Director of the Hong Kong Economic and Trade Office (Toronto) (HKETO), Miss Kathy Chan, visited Vancouver on May 24 to promote Hong Kong as an ideal platform for Canadian enterprises to explore the Asia-Pacific market.
Speaking at the 2018 West Coast Networking Reception organised by the Association of Chinese Canadian Entrepreneurs (ACCE), Miss Chan updated participants about Hong Kong's economic situation and latest developments. “Being a free and open market providing a level playing field for all businesses to flourish, we have attracted about 8,000 overseas and Mainland China companies setting up headquarters or offices in Hong Kong,” Miss Chan said.
Among the unparalleled business advantages, Hong Kong’s simple tax system and low tax rates have played a great part in building the city into an international business hub. “Starting April 1 this year, the corporate profits tax rate of the first HK$2 million profits earned by enterprises would be slashed by half from 16.5% to 8.25% only,” Miss Chan added.
Miss Chan went on to brief participants that two new infrastructure projects, the Hong Kong-Zhuhai-Macao Bridge and the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link, would be commissioned later this year, which would greatly enhance the connectivity between Hong Kong and other cities in the Pearl River Delta.
In addition, she said that Hong Kong would actively participate in the new national strategy of the Chinese government of developing the Guangdong-Hong Kong-Macao Bay Area (the Bay Area). “The Chinese government would soon unveil a development plan for the Bay Area, which is expected to include breakthroughs in policies to enhance the flows of capital, people and goods within the Bay Area as well as measures to facilitate Hong Kong people to study, work and live in the Bay Area,” Miss Chan said.
Apart from Mainland China, Miss Chan said Hong Kong is also the best platform for Canadian businesses to explore the Southeast Asian market. She pointed out that Hong Kong and the Association of Southeast Asian Nations (ASEAN) have signed a Free Trade Agreement and a related Investment Agreement last year. “These agreements will bring us more and better access to the ASEAN market when they come into effect after the completion of necessary procedures. Canadian companies can also enjoy the facilitation measures if they use Hong Kong as a base in Asia or find a Hong Kong partner,” Miss Chan said.
Before closing, Miss Chan took the opportunity to thank ACCE for their great support over the years to promote the Hong Kong platform to Canadian entrepreneurs.
During her stay in Vancouver, Miss Chan paid a courtesy call on Chinese Consul General in Vancouver Tong Xiaoling. Miss Chan also met with the key leaders of Hong Kong Merchants Association and Chinese Federation of Commerce of Canada, to brief them on the latest economic developments in Hong Kong and exchange views on strengthening bilateral trade relations.
Miss Chan will continue the business promotion trip to Montreal on May 25.