Hong Kong’s business advantages for European ventures showcased at 14th European Economic Congress in Katowice
Ms Jenny Szeto, Director of HKETO Berlin joined the panel discussion “Europe and Asia: discussions about cooperation and economy” as part of the 14th European Economic Congress on April 25, 2022 in Katowice to illustrate the business prospects for European and especially Polish companies that would like to expand to Mainland China using Hong Kong as a gateway. The panel discussion brought together diplomats and government officials from Asia who shared their perspectives on the business ties and opportunities between Asia and Central and Eastern Europe with an audience of some 50 participants from businesses, institutions and ministries from Poland and abroad.
Ms Szeto updated the audience about a wide range of topics about Hong Kong, covering the “One Country, Two Systems”, latest economic and social situation after the improvement to the electoral system and the implementation of the National Security Law, etc. She also highlighted that the strong support from the Central Government would be a key driving force for reviving Hong Kong’s economy after the pandemic. Specifically, pursuant to the National 14th Five-Year Plan, Hong Kong will continue to leverage the opportunities arising from its unique proximity to the Greater Bay Area (GBA) to not only enhance its unparalleled advantages as an international finance, trading, transport and legal centre in the heart of Asia, but also further develop itself into a hub for innovation and technology, aviation, arts and cultural exchange as well as intellectual property trading.
The audience noted that Hong Kong’s business outlook remained strong despite the pandemic. Its economy recovered well in 2021 with an overall growth of 6.4% while investment expenditures rose by 10.1%. Hong Kong continues to be one of the major international financial centres in the world with a robust and resilient financial system, well-regulated markets, a deep pool of liquidity and a simple and low tax regime. These strengths are internationally recognised by numerous prestigious rankings such as the Global Financial Centres Index, which ranked Hong Kong third globally, as well as the Fraser Institute’s Report on the Economic Freedom of the World, which named Hong Kong as the freest economy in the world ever since it has started its ranking.
During the lively discussion, Ms Szeto emphasised that Hong Kong remained the best place for Polish businesses that are planning to establish business ties with Mainland China and more specifically with the vibrant city cluster of the GBA. More than 86 million people call the GBA their home, contributing to a GDP of EUR 1.6 trillion. With its business-friendly environment, easy structures to set up a company and free flow of capital and people, European businesses can capitalise on Hong Kong’s advantages to facilitate access to this huge consumer market in Mainland China, which offers lots of potential for businesses across different sectors.