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Attracting and Retaining Foreign Direct Investment

Attracting and Retaining Foreign Direct Investment. Hong Kong: Asia’s Business Capital for China and Beyond. Simon Galpin Director General. Mission and Objectives. Spearhead HK’s efforts to attract and retain foreign direct investment

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Attracting and Retaining Foreign Direct Investment

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  1. Attracting and Retaining Foreign Direct Investment Hong Kong: Asia’s Business Capital for China and Beyond Simon Galpin Director General

  2. Mission and Objectives • Spearhead HK’s efforts to attract and retain foreign direct investment • Promote HK’s enduring advantages and status as a leading business hub in the region • Assist companies with potential to contribute to HK’s economy to set up and expand in HK • Provide aftercare support to the international business community in HK • Work with policy bureaux and departments on issues of concern to investors to enhance Hong Kong’s competitiveness as a business-friendly location

  3. Investment Promotion – Reaching Out to Companies to Attract FDI Overseas/Mainland Meetings 5,576 Prospects 1,472 Live Projects 657 Projects Completed 2010 284 As at 31 Dec 2010

  4. Representation in 26 Cities Around the World

  5. Hong Kong Sales Pitch

  6. RIGHT PLACE Hong Kong’s Enduring Advantages

  7. One Country, Two Systems

  8. Heart of Asia and Gateway to China • Half the world’s population within 5 hours’ flying time • The world's 3rd busiest international passenger airport (50.9Mn passengers in 2010) • The world’s busiest cargo airport (4.1Mn tonnes of cargo handled in 2010) • One of the world’s busiest container ports (23.7Mn TEUs in 2010)

  9. Forbes Tax Misery Index 2009

  10. Low and 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

  11. World Class ICT - Connecting People Asia’s most innovative economy (3rd in the world) Global Innovative Index Mobile phone penetration rate 193.2% 7th most e-ready economy in the world Economist Intelligence Unit 3rd highest average broadband connection speedUS-based network provider Akamai Technologies Household broadband penetration rate 83.1% 9,077 public Wi-Fi access points 2nd largest exporter of ICT products in the world (US$142 Bn) 3rd largest importer of ICT products in the world (US$150 Bn)

  12. China’s Global Financial Centre The largest off-shore RMB platform Asia’s leading Asset Management hub Home to 70 of the world’s 100 largest banks Asia’s 3rd largest stock market Stock market capitalization as at end of 2010 - US$2.7 trillion Word’s largest securitized derivatives market in 2009 Global leader in IPOs in 2009 and 2010 Biggest fund raising centre for Mainland companies Pool of financial expertise (15% of CFAs in Asia Pacific – 2nd largest location in the world, number of CFPs exceeded 4,000 in Hong Kong) The Global Financial Centres Index (GFCI) 9, The Z/Yen Group, March 2011 Source: HKEx, HKTDC, World Federation of Exchanges, Time Magazine

  13. Quality Education and Workforce • Home to Asia’s leading universities and business schools • HKU 1st and HKUST 6th in Asia, bothin the world’s Top 50 Times Higher Education World University Rankings 2010-11 • World’s Top EMBA in 2010: Kellogg - HKUST EMBA Programme • MBA run by HKUST ranked 1st in Asia and 6th in the world in 2011 Rankings by the Financial Times • Over 50 international schools serving students of more than 30 nationalities_______________________________________________ • Dependents have automatic right to work • Permanent residency after 7 years

  14. Quality of Life

  15. RIGHT TIME New Opportunities

  16. Greater Pearl River Delta • Population 55.26Mn > Spain, Canada • Exports 7th globally US$387Bn > UK, Canada (> 27% of China’s exports) • GDP 18th globally US$665Bn > Indonesia, Sweden, Saudi Arabia • area: 56,000 sq. km • < Ireland, Panama • < 1% of China

  17. CEPA – The Free Trade Pact

  18. Double Taxation Agreements Confirmed Double Taxation Relief Agreements with 20 trading partners: • Austria • Belgium • Brunei • France • Hungary • Indonesia • Ireland • Japan • Kuwait • Luxembourg • Liechtenstein • Mainland of China • New Zealand • Netherlands • Portugal • Spain • Switzerland • Thailand • UK • Vietnam In negotiations: • Czech Republic • Denmark • Finland • India • Italy • Korea • Macau • Malaysia • Malta • Mexico • Pakistan • Saudi Arabia • the United Arab Emirates

  19. Increasing Visitor Arrivals Million Source: HKTB

  20. Mainland Companies in Hong Kong % of Mainland companies listed in HK and their market capitalisation • At end 2010, 5,491 Mainland companies have MOFCOM approval to establish subsidiaries in HK with a total investment of US$117.8 bn • 1,031 new investment projects approved in 2010, with an investment amount of US$33.7 bn (MOFCOM) • RMB deposits in HK increased to RMB 510 billion as of June 2011 Source: HKEx and MOFCOM

  21. Investment in Infrastructure Lok Ma Chau loop joint development – 2009 (studies) Lok Ma Chau crossing - 2007 HK – Shenzhen Western Corridor Bridge - 2007 Guangzhou – Shenzhen – Hong Kong Express Rail Link - 2014 Tuen Mun – Chek Lap Kok Link - 2016 Sha Tin to Central Rail Link - 2015/19 New Cruise Terminal at Kai Tak - 2014/15 West Kowloon Cultural District –completion of master planning in mid 2011 South Island MTR Line - 2015 Hong Kong – Zhuhai – Macao Bridge overall length of 50km - 2015/16 Project in progress Project completed Total public spending on infrastructure is HK$40 billion (US$5.1 billion) in 2009/10

  22. Get in touch ! www.investhk.gov.hk Email: enq@InvestHK.gov.hk Tel: (852) 3107 1000

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