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Philip Yung woos Malaysian businesses

August 09, 2017
Belt road ahead

Belt road ahead:  Permanent Secretary for Commerce & Economic Development Philip Yung speaks at a Belt & Road business seminar in Kuala Lumpur.

Permanent Secretary for Commerce & Economic Development Philip Yung addressed Malaysian business leaders at a Belt & Road seminar in Kuala Lumpur today.


More than 150 entrepreneurs attended the forum organised by the Hong Kong Economic & Trade Office in Jakarta and the Hong Kong-Malaysia Business Association.


Mr Yung outlined the unique advantages enjoyed by Hong Kong under “one country, two systems”, saying Hong Kong is keen to boost co-operation with Malaysia to make the most of the Belt & Road Initiative.


"The Mainland & Hong Kong Closer Economic Partnership Arrangement (CEPA) provides preferential access to the Mainland market for Hong Kong service suppliers as well as tariff-free treatment for products of Hong Kong origin.


"International businesses established in Hong Kong can enjoy this preferential treatment together with our domestic suppliers.


"Since its implementation 13 years ago, CEPA has become the premier platform connecting foreign businesses to Mainland China through Hong Kong, and will continue to be a freeway serving traffic under the Belt & Road Initiative."


He also said Hong Kong offers a pool of well-trained professionals across different disciplines to lead consultancies, construction projects, operations and management of infrastructure projects under the initiative.


The Association of Southeast Asian Nations is Hong Kong’s second-largest trading partner, with the value of trade growing by 72% over the past 10 years, reaching US$107 billion in 2016.


Mr Yung said the Hong Kong Special Administrative Region Government has been working intensively with ASEAN partners on a free trade agreement which will further facilitate the flow of trade and investment.


He also officiated at a gala dinner last night celebrating the Hong Kong Special Administrative Region's 20th anniversary.