Gov’t urges French firms to enter GBA market through Hong Kong

One of the country's advantages is its ties with Mainland China.

Financial Secretary Paul Chan has invited French firms to set up their businesses in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), noting the benefits they can take advantage of by entering the said market through Hong Kong.

During the Guangdong-Hong Kong-Macao Greater Bay Area and Europe (France) Economic and Trade Cooperation Conference in Paris, Chan said one of Hong Kong’s advantages was its convenient access to the Mainland market under “one country.” 

They also have the “two systems” that allows the two countries to practise common law, the free flow of capital, goods, people and information, the maintenance of a simple and low tax regime and the linked exchange rate, and commercial rules that align with the international standards, he noted. 

“Hong Kong, as an international financial centre, possesses a highly internationalised financial market, and has been deepening and expanding mutual market access with the Mainland's financial market,” Chan added.

The official said Hong Kong’s vibrant ecosystem of venture capital and private equity funds can support the funding needs of French enterprises.

Chan said French firms can also utilise Hong Kong’s vast renminbi (RMB) liquidity pool to raise RMB funding to support their expansion in the Mainland. 

Offshore RMB products and risk management tools are also available to manage the RMB funds acquired through trading activities, he added.

Chan noted there are ongoing efforts to make Hong Kong an international innovation and technology hub. Furthermore, it is working with other cities in the Bay Area to establish the Hetao Shenzhen-Hong Kong Science & Technology Innovation Cooperation Zone.

The government is also working on developing the country into an international green tech and green finance centre, and other sustainability initiatives.

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Chan told French businesses that Hong Kong is also open for the establishment of research and development centres and regional headquarters.

At the conference, Chan witnessed the signing of a memorandum of understanding by Invest Hong Kong and three French enterprises to provide support as they start operations in Hong Kong.