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Hong Kong is a key link for tapping into the Belt and Road markets

Posted in: Press Releases

May 23, 2017


The Director of the Hong Kong Economic and Trade Office (Toronto) (HKETO), Miss Kathy Chan, invited Canadian entities to take good advantage of Hong Kong in grasping the emerging opportunities brought by the Belt and Road initiative .

In delivering a keynote speech at a business workshop entitled “One Belt One Road - Demystified” jointly organised by the Canada Eurasia Russia Business Association (CERBA) and Hong Kong-Canada Business Association (Greater Toronto Area) on May 23, Miss Chan first introduced the Belt and Road Initiative, a long-term vision launched by the Chinese Government to foster closer economic, political, cultural and social links spanning across some 60 countries in Asia, the Middle East, Europe and Africa.

The Belt and Road Initiative featured connectivity, which encompassed infrastructure, finance, trade and people to people exchanges.  “The first wave of business opportunities brought by the Belt and Road Initiative will naturally be infrastructure-related.  In fact, infrastructure projects in the region have been accelerating since the announcement of the Initiative, particularly roads, railways and energy facilities, ” Miss Chan said.

Canadian entrepreneurs are also encouraged to participate in industry cooperation.  “Chinese entities are currently constructing more than 70 economic and industrial cooperation zone projects in the countries along the Belt and Road, where Canadian entities can consider collaboration.  As an example, the HKSAR Government led a business delegation to Kazakhstan last year with a view to stepping up collaboration with the country in areas such as finance and logistics,” Miss Chan said.

Apart from infrastructure and industry cooperation, the Belt and Road Initiative will create a huge demand for financing, insurance and asset management.  “We are happy to see that Canada has been accepted as a member of the Asian Infrastructure Investment Bank (AIIB).  Canada also participated in the Belt and Road Summit held in Beijing earlier this month.  This gives an important signal that Canada has a stronger commitment in the development of the Asian and the wider Belt and Road region.”

Indeed, Hong Kong has much to offer to help Canadian businesses to participate in the Belt and Road initiative.  “As an international financial centre and the world’s premier Renminbi business hub, Hong Kong has the expertise and the experience to serve as the fundraising hub and financing platform for the Belt and Road projects,” Miss Chan said.

In addition, Hong Kong is centrally located in Asia and benefits from a big pool of global talents provided by about 8 000 overseas and Mainland Chinese corporations that have a presence in the city.  In particular, Hong Kong is famous for its stellar international dispute resolution services, with arbitral awards being enforceable in more than 150 jurisdictions including Mainland China.  “Canadian businesses can set up operations in Hong Kong to benefit from these advantages to serve as a one-stop hub for the overall coordination and management of projects in the region,” Miss Chan added.

In summing up, Miss Chan reiterated that Canadian companies could make full use of the advantages provided by Hong Kong in expanding their business in Asia and the wider Belt and Road region.

 

The Director of the Hong Kong Economic and Trade Office (Toronto), Miss Kathy Chan, speaks at the business workshop entitled “One Belt One Road - Demystified” jointly organised by the Canada Eurasia Russia Business Association (CERBA) and Hong Kong-Canada Business Association (Greater Toronto Area) on May 23.

HKETO Director, Kathy Chan (left), with another speaker Director (Canada) of the Hong Kong Trade Development Council, Mr Andrew Yui (right).

HKETO Director Kathy Chan (middle) with representatives from CERBA and Hong Kong-Canada Business Association (Greater Toronto Area).

Chinese version on next page.

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