Bulgarian businessmen encouraged to seize Hong Kong opportunities

Bulgarian businessmen were informed how Hong Kong can help them expand to China and Asia.

This was the objective of the seminar organised in Sofia, Bulgaria by the Hong Kong Economic and Trade Office, Brussels and the Hong Kong Trade Development Council.

The event was well attended by over 110 representatives of the local business community.

In her opening remarks, the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Miss Mary Chow, presented Hong Kong's enduring advantages as the world's freest economy with the rule of law, and free flow of information guaranteed by the Basic Law, stringent intellectual property protection regime, strong anti-corruption culture, and low and simple taxation system.

"Hong Kong still maintains the common law system with its own Final Court of Appeal. There is legal protection for contracts and arbitration awards made in Hong Kong and the Mainland are reciprocally enforceable," she said.

Miss Chow underlined that Hong Kong has long served as a gateway for foreign companies to enter the China market. It has recently taken on the role of China's off-shore renminbi centre, a regional asset management hub and an international capital formation centre.

"Hong Kong is the only jurisdiction outside the mainland of China with a renminbi bond market. It is also the largest renminbi trade settlement centre, handling 75 percent of mainland China's global yuan trade.  Last year, it was the biggest initial public offering centre in the world with both foreign and Mainland enterprises raising capital through Hong Kong's stock market."

Miss Chow said that in addition to boosting the four traditional pillar industries in financial services, trade & logistics, tourism and professional services, the Government has also identified six new growth economic sectors where Hong Kong enjoys a competitive edge, namely testing and certification services, medical services, innovation and technology, cultural and creative industries, environmental industries and educational services.

"Hong Kong has always maintained a level playing field and we certainly welcome Bulgarian investment in all these areas.  Foreign companies established in Hong Kong are treated on an equal footing with our own enterprises.  They can benefit, for example, from our free trade agreement with the Mainland, the Closer Economic Partnership Arrangement."