Posted in: Press Releases
March 8, 2018
The Hong Kong Economic and Trade Office (Toronto) (Toronto ETO) of the Hong Kong Special Administrative Region Government (HKSARG) and the Hong Kong Tourism Board (Canada) (HKTB) jointly held a Lunar New Year reception in Vancouver on March 7 to celebrate the Year of the Dog.
In her welcoming remarks at the reception, the Acting Director of Toronto ETO, Miss Florence Tsang, updated guests on the economic performance of Hong Kong in 2017 and said the city continued to prosper under the “one country, two systems” principle.
"Hong Kong has been crowned as the world’s freest economy for 24 consecutive years by the United States' Heritage Foundation. We also continued to top the Fraser Institute’s World Economic Freedom Index every year since its first report in 1995," Miss Tsang said.
"In addition, we have been assessed as the world’s most competitive economy for the second consecutive year by the International Institute for Management Development," she added.
Miss Tsang highlighted that Hong Kong is working to introduce a two-tier profits tax system, which will enhance Hong Kong’s attractiveness as a premier place to do business. Specifically, the corporate profits tax rate for the first HK$2 million profits (around CAD300,000) will be halved from 16.5% to 8.25% and we aim to implement this new tax rate within 2018.
Another measure will be the additional tax reduction to encourage research and development (R&D) investment such that the first HK$2 million (around CAD300,000) eligible R&D expenditure will enjoy as much as a 300% tax deduction with the remainder at 200%.
Miss Tsang said Hong Kong’s economy has benefitted from closer economic co-operation with Mainland China over the years. The new national strategy of developing the Hong Kong-Guangdong-Macao Bay Area, which linked Hong Kong, Macao and nine cities in Guangdong Province, would bring enormous opportunities to businesses operating in Hong Kong.
Turning to Hong Kong-Canada relations, Miss Tsang noted that the two places continue to be important trading partners. Hong Kong was Canada’s eighth-largest merchandise export market and the largest export market for frozen beef as well as fourth-largest for fish and seafood in 2016.
Miss Tsang also remarked that bilateral trade ties between the two sides continue to strengthen. In late November to early December last year, Premier of Ontario of Canada, Ms Kathleen Wynne, led a trade mission to China including Hong Kong. During her stay in Hong Kong, she met with the Chief Executive of the HKSAR, Mrs Carrie Lam, and they discussed opportunities to work as partners in areas of interest for both parties, including technology and R&D.
Other than trade relations, Miss Tsang said that Hong Kong and Canada also share close human ties. The Canadian community is among the largest foreign communities in Hong Kong and around 400 000 Canadian nationals visited or resided in Hong Kong in 2016. In order to encourage youths of the two places to experience the life of each other, the two governments had increased the 2017 quota of the Working Holiday Scheme from 200 to 240 on a one-off basis.
Miss Tsang concluded by reviewing the multifarious events organised or supported by HKETO last year across Canada to celebrate the 20th anniversary of the establishment of the HKSAR. She said that Toronto ETO would continue to organise or support various business and cultural activities across Canada in 2018 to promote bilateral relations between Hong Kong and Canada on all fronts.
During the reception, Director for Canada, Central and South America of HKTB, Mr Michael Lim, reviewed the tourism marketing plans for Canada in 2018. “In view of the positive macro environment, it will be a good opportunity for us to drive visitor arrivals with multi-channel integrated campaigns leveraging our ‘Best of All, It’s in Hong Kong’ theme, as well as to accelerate our multi destination partnerships with Asian destinations including China, Thailand, Taiwan and Vietnam. Overall, we want to invite visitors to ‘Discover Hong Kong like a local’,” he said.
About 100 guests, including representatives from the government, business sector, local communities, academia and the media, joined the reception.
On March 8, Miss Tsang attended the Annual Spring Dinner held by the Hong Kong-Canada Business Association (HKCBA) (Vancouver Section). During her stay in Vancouver, Miss Tsang paid a courtesy call on Mr Richard Sawchuk, Director of Japan, Korea and Hong Kong of the British Columbia Ministry of Jobs, Trade and Technology. Miss Tsang also met with representatives of the business sector as well as the cultural sector to update them on the latest developments of Hong Kong and explore collaboration opportunities.
The Hong Kong Economic and Trade Office (Toronto) (Toronto ETO) and the Hong Kong Tourism Board (Canada) (HKTB) held a Joint Lunar New Year reception in Vancouver on March 7. Photo shows the Acting Director of the Toronto ETO, Miss Florence Tsang, delivering her welcoming remarks.
Miss Tsang (right) and HKTB Director for Canada and Central and South America, Mr Michael Lim, proposed a toast at the reception.
An exhibition was staged at the reception showcasing Hong Kong’s beauty and achievements.
Miss Tsang speaks at the Annual Spring Dinner of the Hong Kong-Canada Business Association (Vancouver Section) on March 8.
Miss Tsang (front row, centre right) photos with Richmond Mayor Malcolm Brodie (front row, centre left), President of HKCBA Vancouver Section, Mr David Pohl (front row, second left) and other guests at the dinner.
Chinese version on next page.
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