Malta Enterprise seminar highlights trade and investment opportunities in Hong Kong

Addressing trade representatives from Hong Kong alongside a number of Maltese company representatives, Malta Enterprise Trade Investment and Enterprise Support Chief Officer, Joe Schembri said that both Malta and Hong Kong operated the financial sector in similar ways, creating plenty of room to enhance trade between the two countries.

"While Malta and Hong Kong both weathered the financial crisis relatively well and kept unemployment at a low in the process, both our economies are similar and have an open-driven approach towards small- and medium-sized enterprises (SMEs).

"Through this three-day seminar, one will be able to generate business leads while understanding what both countries have to offer," Schembri said.

The seminar, which kicked off this morning at the state-of-the-art Malta Enterprise premises in Guardamangia, is open to all Maltese companies interested in the Hong Kong market, particularly companies joining the forthcoming Business Delegation to Hong Kong and Shanghai, being organised by the Malta Enterprise between 13 and 21 October. The seminar is hosting representatives from the Hong Kong Economic Trade Office in Brussels, the Hoing Kong Trade Development Council, as well as InvestHK. 

In a comment to MaltaToday, Schembri said that trade between the two countries was till "minute" however since there are many similarities in the system used, Hong Kong could be an "attractive market" for Malta.

In her keynote address, Mary Chow, special representative for Hong Kong Economic and Trade Affairs to the European Union, said that although HK and China was one country, it had different economic and legal systems.

"July this year was a special month for us as we marked our unification with China," emphasising that Hong Kong has its own "legal system -varying greatly from the legal system maintained in Mainland China - vital for EU countries which operate in a similar environment to trade in Hong Kong".

1997 marked the return of Hong Kong back to Chinese Sovereignty after 156 years of British colonial rule. Hong Kong is a thriving international financial centre and one of the world's busiest container ports. On the surface, Hong Kong continues to progress under the principle of "Hong Kong people running Hong Kong".

"Malta and Hong Kong have a lot in common - both of us serve as gateways - Hong Kong to Asia and Malta to other EU Member States, and North Africa.

"The market sentiment in Hong Kong is very good and Hong Kong is extremely eager to boost trade with Malta.

"Through the double taxation agreement signed between Malta and Hong Kong, Maltese companies operating there could benefit from tax reductions and financial benefits arising from the agreement," Chow said.

According to Chow, "Hong Kong is a thriving international financial centre and its economy has successfully doubled in size, with GDP growth at an average annual rate of five per cent in real terms".

Schembri, meanwhile, thanked the Chamber, HSBC, Finance Malta and GRTU for their support.