What a beginning! Five Shanghai enterprises sign MOU with HK at CIIE on first day

The opening ceremony of the 7th China International Import Expo (CIIE) and Hongqiao International Economic Forum was held yesterday in Shanghai, attended by Premier Li Qiang, who delivered a keynote speech. Hong Kong's Chief Executive John Lee led a delegation to the event and accompanied Premier Li on a tour of the Hong Kong exhibition area in the China Pavilion after the opening ceremony.

This year's expo features 3,496 exhibitors from 129 countries and regions, with a record 331 participating enterprises from Hong Kong.

The 2024 Hong Kong Investment Promotion Conference-Shanghai Forum, organized by the Hong Kong SAR government and the Hong Kong Trade Development Council (HKTDC), took place yesterday afternoon. During the conference, five companies from Shanghai signed memoranda of understanding (MOU) with the Invest Hong Kong agency to continue promoting cooperation between Shanghai and Hong Kong in various fields including biomedicine, technology, and transportation.

Lee noted that there are nearly 200 Shanghai companies listed in Hong Kong, with a market capitalization exceeding HK$20 trillion, demonstrating that Hong Kong can serve as a financing platform for the development of enterprises in Shanghai and other areas in the mainland. He welcomed more companies to leverage Hong Kong as a gateway to the world and seek mutual development.

Lee attended the opening ceremony of the expo and forum yesterday morning alongside Financial Secretary Paul Chan and others. Subsequently, he accompanied Premier Li Qiang to tour the Hong Kong exhibition area in the China Pavilion. In the afternoon, he visited and supported Hong Kong enterprises at the exhibition area set up by HKTDC. The Invest Hong Kong agency and the Hong Kong Tourism Board also promoted Hong Kong's advantages and introduced the latest tourism features at their exhibition booths. Later, Lee and Chan attended the "2024 Invest Hong Kong Promotion Conference - Shanghai Session," where they both delivered speeches.

Encouraging Enterprises to Leverage Hong Kong's Advantages for Development

In his speech, Lee reflected on the long history and significant achievements of exchanges between Shanghai and Hong Kong.

He noted that cooperation between the two cities has deepened over the years, with roots firmly established. Currently, there are nearly 200 Shanghai companies listed in Hong Kong, with a market value exceeding HK$20 trillion, fully demonstrating that Hong Kong can serve as a financing platform for the development of enterprises in Shanghai and other areas in the mainland. He welcomed more enterprises from the mainland to utilize Hong Kong as a gateway to the world for mutual development.

Looking ahead, Lee believes that Shanghai and Hong Kong can complement each other's advantages and venture out to sea together. He specifically mentioned that talent is the primary resource. Two years ago, his first policy address introduced several talent recruitment initiatives, which have now received over 380,000 applications, with nearly 240,000 approved and about 160,000 talents already arriving in Hong Kong.

"The talent attracted through the Top Talent Pass Scheme is expected to contribute 1.2% to Hong Kong's GDP."

Lee is confident that the two cities can continue to strengthen their cooperation in global talent acquisition, services, and employment, advancing the development of talent hubs in both regions.

Developing New Quality Productive Force Based on Local Conditions

Lee also introduced the new policy address released last month, highlighting plans to further consolidate and enhance Hong Kong's status as an international financial, shipping, and trade center, while also developing new quality productive forces based on local conditions.

He emphasized that as the global economic center shifts eastward, Hong Kong will make good use of the advantages provided by the "One Country, Two Systems" framework, combining China's advantages with international opportunities, complementing Shanghai's strengths, promoting collaborative development, and achieving win-win cooperation.

At the conference, in the presence of central and local leaders, the Invest Hong Kong agency and representatives from five mainland enterprises signed MOU to promote key cooperation projects between Shanghai and Hong Kong.

John Lee shared multiple posts on social media yesterday, stating that this was another high-profile investment promotion conference following the successful event held in Beijing in September.

"We introduced the advantages and opportunities of Hong Kong's international professional services and simple low tax system to about 400 business representatives, encouraging enterprises to invest and settle in Hong Kong to explore business opportunities," he said.

He also expressed his pleasure at witnessing the signing of several cooperation project agreements on site and hearing about the successful experiences of mainland enterprises settling in Hong Kong, emphasizing that the SAR government will continue to strive for more enterprises to establish a presence in Hong Kong and promote cooperation between the two cities.

(Source: Ta Kung Pao)

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