FS promotes HK’s I&T potential

September 6, 2018

Financial Secretary Paul Chan continued his visit to Tel Aviv to promote collaboration between Hong Kong and Israel on innovation and technology.


Mr Chan and Secretary for Financial Services & the Treasury James Lau attended a breakfast meeting yesterday with Israeli I&T, fintech and biotech enterprises.


Their business scope includes blockchain technology, pharmaceuticals, electronic payment and artificial intelligence.


Mr Chan highlighted Hong Kong's commitment to provide a conducive ecosystem to support I&T development, and encouraged Israeli companies to establish a presence or expand their business in the city.


He then met Israel’s Minister of Economy & Industry Eli Cohen.


Mr Chan said Israel is a hub of advanced I&T industries with a vibrant ecosystem for startups, while Hong Kong is a leading global financial centre with ample liquidity and international investors.


He added that Israeli companies can make good use of Hong Kong as a platform to seek financing and suitable partners.


Mr Chan had a lunch meeting with Israel’s Minister of Finance Moshe Kahlon, and discussed the latest economic development of the two places, along with the global economic outlook.


In the afternoon, Mr Chan met a number of Israeli companies and visited the DLD Tel Aviv Innovation Festival, the largest of its kind in the country.


At the festival’s discussion session, he introduced Hong Kong’s unique strengths.


“You can form a company in Hong Kong within 24 hours and our tax regime is very competitive.


“And in order to encourage innovation and technology, we give super deductions and also other tax advantages, so this is indeed a jurisdiction worth looking into,” he said.   


Later in the day, Mr Chan and Mr Lau toured a fintech company specialising in big data analytics and cyber security.


They also paid a courtesy call to the Chinese Ambassador to Israel Zhan Yongxin.

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