Hong Kong Business News

Financial Secretary Paul Chan today promoted the enormous business opportunities brought by the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) for European businesses to over 400 French and European leaders of commercial and industrial sectors at a conference in Paris.
 
The Guangdong-Hong Kong-Macao Greater Bay Area & Europe (France) Economic & Trade Cooperation Conference was jointly hosted by the People’s Government of Guangdong Province, the Hong Kong Special Administrative Region Government and the Macao SAR Government.
 
Mr Chan highlighted at the conference Hong Kong's unique advantages of having convenient access to the Mainland market under "one country”, and the practice of common law; the free flow of capital, goods, people and information; the maintenance of a simple and low tax regime and the linked exchange rate; and commercial rules that align with the best international standards, etc under “two systems”.
 
Therefore, Hong Kong is an ideal entry point for French enterprises to develop the GBA market, and an optimal springboard and platform for further developing businesses on the Mainland and in Asia, he stressed.
 
Hong Kong, as an international financial centre, possesses a highly internationalised financial market, and has been deepening and expanding mutual market access with the Mainland's financial market, Mr Chan said.
 
With a vibrant ecosystem of venture capital and private equity funds, Hong Kong is able to support the funding needs of French enterprises at different development stages.
 
Apart from access to both Mainland and international capital, French enterprises can also utilise Hong Kong’s vast renminbi (RMB) liquidity pool to raise RMB funding to support their business expansion in the Mainland.

What’s more, they can leverage the offshore RMB products and risk management tools available in Hong Kong to manage the RMB funds acquired through trading activities.
 
Mr Chan also introduced the development of Hong Kong as an international innovation and technology centre, including Hong Kong's advantages in basic research and collaboration with the sister cities in the bay area, in particular the progress of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone.
 
Furthermore, he called attention to Hong Kong’s efforts in the development as an international green tech and green finance centre, facilitation in efficient matching for international green capital and green projects in the region, and active participation in formulating international green standards, certification and nurturing relevant talent.
 
Noting that Hong Kong and France have long had deep exchanges in commerce and trade, culture and people, Mr Chan made it clear that Hong Kong welcomes French enterprises to initiate businesses, set up research and development centres and regional headquarters.
 
Moreover, he opined that the internationalised, safe and dynamic living environment of Hong Kong is highly attractive to French and European talent.
 
At the conference, Mr Chan witnessed the signing of a memorandum of understanding by Invest Hong Kong and three French enterprises to provide support to them on stepping up investments and starting operations in Hong Kong.

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