PSCIT underlines importance of co-operation with Malaysia under Belt and Road Initiative

Hong Kong (HKSAR) -      Hong Kong is keen to step up co-operation with Malaysia to make the best use of the Belt and Road Initiative, the Permanent Secretary for Commerce and Economic Development (Commerce, Industry and Tourism), Mr Philip Yung, said today (August 9) at a business seminar entitled “Belt and Road Initiative: Connecting China, Hong Kong and Malaysia” in Kuala Lumpur, Malaysia.
     Jointly organised by the Hong Kong Economic and Trade Office in Jakarta (Jakarta ETO) and the Hong Kong-Malaysia Business Association (HKMBA), the seminar attracted more than 150 businessmen and entrepreneurs in various sectors in Malaysia who were keen to find out more about the Belt and Road Initiative.
     Mr Yung shared with the participants the unique advantages enjoyed by Hong Kong under “One Country, Two Systems”. “The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) provides preferential market access to the Mainland market for Hong Kong service suppliers as well as tariff-free treatment for products of Hong Kong origin. International businesses established in Hong Kong can enjoy this preferential treatment together with our domestic suppliers.

Since its implementation 13 years ago, CEPA has become the premier platform connecting foreign businesses to Mainland China through Hong Kong, and will continue to be a freeway serving traffic under the Belt and Road Initiative.”
     He added, “We offer a pool of well-trained professionals across different disciplines – in law, accounting, engineering, architecture, management and consulting. They possess the competence and experience to lead consultancies, construction projects, operations and management of infrastructure projects under the Belt and Road Initiative.”
     Mr Yung also highlighted the long-established strong trading partnership between Hong Kong and ASEAN. ASEAN is Hong Kong’s second-largest trading partner in terms of merchandise trade.

The value of trade between Hong Kong and ASEAN has grown by 72 per cent over the past 10 years, reaching US$107 billion in 2016.
     “We have been working intensively with ASEAN partners on the Hong Kong-ASEAN Free Trade Agreement which will further facilitate the flow of trade and investment between ASEAN and Hong Kong,” he added.
     Yesterday (August 8) evening, Mr Yung officiated at a gala dinner which was also co-organised by the Jakarta ETO and the HKMBA to celebrate the 20th anniversary of the establishment of the Hong Kong Special Administrative Region.
     Speaking at the gala dinner, Mr Yung said, “We set up a new Economic and Trade Office in Jakarta last year. It is our second in ASEAN after Singapore - a clear indication of the importance we attach to engaging our ASEAN partners.”
     He pledged that the two Hong Kong Economic and Trade Offices will continue to work closely with business partners in Malaysia for the mutual benefit of ASEAN and Hong Kong.
     Other officiating guests at the gala dinner included the Deputy Secretary General (Trade) of the Malaysian Ministry of International Trade and Industry, Datuk Isham Ishak; the Economic and Commercial Counsellor of the Embassy of People's Republic of China in Malaysia, Ms Shi Ziming; the Undersecretary (East Asia) of the Malaysian Ministry of Foreign Affairs, Dato' Ganeson Sivagurunathan; the President of the HKMBA, Mr Dixon Chew; the Director-General of Investment Promotion, Mr Stephen Phillips; and the Regional Director of Southeast Asia and South Asia of the Hong Kong Trade Development Council, Mr Peter Wong.

Published on: 2017-08-09

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