside Mainland China which is able to conduct personal RMB business. As at the end of January this year, total RMB deposits in Hong Kong exceeded RMB13 billion.

"In fact, now is the best time to invest in Hong Kong as the economy of the Asia�s world city has recovered after years of contraction and with strong growth momentum," he said.

The seminar has attracted over 80 participants from local corporations, financial institutions and small and medium businesses. Other speakers included the Director of the Hong Kong Trade Development Council, Mr Andrew Yui, and Vice-president of the Calgary Economic Development, Mr Clark Gruce.

The seminar was presented by the HKETO and the Hong Kong-Canada Business Association (Calgary chapter), in association with Hong Kong Trade Development Council, Alberta Economic Development and Calgary Economic Development.

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For more information, please contact: Stephen Siu, Assistant Director (Public Relations) of the Hong Kong Economic and Trade Office at: (416)924-5544 or email: [email protected] or Elison Chu, Senior Information Officer, [email protected]

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