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Hong Kong Economic and Trade Office, London 10 November 2010
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Hong Kong Economic and Trade Office, London 10 November 2010

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  1. Hong Kong: Asia’s World City Hong Kong Economic and Trade Office, London 10 November 2010

  2. Why Hong Kong for SMEs? • rule of Law • effective management with strategic location reaching to Mainland China and Asia • truly understand “West” and “East” • quality of life

  3. One Country, Two Systems • Rule of law and independent judiciary, International arbitration centre • Level playing field and no foreign ownership restrictions • Political stability and pro-business governance • Near zero corruption • The World’s Freest Economy for 16 consecutive years • Free flow of information

  4. Heart of Asia and Gateway to China • The world's 4th busiest international passenger airport • One of the world’s busiest container ports • 23 minutes from central business districts to Airport by high-speed train • Less than an hour from Greater Pearl River Delta -“factory of the world”

  5. Simple Tax System • NO VAT/GST or sales tax • NOCapital gains tax • NOWithholding tax on dividends and interest • NO Estate duty • NOGlobal taxation (offshore income and only HK-sourced income is taxable) • NOWine duty • Only imposes three direct taxes - profits, salaries and property Source: Forbes Tax Misery Index 2009, Inland Revenue

  6. Quality of Life

  7. Quality of Life

  8. Four Pillar industries Financial Services Business and Professional Services Trade & Logistics (consumer trade/ supply chain/ retail/ industrial products) Tourism

  9. Opportunities in 6 New Areas: • Testing and Certification • Medical Services • Innovation and Technology • Cultural and Creative Industries • Environmental Industry (in particular solar energy and R&D) • Educational services • Other Opportunity: • Wine

  10. Opportunities to Norwegian companies- • Innovation Technology • Green Industries • Shipping Industries

  11. World Class ICT - Connecting People Asia’s most innovative economy Global Innovative Index Mobile phone penetration rate 171% 8th most e-ready economy in the world EIU 3rd highest average broadband connection speedUS-based network provider Akamai Technologies

  12. Hong Kong Science and Technology Park • Home to over 300 companies • Phase 3 • Work to be commenced in 2011 • Expenditure: HKD 4.9 billion • Additional 4,000 R&D related jobs

  13. 基因港(香港)科技有限公司 GeneHarbor (Hong Kong) Technologies Limited HKSTP – Biotech Cluster Biotech

  14. HKSTP – Green Tech Cluster Vedback Concept Ltd Green Tech

  15. Hong Kong Port • World’s third busiest port in 2009, handled 21 million TEUs • Major modes of operations: • Container terminals; • River Trade Terminal; • Public cargo working areas; and • Mid-stream operations • About 400 sailings per week to 480 destinations worldwide

  16. Efficient port operation Nine container terminals at Kwai Tsing • A total of 24 berths operatinground-the-clock • 36-40 crane movements per hour • average turnaround time for each container vessel is around 14 hours

  17. Hong Kong: a green city …

  18. GREEN opportunities in HK • Over €2.8 billionworth of infrastructure planned for coming 5 years • Sludge Treatment Facilities • Harbour Area Treatment plants • Integrated Waste Management Facilities • District Cooling System • Sewerage works • Green roofing and vertical greening • Renewable energy

  19. GREEN opportunities • Environmental consultancies/ services for • Cleaner production • Green transportation, e.g. EV • Building energy efficiency

  20. Gateway to Mainland China • Massive business opportunities • About €21 billion of PRC’s economic revitalization package devoted to energy efficiency/ emission reduction and ecological conservation • Almost a third of world’s CDM projects in China, worthing an estimated €680 million per annum

  21. Most Competitive Finance Centre in Asia Home to 69 of the world’s 100 largest banks Asia’s 2rd largest stock market and 6th in the world Total market capitalisation as at end of Jun 2010 - US$2.2 trillion World’s 6th largest foreign exchange centre 1st globally in IPOs in 2009, US$31 billion raised The Global Financial Centres Index (GFCI) 7, City of London Corporation, March 2010 Source: HKEx, HKTDC, World Federation of Exchanges, Time Magazine

  22. CEPA – The Free Trade Pact between China & Hong Kong

  23. Hong Kong Experience Source: HKTB

  24. What others say “It is necessary for the Netherlands to have a strong presence in HK.” “It is possible to enter the very difficult Mainland Chinese market via this Western-based society. HK has its own reliable judiciary, freedom of opinion and a business friendly environment. It has a very liberal economy with almost zero corruption and an accessible legal system.” Former Dutch Vice-Minister of Finance Steven van Eijck, Dutch CG Robert Schuddeboom (reported in Algemeen Dagblad 28 Aug 2010)

  25. What others say “ In Asia Pacific, all our ships were based in Singapore. As a conservative company continually looking to spread our risk, we needed to have a second flag in the region and Hong Kong was our only logical choice.” Captain Henrik Uth, Managing Director of Maersk Shipping Hong Kong Limited.

  26. What others say “There are a number of reasons why we chose to base our Asian regional headquarters in Hong Kong. The city is strategically located in the centre of the Asia Pacific region, there is a ready access to quality labour and it is easy to recruit staff if we need to expand. The city also has an excellent infrastructure network.” Mr Masaru Morioka, Director Human Resources and Finance, MOL (Asia) Ltd (a Japanese transport group operating one of the world’s largest fleet )

  27. What others say “Hong Kong has three overwhelming advantages – low taxes, its opportunistic, go-getting people and its geographical location which brings me so close and so quickly to my key regional offices.” “If you can make it in Hong Kong, you can make it anywhere!” Mr Michael Hauge Sorensen, Managing Director of ECCO Asia Pacific Limited of ECCO, a Danish shoe-maker.

  28. Norwegiancompanies in Hong KongMore than 320 Nordic companies in Hong Kong. Total 122 Regional Headquarters/ Regional Offices. • Det norske Veritas • DnB Asset Management • Fenwick Shipping Services • Gard (HK) Ltd. • Jotun Paints • Kristian Jebsens • Lorentzen & Stemoco • Nordic Semiconductor ASA • OSM Maritime Services • Rodskog Shipbrokers • Santana Lightships • Skuld Ltd. • Tandberg Telecom • Wilhelmsen Ships Service Ltd. • Vizrt • YARA China Ltd.

  29. Snapshot of the Scandinavian businessesin Hong Kong… Danish companies Finnish companies Swedish companies

  30. Some Norwegian organizations in HK • Norwegian Chamber of Commerce, Hong Kong • Royal Norwegian Consulate General • Klubb Norge (Norwegian Club) • Norwegian International School

  31. How Hong Kong helps SMEs • Level playing field big or small • Companies can outsource non core functions to control costs • Widest selection of business service providers in Asia with expertise all over the world • Good university and research capability • Strengths in multiple sectors e.g Creative Industries, Tourism & Hospitality, Innovation & Technology, ICT which allows cross fertilization • Incubator schemes available at Cyberport and Science Parks I Invest HK Brand HK

  32. Hong Kong Economic & Trade Office 6 Grafton Street London, W1S 4 EQ Tel: (44)20 7499 9821 Fax: (44)20 7495 5033 Email: general@hketolondon.gov.hk Thank you Websites: Hong Kong Economic & Trade Office www.hketolondon.gov.hk HKSAR Government www.gov.hk InvestHK www.investhk.gov.hk Hong Kong Trade Development Council www.hktdc.com Hong Kong Tourism Board www.hktb.com