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Agreement Strengthens Support for UK Companies in Hong Kong
May 19 2018 Read 593 Times
An MOU to increase investment promotion co-operation with a particular focus on innovation and technology and other emerging sectors has been signed by Invest Hong Kong (InvestHK) and the UK’s Department for International Trade (DIT).
The MOU was signed by the Director-General of Investment Promotion at InvestHK, Mr Stephen Phillips and the Director General, Trade and Investment, British Consulate-General Hong Kong, Mr Paul McComb, during the GREAT Festival of Innovation, in the presence of the Secretary for Commerce and Economic Development, Mr Edward Yau and the UK Secretary of State for International Trade, Dr Liam Fox.
Mr Yau said, “Hong Kong and the UK maintain strong and long-standing economic and investment ties. The two places have been working closely in terms of foreign direct investment exchange, sharing a wide array of business opportunities in creative industries, financial services and innovation and technology, as well as business and professional services. The MOU is another milestone in reinforcing our collaboration. The technology emphasis also reflects our increasing focus on innovation to further strengthen Hong Kong’s economic development.”
Dr Fox said, “The UK and Hong Kong have strong ties because of our shared history and our close people-to-people links. This is a great step forward in our relationship with InvestHK. Getting our teams to work together to come up with innovative solutions that meet the challenges faced by small and medium enterprises seeking to set up in Hong Kong will make a huge difference to the number of companies investing in Hong Kong from the UK.”
As well as focusing on supporting each other’s investment promotion events and programmes and strengthening collaboration in promoting inward investments, the MOU is also set to encourage businesses such as artificial intelligence, financial technology, health technology, biotechnology, smart city, clean technology, the creative sector and the experience economy.
As at the end of 2016, the UK ranked eighth as a major source of inward direct investment (IDI) into Hong Kong, with an IDI stock of US$36.4 billion. As at June 1, 2017, British companies had established 122 regional headquarters, 221 regional offices and 332 local offices in Hong Kong. To date, InvestHK has signed MOUs with 14 overseas investment promotion agencies.
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