Hong Kong and the Philippines sign MOI on investment promotion co-operation
Invest Hong Kong (InvestHK) and the Board of Investments, Department of Trade and Industry of the Republic of the Philippines, signed a Memorandum of Intent (MOI) today (September 24) in Manila, pledging mutual co-operation on investment promotion exchanges and best practices.
The MOI was signed by the Director-General of Investment Promotion at InvestHK, Dr Simon Galpin and Undersecretary for Industry Promotions Group, Mr Ponciano C Manalo, Jr at the start of the "Hong Kong: Where Business Goes to Grow" seminar, in the presence of the Secretary for Commerce and Economic Development, Mr Gregory So and ASEAN Team Leader of Philippine Trade and Investment Centre, Mr Glenn G Peñaranda.
The document provides a platform for the two sides to exchange information on the investment environment and opportunities, encourage investors to set up businesses in the area of the other participant as well as support and facilitate mutual inward investment.
At the seminar, Mr So said the "Belt and Road" initiatives announced by the Central Government will generate demands and increase the volume and intensity of international trade and investment flow among countries on the routes, including the Philippines, as well as the two-way traffic in and out of China.
"We encourage Filipino businesses to make use of Hong Kong as an investment springboard or a logistics hub when they venture into the markets of the "Belt and Road" countries," Mr So said.
Dr Galpin also highlighted the opportunities Hong Kong has to offer for Philippines companies looking to expand their business beyond the country. He said, "ASEAN is one of our target markets with growing potential. We welcome Filipino investors to leverage Hong Kong's enduring business advantages and its role as the 'super connector' between China and the rest of the business world."
He explained that under the "One Country, Two Systems" principle, Hong Kong has, a low and simple tax system, free movement of capital, talent, goods and information, a level playing field and a sound legal system. All these make the city the perfect platform for Philippines companies to get access to Mainland China and other Asian markets.
The seminar is as part of InvestHK's plan to reach out and promote Hong Kong business advantages to countries along the "Belt and Road" routes. Co-organisers included the Hong Kong Economic and Trade Office in Singapore and the Hong Kong Trade Development Council (HKTDC). Supporting partners include the Philippine Chamber of Commerce and Industry, the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc, the Hong Kong Chamber of Commerce of the Philippines Inc, the Makati Business Club and the Anvil Business Club.
Other speakers in the seminar also included Director and Chief Executive of Allied Banking Corporation (HK) Ltd, Mrs Lourdes A Salazar; Chief Operating Officer/General Manager of Green Light LED Energy Solutions Inc, Mr Nanny Hernandez; and Director of Leatherneck Maritime Security Consulting Limited, Mr Aaron Key. They shared the practical experiences on how to use Hong Kong to expand their business in Asia. Assistant Executive Director of TDC, Ms Sophia Chong, also explained how the organisation could help small and medium-sized enterprises to expand their global trade through its Integrated Marketplace.
About Invest Hong Kong
InvestHK is the department of the HKSAR Government established in July 2000 to attract foreign direct investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong's vibrant economy. As at June 2015, InvestHK had assisted over 3 700 companies which have created more than 40 200 new jobs in the first year of operation or expansion and over HK$99 billion of investment. For more information, please visit www.investhk.gov.hk.
For event photo, please visit www.flickr.com/photos/investhk/albums/72157658952982375.
Ends/Thursday, September 24, 2015