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APRIL 4 - 10, 2023

BUSINESS AND TRADE

Hong Kong, with its strategic location, supreme connectivity, robust legal and financial systems, and business-friendly policies, provides a secure and dynamic environment for enterprises to thrive; and a dominant gateway to the Mainland China and other Asian markets, said Deputy Director of Hong Kong Economic and Trade Office, New York, Erica Lam. During the Columbia China Forum (Apr 7), Ms Lam shared with audience the economic outlook and new business opportunities in Hong Kong. She also highlighted the latest measures introduced by the Hong Kong Special Administrative Region Government to attract enterprises and talents to the city.

Updated commitments on trade in services under the Free Trade Agreement (FTA) between Hong Kong and Chile entered into force on Apr 6, further strengthening trade co-operation between the two economies as they create more opportunities for businesses and investors. Secretary for Commerce & Economic Development Algernon Yau said the updated services commitments came at an opportune time when world trade is reviving after the pandemic. It also demonstrates the Government’s efforts in seeking more favorable access to international markets as well as promoting the strengths of Hong Kong’s services sectors overseas. Chile is Hong Kong’s first FTA partner in Latin America. To date, Hong Kong has signed eight FTAs with 20 economies including the Mainland, Macau, the 10 member states of the Association of Southeast Asian Nations, Australia, Chile, the four member states of the European Free Trade Association, Georgia and New Zealand.

SPORTS

Secretary for Culture, Sports & Tourism Kevin Yeung congratulated (Apr 10) the Hong Kong women’s ice hockey team on winning the Ice Hockey Women’s World Championship Division III - Group A event for the first time in the city’s history. The Hong Kong Special Administrative Region Government has been supporting Hong Kong sports development with different measures over the years, with an aim to boost elite sports, promote sports in the community and maintain Hong Kong as a hub for major international sports events.

Photo credit: Hong Kong Ice Hockey Association

BASIC LAW

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (HKSAR). It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas. The Basic Law was put into effect on July 1, 1997.

Q: Can foreign enterprises participate fully in Hong Kong’s economy?

A: Yes. Hong Kong welcomes and encourages the participation of foreign enterprises, and provides a level playing field for all. There are no foreign exchange controls in Hong Kong and no restrictions on the trading of gold, securities, futures and the like. The Basic Law stipulates that Hong Kong shall maintain the status of a free port, pursue the policy of free trade and safeguard the free movement of goods, intangible assets and capital. (BL Articles 112; 114; 115)