HK, Mainland sign commerce pact to promote Belt & Road cooperation

Hong Kong and the Mainland have signed a memorandum of understanding (MOU) on enhancing exchanges and co-operation in promoting high-quality development of overseas Economic & Trade Co-operation Zones. The MOU was signed by the Hong Kong Special Administrative Region Government and the Commerce Ministry at the sixth Belt & Road Summit on Wednesday (Sept. 1).

Both sides will leverage respective strengths to promote the zones' high-quality development, encourage enterprises of both places to invest and set up businesses at the zones, develop the zones jointly and explore international markets.

They will collaborate pursuant to the principle of "government providing guidance, enterprises taking the lead, and market-oriented operation".

At the same time, both sides will strengthen interfacing and collaboration between Hong Kong enterprises and professional services sectors and the zones.

On the operation and management of the co-operation zones, the two sides will support Hong Kong enterprises' participation through providing professional services.

They will also support Hong Kong professional services sectors in providing services in different areas for the zones.

The two sides will also encourage Mainland and Hong Kong financial institutions to provide suitable financial services as well as diversified financing channels for enterprises of both places in the zones and those taking part in the zone development.

The zones will be encouraged to provide Hong Kong enterprises and professional services sectors set up therein with suitable facilitation measures.

Furthermore, the pact states that the two sides will encourage enterprises, business associations, trade and industry organisations and intermediaries of both places to jointly organise business missions to Belt & Road-related countries and seminars, and to establish exchange platforms and more.

The two sides will also support exchanges and collaboration amongst the zones and Hong Kong on talent development, including encouraging Hong Kong consulting services agencies to provide professional training for the zones. For the development of the zones, creating a favourable environment conducive to business operation is also a co-operation direction in the MOU.

Commissioner for Belt & Road Denis Yip and Commerce Ministry Department of Outward Investment & Economic Cooperation Director General Wang Shengwen signed the agreement via video conferencing.