The Hong Kong Minister of Finance advances cooperation with Russia

28.08.2012

The bilateral trade between Hong Kong and Russia increased by 44% in the first half of the year, as was announced by the Hong Kong Minister of Finance John Tsang.

Applying to the Russian businessmen who visited the seminar organized by the company Invest Hong Kong and the municipal government of Zhuhai in Moscow, the Minister expressed his hope that more and more Russian companies will invest in Hong Kong and set up business there.

On the seminar the advantages and competitiveness of the economic zone of Hong Kong were noted, as far as possibilities of cooperation and positions of the country as the leader in location of the foreign enterprises which are seeking for the development of business on the mainland market.

Expert’s opinion

It’s not a secret that relations between Hong Kong and Russia are developing with the rapid pace that is proved by the index of mutual trade – 19% – one of the maximum rates of the Hong Kong foreign trade relations.

Moreover, the Russian business is highly interested in possibilities of public offering on the Hong Kong Stock Exchange. And Hong Kong in turn is aimed at increasing of annual capital inflows in the RF (USD 215 mln in 2012).

Among the burning issues of cooperation today we should refer to the absence of the double taxation avoidance agreement between the RF and Hong Kong and high foreign trade tariffs that is potentially solved by inclusion of the RF into the common regional free trade zone.

However, despite existing problems the tendency on development of business in Hong Kong takes greater scale that should be taken into account by those who are interested in effective capital investment into the Asian region. 

On the basis: http://archive.news.gov.hk/en/categories/finance/html/2012/08/20120829_102337.shtml

Julia Akhmetova ( Paralegal of Moscow office Company Honest & Bright )