www.hketoberlin.gov.hk HK ETO Berlin Hong Kong: Asia’s Business Capital 13 October 2011 Ljubljana, Slovenia Mr. Stephen Kai Wong Director Hong Kong Economic and Trade Affairs (Central and Eastern Europe) The Government of the Hong Kong Special Administrative Region
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www.hketoberlin.gov.hk
HK ETO Berlin
Hong Kong: Asia’s Business Capital
13 October 2011
Ljubljana, Slovenia
Mr. Stephen Kai Wong Director
Hong Kong Economic and Trade Affairs
(Central and Eastern Europe)
The Government of the Hong Kong Special Administrative Region
www.hketoberlin.gov.hk
HK ETO Berlin
Hong Kong
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Hong Kong ranked 5th in Global CitiesIndex 2010
Source: Survey conducted by the American journal Foreign Policy, in conjunction with A.T. Kearney and the Chicago Council on Global Affairs
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Population: 2 million 7,1 millionDensity: 98 per km² 634 per km²Area: 20,273 km² 1,104 km²GDP in Euro (2011): 37.037 billion 164 billionGDP Growth Rate: 2.036 % 5.1%(Q2 2011 year-on-year) GDP per Capita in Euro (2011): 18.324 24.980 GDP – Services Sector: 63.5 % 92.5 %Unemployment: 8,1 % 4,6 %Inflation: 2.169 % 5.8 %
Basic Facts
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Hong Kong – SloveniaTrade Relations
• Bilateral trade: grew between 2006 and 2010• Averaging annual growth rate: 8 %• In 2010
- total bilateral trade EUR 80 million
- Slovenia’s main imports from Hong Kong: toys/games (70 %), musical instruments/sound recordings (11 %) and printed matter (9 %).
- Hong Kong’s main imports from Slovenia: raw hides/skins (42 %),plastic waste/scrap (8 %) and fresh or frozen meat (6 %).
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Hong Kong – SloveniaTrade Relations
• High-level governmental and trade visits underscore deepening ties between Hong Kong and Slovenia.
• Hong Kong's Financial Secretary, Mr John C. Tsang, visited Ljubljana in May 2008, leading a high-level delegation from the services sector – the first senior Hong Kong official to visit Slovenia.
• In October 2008, the President of Slovenia, Dr. Danilo Türk visited Hong Kong.
• The Minister of Economy, Mr Andrej Vizjak, was the first senior Slovenian delegate to visit Hong Kong in 2005.
• Slovenian visitors to Hong Kong are steadily increasing, rising from 2,254 in 2007 to 2,327 in 2010.
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Why Hong Kong?
World‘s freest economy
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Hong Kong’s Enduring Advantages
• Hong Kong retains its advantages:
– Rule of law
– Level playing field (local and international companies compete on an equal footing)
– Currency convertibility, separate from Renminbi
– International business practices
– Free flow of information
• Negotiates and signs own economic/trade agreements
– Hong Kong is a full, separate member of WTO and APEC
• At the same time, Hong Kong is an integral part of China
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• 1 July 1997 - Hong Kong Special Administrative Region
• “One country, Two systems”– own legal system– own financial system– own economic system– own social system– own political system
• High degree of autonomy
The Basic Law of the Hong Kong Special Administrative Region of the People’s
Republic of China
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Hong Kong to ChinaThe “One Country, Two Systems” Principle
• Signifies the Central Authorities' support for maintaining Hong Kong’s long-term prosperity and stability
Source: The Fraser Institute (Economic Freedom of the
World: 2010 Annual Report)
2010 Index of Economic Freedom
Source: The Heritage Foundation/ The Wall
Street Journal
Hong Kong International Rankings
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Why Hong Kong?
