Economic Cooperation

Set up bases in HK, Tsang tells India Inc

(HK Edition)
Updated: 2010-10-30 07:15

Chief Executive Donald Tsang delivers a speech entitled "Hong Kong: Gateway to China and East Asia" at a forum organised by HSBC India and The Economic Times in Mumbai, India Friday. Gis Photo

Chief Executive Donald Tsang, who completed his India visit on Friday, invited the business leaders of the neighboring country to set up bases in the city. He addressed a forum, a business luncheon and meeting officials of Maharashtra, a prosperous western state of India.

Highlighting the strengths of Hong Kong as an international business and financial center, Tsang encouraged Indian firms to set up their bases in the city and take advantage of the Closer Economic Partnership Arrangement, the unique free trade pact between Hong Kong and the mainland, to expand business.

The Chief Executive addressed a symposium - Hong Kong: Gateway to China & East Asia forum co-organized by HSBC India and the Economic Times, the largest-circulated financial daily of that country.

In the business luncheon co-organized by the Indian Banks' Association and the Indian Chamber of Commerce Hong Kong, Tsang appealed to business leaders to use Hong Kong's competitive advantages in areas like asset management, offshore Renminbi business and capital formation functions.

"What sets Hong Kong apart in the region is its ability to converge the unique 'China advantages' and 'global advantages' and generate an ever-changing range of new products and services that has benefited not only Hong Kong and the Chinese mainland, but also the rest of the world," said Tsang.

"This reinforces Hong Kong's status as the preferred platform to carry out both China-related activities in the global financial arena, and also global operations in the Greater China market," he added.

At a meeting in the afternoon with the Governor of Maharashtra State Kateekal Sankaranarayanan, Tsang introduced Hong Kong's business-friendly environment and its advantage as an ideal springboard to gain access to markets on the mainland.

In the evening, Tsang met Maharashtra Chief Minister Ashok Shankarrao Chavan.

China Daily

(HK Edition 10/30/2010 page1)