HK's Strengths Highlighted To India

Secretary for Financial Services & the Treasury Christopher Hui today highlighted Hong Kong's unique advantages as an international financial centre to about 200 business leaders and senior company representatives from India at a webinar.

He also introduced the boundless opportunities the city can offer to the Indian business community.

India has an enormous market potential for the world and was Hong Kong's ninth largest trading partner last year.

With the Comprehensive Avoidance of Double Taxation Agreement between the two places having taken effect from 2018, Hong Kong's competitive edge in a wide range of financial services can complement Indian companies' business development strategies.

During the webinar, Mr Hui introduced Hong Kong's institutional strengths that underline the city's financial market resilience despite challenges brought by the COVID-19 pandemic.

He said: “The vigour and vibrancy of the Hong Kong economy is not only demonstrated by the remarkable economic recovery in the first quarter of this year, but also by the substantial initial public offering funds raised and continued capital inflow to our financial market.”

Mr Hui added that the International Monetary Fund's report released last week reaffirmed Hong Kong's position as an international financial centre with a resilient financial system, sound macroeconomic and prudential policies, and robust regulatory and supervisory frameworks.

He also pointed out that the development of the Guangdong-Hong Kong-Macao Greater Bay Area has presented immense new opportunities for Hong Kong's financial services sector, which has been serving effectively as a two-way gateway connecting the Mainland and international markets.

The cross-boundary Wealth Management Connect Scheme to be launched soon will expand the financial sector's customer base and boost Hong Kong's role in managing the flow of capital in and out of the Mainland, the treasury chief noted.

Additionally, the Government has put in place a set of strategies, among which the fintech ecosystem will be nurtured with funding and policies.

Mr Hui welcomed Indian financial services companies including fintech startups to explore Hong Kong's vast business potential and the composite advantages.

The webinar was co-organised by the Hong Kong Economic & Trade Office in Singapore and Invest Hong Kong. It received an overwhelming response from Indian companies from a wide array of sectors, including the financial services and consulting sectors.