Hong Kong has taken a series of measures to bolster its competitiveness and turn the territory into a cutting edge information technology centre of the region, the director of the Hong Kong Economic and Trade Office of the Hong Kong Special Administrative Region (SAR), Mr. Donald Tong, said today (Tuesday).

Speaking at a luncheon seminar organised by the Mississauga Board of Trade, the Mississauga Board of Chinese Professionals and Businesses, and the Mississauga Technology Association, Mr. Tong encouraged businessmen to participate in Hong Kong's quest to become a cosmopolitan city comparable to New York and London.

He said there are 150 Canadian companies such as Nortel, Bell, Manulife, Newbridge and major banks doing business in the SAR.

"In addition to building our traditional strength as a financial/trading/shipping/fashion centre in Asia, we have already undertaken a series of plans to bolster our competitiveness. We have decided to accelerate our investment in major infrastructure project including C$44 billion in our highways, rails, and schools," he said.

"We will also turn Hong Kong into a knowledge-based society by developing information technology and telecommunications and high value-added industries. We would be developing a Cyberport in Hong Kong so as to establish a cluster of IT/telecommunications experts to jump start hi-tech industries in Hong Kong.

"We are also working very hard on e-commerce and provision of government on-line services to the Hong Kong public and have opened our external telecommunications services and facilities markets with a view to turning Hong Kong into an international IT/telecommunications hub.

"All these no doubt would continue to generate excellent business opportunities for Canada," he said.

On financial services, Mr. Tong pointed out that considerable progress had been made in the past two years. "We have successfully launched the Growth Enterprise Market which is Hong Kong's Nasdaq. By March, a new body - the Hong Kong Exchange and Clearance Corporation - will also be in place that would merge the Stock Exchange, the Futures Exchange and three clearing houses into one entity."

"We will also take steps to demutualize this new corporation with a view to eventually listing it on the stock market as well. Seven Nasdaq stocks will also be listed in the Hong Kong Stock Market later this year."

Furthermore, he added, China's imminent accession to the World Trade Organization will generate an even more optimistic outlook for Hong Kong. As China opens up further to the outside world, its trade volume and demand for services in China would increase significantly.

"Since Hong Kong is the major entreport, servicing and fund-raising centre for China and since we have a common language and cultural background and a very vibrant servicing and professional industry, Hong Kong will certainly stand to gain significant benefits," he said.

"We estimate that China's accession to the WTO will raise Hong Kong's exports by 1.3% each year and contribute an additional half of a percentage point to Hong Kong's economic growth each year."

"China is a big market and will be the growth engine in Asia in the new millennium. I'm sure that you would not want to miss this golden opportunity," Mr. Tong added.

For further information please contact Chief Information Officer, Frank Chuan.

Back to press release