The Director of the Hong Kong Economic and Trade Office of the Hong Kong Special Administrative Region (SAR) Government in Canada, Mr Donald Tong, is to address key government officials and business people in several major Canadian cities over the next few days.

During his visits, Mr Tong will participate in business seminars, breakfast and luncheon meetings and provide Canadians with updates on the latest situation in Hong Kong, the impact of the Asian economic turmoil, the rationale behind Hong Kong's market intervention in August, the SAR Government's multi-billion-dollar investment in infrastructure projects, and the Chief Executive's policy address of October 7.

He stressed that Hong Kong's economic fundamentals were very strong, and together with its huge foreign currency reserves, a stable currency, and excellent financial and banking systems, the territory's recovery from the downturn would be amongst the first in the region.

"We have introduced measures to facilitate economic recovery. These include tax breaks for individuals and business, exemption of interest income by corporations from profits tax, a lowered profits tax of 16%, a credit guarantee scheme to help small and medium enterprises obtain commercial loans, and measures to boost tourism. In addition, the C$47 billion investment in our massive infrastructure developments over the next five years will certainly create new jobs and stimulate the economy," Mr. Tong said.

"Our Chief Executive, Mr Tung Chee Hwa, also promised in his Policy Address to continue to bolster the established pillars of Hong Kong's economy such as the financial services sector, small and medium enterprises, tourism, and import and export. He will also increase the diversity of our economy by the use of innovation and technology, and is determined to turn Hong Kong into the information technology and innovation hub in the region.

"Our massive infrastructure projects and our ambitious developments in information technology and telecommunications will provide good opportunities for Canadians and other overseas countries to do business in Hong Kong, which also serves as the major gateway to China."

Following a keynote address at a business seminar organised by seven business and professional associations in Toronto yesterday, Mr. Tong flew to Saskatoon this morning (October 22) where he gave a keynote address at a luncheon hosted by the Provincial Exporters Association, and the Saskatoon and District Chamber of Commerce.

The National Chairman of the Hong Kong Canada Business Association, Mr David Matheson, and the Director of the Hong Kong Trade Development Council, Mr Andrew Yui, will also speak on topics relating to trade and the relative ease in which to do business in and through Hong Kong.

In the following day, Mr Tong will give a keynote address at a breakfast business session in Regina after which he will hold a lunch meeting with the Deputy Premier of Saskatchewan. The Hon. Dwain Lingenfelter, and the Minister for Economic and Co-operative Development, The Hon. Janice MacKinnon.

On October 27, Mr Tong will travel to Ottawa where he will give a luncheon address to lawyers, government officials and business people. The event is organised by the Hong Kong Canada Business Association (Ottawa Section)

He will wrap up his speaking tour with a keynote address in Vancouver on October 30 where he will speak to business leaders and academia at the Business and Management Communication Forum at the David Lam Centre of Simon Fraser University.

For further information please contact Chief Information Officer, Frank Chuan, at telephone no. (416) 924-5544.