Secretary for Commerce & Economic Development Algernon Yau today hosted a reception for some 150 representatives of consulates and local and foreign chambers of commerce.

He updated his guests on the Government’s investment promotion work as well as the commerce and trade initiatives in the Chief Executive’s 2023 Policy Address.

Mr Yau also announced the signing of the Investment Promotion & Protection Agreements (IPPA) between Hong Kong and Türkiye earlier today.

It is the first IPPA signed by the current-term Government and the 23rd IPPA that Hong Kong has signed, bringing the IPPA coverage to a total of 32 trading partners.

Speaking at the reception, Mr Yau said Hong Kong is renowned as a robust free-market economy and welcomes foreign direct investment from all over the world, while the level playing field and free market mechanism will continue as guaranteed under the Basic Law.

As part of the Government’s efforts to attract enterprises and investments, Invest Hong Kong has assisted 300 companies from various sectors around the globe to set up or expand businesses in Hong Kong in the first nine months of this year, an increase of 27% compared to the same period last year.

Mr Yau also emphasised Hong Kong’s relentless efforts in expanding the network of IPPAs.

“The signing of the IPPA between Hong Kong and Türkiye today sends a very positive signal to the investment community that Hong Kong and Türkiye are committed to enhancing protection and guarantees for foreign direct investment.”

He believed that the agreement would enhance the confidence of investors and expand investment flows between Hong Kong and Türkiye.

Set to strengthen bilateral trade and investment ties by forging IPPAs with other economies, the Government has started IPPA negotiations with Bangladesh apart from the ongoing IPPA negotiations with Bahrain and Saudi Arabia, Mr Yau added.