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Chief Executive CY Leung
India's economic rise has caught the admiration, attention and imagination of governments and businesses around the world.
Hong Kong shares the pro-business philosophy of India, its government, its industries and its companies. But that, of course, is nothing new. The two economies have long enjoyed fruitful relations, ties deeply grounded in business and trade and the people.
The Indian Chamber of Commerce, for example, opened for business in Hong Kong nearly 65 years ago. Today, the Chamber counts some 600 members in Hong Kong, where many of India's major companies - including 12 Indian banks - keep offices.
The numbers underline our economic ties. Between the years 2010 and 2014, the average annual growth in our bilateral trade was 7%, and that was annual. In 2014, our trade expanded by some 12%. That year, India was Hong Kong's seventh largest trading partner, while Hong Kong was pleased to be India's eighth largest.
I am confident that our good merchandise trade will continue to grow, that our respective companies will continue to prosper. Beyond that, however, I see a wealth of new prospects, fresh opportunities. These arise thanks largely to a series of bold economic strategies devised and resolutely pursued by Prime Minister Narendra Modi and his pro-growth government. I had the honour, this morning, of meeting the Prime Minister. We agreed to take Hong Kong-India co-operation to even higher levels.
Also this morning, the Indian Ministry of Finance opened a two-day India Investment Summit here in New Delhi. Road transport, highways, ports, railways, power and renewable energy - infrastructure in general - are under the conference spotlight, seeking global investment as part of the government's "Make in India" drive.
HK’s unique advantages
Hong Kong can help finance, and help build, India's infrastructure.
We may be a city of only 7.2 million people, but what Hong Kong lacks in size, in scale, we more than make up for in the sheer strength of our trade, finance and global economic influence.
That influence comes from our "one country, two systems" arrangement. When one is in Hong Kong, one is in China - but Hong Kong's a special part of China that provides the combined advantages of "one country" and "two systems". We offer you the rule of law, intellectual property rights protection, English as one of the official and commonly used languages, open society and international lifestyle. And we also offer unique connectivity to the Mainland of China.
That unique duality has made Hong Kong the unique "super-connector", bringing together the rest of China and the rest of the world, and that, of course, includes India. That unique feature also makes us a magnet for business - at last count, nearly 8,000 international companies are based in Hong Kong.
What's more, we have been the freest economy in the world for 22 consecutive years - as endorsed by the US Heritage Foundation. In the report just released on Monday, out of the 10 components measured, Hong Kong achieved high scores of 90 or above in seven components, with the top positions in three components, namely business freedom, trade freedom and financial freedom. It certainly helps that the Hong Kong Government does not own businesses. So there is an open and level playing field for all, irrespective of where they come from.
Members of my delegation would agree. They are all high-profile, top business leaders in the various sectors in Hong Kong, including banking, finance, aviation, shipping, logistics, professional services, transportation, infrastructure and many more. All of them will be happy to share their experience and expertise with you, to help you find opportunities in Hong Kong and the region.
And, of course, you could ask the Indian business community of Hong Kong. One of the largest, it is also among the most active of Hong Kong's communities, whether in putting on business seminars or film, dance and art festivals.
Indeed, your Consul General in Hong Kong was a featured speaker at the December 2015 Asia Cultural Co-operation Forum, a Hong Kong Government initiative created to promote cultural co-operation among Asian countries.
With the support from the Consulate General of India, classical, traditional and Bollywood dance performances were presented in the Asian Ethnic Cultural Performances in Hong Kong in November last year.
Cultural Co-operation
There is, to be sure, much more that we can do to boost cultural relations and people-to-people ties. With that in mind, we have forwarded a draft MOU on cultural co-operation to the Indian Government, and we look forward to its signing as soon as possible.
There is great promise, too, in educational co-operation. In 2014/15, some 300 Indian students studied full-time at Hong Kong's post-secondary institutions. And Hong Kong and Indian post-secondary institutions are now engaged in 10 research projects. They have also concluded eight exchange agreements, including one between our Hong Kong City University and the Indian Institute of Technology Delhi.
Technology and innovation is another area of boundless promise. India is, of course, a world leader in I&T. And I know there are ambitious expansion plans for the sector through the "Make in India" programme.
Hong Kong, too, looks to a future predicated on I&T. Just last November, for example, we launched the Innovation & Technology Bureau. The bureau will co-ordinate the science and technology research efforts of our universities, as well as Hong Kong Science Park, Cyberport, the Hong Kong Productivity Council and other major Hong Kong research and development centres.
In my Policy Address - annual Policy Address - just three weeks ago, I announced the setting up of an Innovation & Technology Venture Fund for co-investing in local innovation and technology start-ups with private venture capital funds on a matching basis.
The goal, to be sure, is clear: inspiring business opportunities that reward us all, India and Hong Kong alike.
Chief Executive CY Leung gave these remarks at a luncheon hosted by the Confederation of Indian Industry in New Delhi.
