Hong Kong and UK sign MOU on investment promotion co-operation
Invest Hong Kong (InvestHK) and the Department for International Trade (DIT) of the United Kingdom today (March 24) signed a Memorandum of Understanding (MOU) on investment promotion co-operation, with a particular focus on innovation and technology and other emerging sectors.
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."
The MOU focuses on sharing of information and experiences in investment promotion, supporting each other's investment promotion events and programmes and strengthening collaboration in promoting inward investments. It also encourages the development of businesses with a technology focus, 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.
InvestHK is the department of the Hong Kong Special Administrative Region Government established in 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 for overseas and Mainland companies enrolled as its clients. For more information, please visit www.investhk.gov.hk.
The UK's DIT has overall responsibility for promoting UK trade across the world and attracting foreign investment to the UK economy. It is a specialised government body with responsibility for negotiating international trade policy and supporting business, as well as delivering an outward-looking trade diplomacy strategy.
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