Secretary for Commerce & Economic Development Gregory So signed an Investment Promotion & Protection Agreement with Canadian International Trade Minister Chrystia Freeland in Toronto today.
"The signing of the investment agreement will give additional assurance to investors, expand investment flows between Hong Kong and Canada, and further strengthen our existing strong economic and trade ties," Mr So said.
"Hong Kong offers a dynamic economy and today's investment agreement will help Canadian businesses more easily access this reliable entry point into the larger Asia-Pacific region," Ms Freeland noted.
Under the agreement, the two governments will provide investors from both sides with fair, equitable and non-discriminatory treatment; compensation for expropriation of investments; and the right to free investment and return transfers abroad. The pact also provides for investment dispute settlement under internationally accepted rules.
Addressing a business luncheon, Mr So said the Belt & Road initiative encourages closer economic and cultural co-operation among more than 60 economies.
He noted that Hong Kong is well placed to partner with Canadian companies to participate in the Belt & Road initiative and tap business opportunities and urged Canadian entrepreneurs to make full use of Hong Kong's advantages.
Mr So visited Ryerson University's Digital Media Zone, one of Canada's largest business incubators for emerging technology start-ups.
He also met with Canadian House of Commons Canada-Hong Kong Friendship Group Chairperson Michael Chong and attended a Lunar New Year celebration dinner with the Hong Kong community in Toronto.
