HKTDC Mega Promotion “In Style, Hong Kong” Underway in Kuala Lumpur

(From L to R) Vincent HS Lo, HKTDC Chairman; Rimsky Yuen, Secretary for Justice, the Government of the Hong Kong SAR; YB Datuk Seri Ir Dr Wee Ka Siong, Minister in Prime Minister's Department, Malaysia; and Margaret Fong, HKTDC Executive Director

The Hong Kong Trade Development Council’s (HKTDC) mega promotion event, “In Style, Hong Kong,” is underway in the Malaysian capital, Kuala Lumpur. Two of the campaign’s highlight events, In Style, Hong Kong Symposium and In Style, Hong Kong Expo, opened this morning at the Mandarin Oriental Kuala Lumpur. YB Datuk Seri Ir Dr Wee Ka Siong, Minister in Prime Minister’s Department, Malaysia; Rimsky Yuen, Secretary for Justice, the Government of the Hong Kong SAR; and Vincent HS Lo, Chairman of the HKTDC, each delivered speeches at this morning’s opening ceremony.

“The eagerly anticipated free trade agreement between Hong Kong and ASEAN will be signed very soon,” said Mr Lo. “The pact is a momentous one, as the world’s focus now falls on Asia to drive economic growth. Against this backdrop, the relationship between Malaysia and Hong Kong is taking on new significance.” Mr Lo remarked that China’s Belt and Road Initiative spans more than 60 countries, covering 30 per cent of the world’s GDP, presenting massive business opportunities for infrastructure investment, financial and trade integration, as well as social and cultural exchange. “A plan of this scale also needs us to work together. To mine the potential, Malaysian enterprises can work with Hong Kong, which offers unmatched advantages,” he said.

“While Malaysia develops its own economy, it is also a major player in the ASEAN community; and as Hong Kong remains a vital international gateway to the Chinese mainland, it is also repositioning itself as a springboard for intra-Asia and international interaction. As such, we each play important roles in driving the region’s development as we evolve ourselves. At this special time, we are delighted to bring ‘In Style, Hong Kong’ here to showcase the best of Hong Kong business and lifestyle. And more importantly, we will suggest ways to turn these into opportunities for your own business and market.”

Also speaking at the opening ceremony, Rimsky Yuen, Secretary for Justice, the Government of the Hong Kong SAR highlighted Hong Kong’s role as trend-setting city in the region, and said he is “confident that ‘In Style, Hong Kong’ will foster even closer and stronger links between Malaysia and Hong Kong.”

“Building on the flourishing relationship between Malaysia and Hong Kong, the Hong Kong-ASEAN Free Trade Agreement and related investment agreement will be signed very soon. We are grateful to all the members of ASEAN, including Malaysia, for their contribution in attaining our shared goal. Not only will the free trade agreement provide an appropriate forum to further enhance the flows of trade and investment between Hong Kong and ASEAN, it will further strengthen Hong Kong’s role facilitating mainland China business to go global and overseas enterprises to enter the mega mainland market,” said Mr Yuen.

YB Datuk Seri Ir Dr Wee Ka Siong, Minister in Prime Minister’s Department, Malaysia, also mentioned the free trade agreement in his remarks. “To further strengthen our relationship within ASEAN with Hong Kong, our government has agreed to ratify a free trade agreement and investment agreement between ASEAN and Hong Kong. Among other measures under this FTA, Malaysia will abolish import duties on certain trade goods and streamline our import regulations with those of the World Trade Organization,” he said. “The FTA will facilitate more effective and efficient trade links between the region and Hong Kong. This is significant for Malaysia, too, to take part in the ASEAN-Hong Kong trade, which generated US$106.8 billion in total merchandise trade in 2016.”

“Moving forward, we will continue to cultivate our warm bilateral relationship with Hong Kong, whose people are as close to Malaysians as any others,” YB Datuk Seri Ir Dr Wee added.

A showcase of Hong Kong’s multi-faceted advantages

The In Style, Hong Kong mega promotion campaign seeks to promote Hong Kong’s multi-faceted advantages. Key events include the Symposium, which spotlights Hong Kong’s professional services, and the Expo, which showcases products from Hong Kong’s leading brands.

The Symposium has invited a number of Hong Kong and Malaysian business leaders and government officials to promote the strengths of Hong Kong’s professional services. The main symposium featured Professor Royce Yuen, CEO, MaLogic; Joseph Phi, President, LF Logistics; Kevin Huang, CEO, Pixels Ltd; and Nicholas Ho, Deputy Managing Director, hpa. The speakers examined how Hong Kong’s service companies can help Malaysian companies expand their business. Five thematic sessions followed the main symposium, covering such topics as e-commerce, Fintech, Smart City, Innovative Design and Marketing, and Legal Risk Management in International Trade.

In addition, a business support zone was set up at the symposium venue, with a group of Hong Kong professional service providers from the accounting, legal, marketing, finance and business services sectors offering free onsite consultations.

The two-day Expo (7-8 November) is designed for buyers and representatives, from importers, distributors, retailers, brand agents, franchisees, department stores and specialty stores in Malaysia and neighbouring countries, to source stylish products created by Hong Kong companies. The Expo features 40 exhibitors showcasing Hong Kong brands in such sectors as home electronics, gifts and premium, fashion accessories and watches, and eco-friendly products. In addition, the Expo is displaying a range of award-winning products of the Hong Kong Smart Design Awards to showcase Hong Kong’s creative and design capabilities.

Strong business links between Hong Kong and Malaysia

According to 2016 trade figures, Malaysia was Hong Kong’s 10th-largest trading partner and fourth-largest among ASEAN countries. In the first nine months of 2017, trade between the two economies amounted to US$12.5 billion, up 12.1 per cent year on year. In terms of investments, Hong Kong, last year, was Malaysia’s largest source of foreign direct investment, with total investment reaching US$3.5 billion, up 50 per cent over 2015.

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