Edward Yau Promotes HK's Strengths

Secretary for Commerce & Economic Development Edward Yau today updated the business community in Canada through a webinar on Hong Kong's latest developments and business advantages, which make the city an ideal gateway for businesses and investment in Mainland China and the Asia Pacific region for Canadian enterprises.

In his opening remarks, Mr Yau reassured participants that despite the disruption brought about by the COVID-19 epidemic, Hong Kong would rise again to the challenges with its unique advantages such as a free and open economy, the rule of law and judicial independence.

He cited the World Investment Report 2021 released by the United Nations Conference on Trade & Development, in which Hong Kong is ranked the third largest destination for foreign direct investment in 2020 globally, up from the fifth position in 2019 and logging US$119 billion of inward investments.

The results demonstrate that Hong Kong remains an attractive place for investment, he said.

The commerce chief also pointed out that the National People's Congress' decision on the national security legislation has put Hong Kong back on its right track and ensured its long-term stability and prosperity.

Additionally, there are ample development opportunities for Hong Kong with the support of the central government as stated in the 14th Five-Year Plan and illustrated during the past two years since the promulgation of the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area.

Driven by a strong recovery in trade and the Government's continued investment, Hong Kong's economy in the first quarter rebounded strongly, recording a year-on-year real growth of 7.9% and an increase of 5.4% over the preceding quarter.

On Hong Kong's strategy in combating the COVID-19 epidemic, Mr Yau stressed that the Government has been sparing no effort in getting the local epidemic situation under control and promoting vaccination in the community.

Four rounds of relief measures have also been implemented to help businesses to stay afloat and keep workers in employment.

As the epidemic situation is easing in Hong Kong, he noted that it is now an opportune time for Canadian enterprises to establish a presence in Hong Kong or expand their existing business in the city.

Mr Yau also exchanged views with participants on topics including the Government's policies and support for the business sectors, as well as the city's anti-epidemic measures at the question-and-answer session.

The webinar was co-organised by the Hong Kong Economic & Trade Office (Toronto) and the Hong Kong-Canada Business Association as part of the 2021 Hong Kong Week programme.