November 11, 2011

Secretary for Commerce & Economic Development Gregory So

Under the leadership of the United States this year, the Asia Pacific Economic Cooperation forum has achieved significant progress in priority areas. 
 
To strengthen regional economic integration and expand trade, the APEC community has looked at ways to address the next-generation trade and investment issues, such as enhancing the participation of small and medium enterprises in global production chains.
 
APEC economies have also continued to reduce trade transaction costs and unblock barriers along the supply chain of goods and services. We've reached a consensus on implementing a number of initiatives to promote green growth and the development of low-emission, sustainable economies.
 
We have also agreed to boost regulatory co-operation to further reduce barriers to international trade and investment flows. Once again, APEC has shown that it works and that it gets results.
 
Hong Kong and the US have a long history as close partners in trade and investment - stretching back well over 150 years. The US is our second largest trading partner, and US companies comprise the largest group of international companies in our city by a considerable margin.
 
At last count, some 1,330 US companies were based in Hong Kong - a figure that has grown by 65% over the past decade. And of course we welcome more US companies - more Hawaiian companies - to come over to Hong Kong to do business and contribute to our economic mix.
 
Gateway to China
For those of you interested in doing business in Mainland China, Hong Kong is the perfect platform. We have a free-trade arrangement with the Mainland - what we call Closer Economic Partnership Arrangement, or CEPA - that provides tariff-free access to the China market for Hong Kong made goods, and preferential access to the Mainland for Hong Kong companies in 44 services sectors.
 
CEPA is nationality-neutral which means that American companies can also benefit. Any overseas company incorporated in Hong Kong can take full advantage of CEPA, either through direct investment in Hong Kong or through partnership with Hong Kong enterprises.
 
As we're here in one of the world's best-known tourism destinations, I should also say a few words about Hong Kong's tourism industry. Our vibrancy, cultural diversity and cosmopolitan lifestyle lie at  the very core of Hong Kong's attraction.
 
Tourist magnet
In 2010 we welcomed a record 36 million visitors to Hong Kong - this year we look like we might exceed the 40 million mark. We're investing heavily in tourism infrastructure to continue to upgrade the standard and diversity of our product.
 
Hong Kong Disneyland will open its new Toy Story Land next week, and our home-grown attraction, Ocean Park, is forging ahead with ambitious plans for new attractions and accommodation.
 
By 2013, we will also have a state-of-the-art cruise terminal to welcome the world's cruise ships to our shores - who knows, they may even come up with some Hong Kong to Hawaii cruise packages!
 
Asia, and especially China, is emerging as the world's economic growth engine. We believe Hong Kong is the best base to access this huge and dynamic market. We are a unique global business hub, financial centre, and premier tourist destination. I invite you all to come to Hong Kong, for business or for fun, to see what we have to offer and to experience the buzz and excitement of Asia's world city.
 
Secretary for Commerce & Economic Development Gregory So made these remarks at a reception hosted for Hong Kong and local business executives in Honolulu.