World‘s freest economy
Gateway to China
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“No other city in the world c a n h e l p o v e r s e a s investors manage the risks inherent in entering Chinese Mainland markets as well as Hong Kong”
Source: E.E. Scott, First Choice Hong Kong – Your Asia Pacific Platform
Gateway to China
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• The world's third busiest airport
• One of the world’s busiest ports
• 23 minutes from Central to Airport by high-speed train
• Less than an hour from GPRD “the factory of the world”
• 10th largest trading entity in merchandise trade €602 billion (2.8% of world total)
• 14th largest services trading entity€114 billion (2.2% of world total)
Heart of Asia and Gateway to China
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Greater Pearl River Delta
GPRD exports: €276 billion
7th in the world if it were a country - ahead of Italy, South Korea, United Kingdom and Canada.
GPRD land area size: 55,890 km²Smaller than: AustriaPanamaIreland
GPRD population: 55.26m people More populous than:SpainSouth KoreaCanada
Less than 1% of China’s land area
More than 27% of all the country’s exports
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• Mainland and Hong Kong’s first free trade agreement
• Covers trade in goods and services
• Provides easier, earlier and wider access to Mainland for HK-made
products and HK-based service companies
• Available to people and businesses of all nationalities
• Foreign investors are also welcome to establish businesses in Hong
Kong to leverage on the CEPA benefits and join hands in tapping the
vast opportunities of the Mainland market
Closer Economic Partnership Arrangement (CEPA)
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• Companies must have “substantive operations” in HK
• “Made in Hong Kong” products, under specified ‘Rules of Origin’
Eligibility:
• Service Supplier Certificates1,300 with over 2,400 Certificates Issued
1 USA 228.2 USA 328.9 2 China 105.7 Germany 104.9 3 Hong Kong 68.9 France 84.1 4 Belgium 61.7 Hong Kong 76.1 5 Brazil 48.4 China 68.0 6 Germany 46.1 Switzerland 58.2 7 UK 45.9 Japan 56.2 8 Russia 41.2 Russia 51.7 9 Singapore 38.6 Canada 38.6 10 France 33.9 Belgium 37.7
Source: World Investment Report 2011 (United Nations Conference on Trade and Development)
2010 FDI In‐flows ‐ Hong Kong vs Selected East Asian Economies
0
10
20
30
40
50
60
70
Hong Kong Selected East Asian Economies
Taiwan
Thailand
South Korea
Indonesia
Singapore
(USD in billion)
• 3,638 overseas/ Mainland companies* with regional headquarters and offices
* 2010 Annual Survey, Hong Kong SAR Government's Census & Statistics Department
B u s in e ss Fo o tp r in ts b y CB R E
To p b u s in e ss lo ca t io n s am on g m a jo r in te rn a t io n a l com p an ie s
C ity% o f to ta lcom p an ysam p le d (2 8 0 )
H o n g K o n g 6 8 .2%S in g a p o re 6 7 .5%To kyo 6 3 .9%Lo n d o n 6 3 .2%Sh an gh a i 6 1 .4%M o scow 60 .7%B e ijin g 6 0 .4%M ad r id 5 9 .6%D ub a i 5 6 .1%P a r is 5 5 .7%N ew Y o rk 5 5 .4%W arsaw 53 .6%M ia ln 5 2 .5%Sao P ao lo 5 2 .1%B an gko k 4 8 .9%
So u rce : CB R E
1 3 7
1 4 7
1 5 61 5 51 5 0
1 4 6
1 7 01 6 91 6 71 5 7
1 8 91 7 91 7 71 7 2
N o . o f in t l com p an ie sw ith o ff ice p re se n ce
1 9 1
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HK ETO Berlin
Source: Companies Registry & Inland Revenue Department
Company set-up in Hong Kong
• Company incorporation with the Companies Registry:• Requirements: 1 Director, 1 Shareholder• Minimum Capital: HK$ 1 (ca. 0.10 €)• Processing time: 2 working days • Fee: HK$ 1,720 (ca. 172 €)
• Company registration with the Business Registration Office of the Inland Revenue Department :
Other useful Websites:Hong Kong SAR Government: www.gov.hkInvest Hong Kong: www.investhk.gov.hkHong Kong Trade Development Council: www.hktdc.comHong Kong Tourism Board: www.hktb.com