Hong Kong signs MoU on overseas economic, trade cooperation zones

The MoU was signed with Mainland China’s Ministry of Commerce.

The Hong Kong government and the Ministry of Commerce signed a memorandum of understanding that will enhance overseas Economic and Trade Cooperation Zones (ETCZs).

The MoU was signed by Belt and Road of the Commerce and Economic Development Bureau Commissioner Denis Yip and the Department of Outward Investment and Economic Cooperation of the Ministry of Commerce Wang Shengwen.

Under the MoU, the Hong Kong government and the Ministry of Commerce will leverage their respective strengths to promote the high-quality development of the ETCZs, as well as encourage enterprises of both places to invest and set up businesses at the ETCZs.

Moreover, the two parties are expected to strengthen interfacing and collaboration between Hong Kong enterprises and professional services sectors and the ETCZs.

According to Yip, the MoU officially laid down a strong policy foundation for promoting exchanges and cooperation between the Mainland and Hong Kong at the ETCZs.

He added this will benefit Hong Kong businesses in expanding to the Belt and Road markets.

Moreover, the two sides will support Hong Kong enterprises' participation through the provision of professional services and encourage Mainland and Hong Kong financial institutions to provide suitable financial services as well as diversified financing channels for enterprises of both places in the ETCZs and those taking part in the zone development.