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Hong Kong: Businessmen in Bulgaria encouraged to seize Hong Kong opportunities


  • Hong Kong: Businessmen in Bulgaria encouraged to seize Hong Kong opportunities




    The Hong Kong Economic and Trade Office, Brussels and the Hong Kong Trade Development Council (HKTDC) organised a seminar in Sofia, Bulgaria today (March 1) to inform Bulgarian businessmen how Hong Kong can help them expand to China and Asia.The event was well attended by over 110 representatives of the local business community.
    In her opening remarks, the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Miss Mary Chow, presented Hong Kongs enduring advantages as the worlds freest economy with the rule of law, and free flow of information guaranteed by the Basic Law, stringent intellectual property protection regime, strong anti-corruption culture, and low and simple taxation system.
    Hong Kong still maintains the common law system with its own Final Court of Appeal. There is legal protection for contracts and arbitration awards made in Hong Kong and the Mainland are reciprocally enforceable, she said.
    Miss Chow underlined that Hong Kong has long served as a gateway for foreign companies to enter the China market. It has recently taken on the role of Chinas off-shore renminbi centre, a regional asset management hub and an international capital formation centre.
    Hong Kong is the only jurisdiction outside the mainland of China with a renminbi bond market. It is also the largest renminbi trade settlement centre, handling 75 percent of mainland Chinas global yuan trade.Last year, it was the biggest initial public offering centre in the world with both foreign and Mainland enterprises raising capital through Hong Kongs stock market.
    Miss Chow said that in addition to boosting the four traditional pillar industries in financial services, trade & logistics, tourism and professional services, the Government has also identified six new growth economic sectors where Hong Kong enjoys a competitive edge, namely testing and certification services, medical services, innovation and technology, cultural and creative industries, environmental industries and educational services.
    Hong Kong has always maintained a level playing field and we certainly welcome Bulgarian investment in all these areas.Foreign companies established in Hong Kong are treated on an equal footing with our own enterprises.They can benefit, for example, from our free trade agreement with the Mainland, the Closer Economic Partnership Arrangement.
    Miss Chow added that the wine trade is also an area with abundant opportunities for Bulgarian companies.
    Mr Siegfried Verstappen, Senior Investment Promotion Executive, InvestHK, explained how business opportunities in the Asia Pacific Region could be exploited through investment in Hong Kong and the assistance that InvestHK, the investment promotion agency of Hong Kong, could offer to Bulgarian investors.He also highlighted the new opportunities in Hong Kong arising from the introduction of Chinas renminbi trade settlement scheme, which allows international trade to be settled in Chinese yuan with reduced currency exchange risks.
    The HKTDCs Director for Germany and Eastern Europe, Mr Winchell Cheung, said, Hong Kong as the freest and most globalised economy in the world welcomes Bulgarian companies to use the metropolis as a platform to start and develop their business within China and Asia.
    As a start, Bulgarian entrepreneurs may visit one of our Hong Kong trade fairs, some of them being the biggest in the world or Asia.Buyers and exhibitors will be able to gain an excellent market overview and meet potential business partners from all over the world.The HKTDC offers certain sponsorship programmes as well as business matching programmes to make your trade fair visit convenient and successful.
    Other speakers included Ms Gabriela Dimitrova, Director, International Cooperation and International Organisations, Bulgarian Chamber of Commerce and Industry, Ms Boryana Mincheva, Head of International Cooperation, Development and Internationalisation of SMEs Department, Bulgarian Small and Medium Enterprises Promotion Agency, Mr Vladimir Atanasov, General Manager of 10x Ltd., and Mr Venelin Djourov, Manager of LVK – Vinprom AD.The seminar was followed by a lively question-and-answer session and a reception to celebrate the Chinese New Year of the Rabbit.

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