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| Director-General of Investment Promotion at Invest Hong Kong Mike Rowse (fifth from left) and Zhaoqing Mayor Yang Haoming (fourth from left) attend the “Hong Kong and Zhaoqing: Your Winning Formula in China” joint promotion event in Chicago on June 9. Joining them are (from left) Director of Hong Kong Economic and Trade Office in New York Monica Chen, Zhaoqing Vice Mayor Guan Peng, Deputy Consul-General of the People’s Republic of China in Chicago Chu Maoming, Corporate Vice President of Leggett & Platt Arnold Berney, retired Managing Director and head of global relationship banking, Citigroup Asia Pacific Gary Clinton and Vice Chairman of the U.S.-China Business Association Colin Wu. |
More than 220 U.S. business executives eager to learn how best to set up their business operations in Hong Kong and China heard first-hand how to do it at a seminar in Chicago on June 9.
The seminar, “Hong Kong and Zhaoqing: Your Winning Formula in China,” was organized by Hong Kong’s investment promotion agency, Invest Hong Kong, and the Zhaoqing Municipal Government.
The seminar featured case studies and practical tips on how U.S. companies can build their businesses in China and capitalize on the massive growth in the region. Business executives learned how their companies can benefit from establishing their regional headquarters in Hong Kong to oversee their manufacturing and business operations in the Greater Pearl River Delta (GPRD) region and mainland China. This winning formula links the advantages of competitive manufacturing and sourcing in the GPRD with the international business environment of Hong Kong, Asia’s most business-friendly city.
The Hong Kong and Zhaoqing delegations were led by Director-General of Invest Hong Kong Mike Rowse and Zhaoqing Mayor Yang Haoming, respectively.
“Hong Kong is a natural entry point for U.S. companies to start their businesses in Asia, and a logical place from which to oversee their Asiawide operations.” Mr. Rowse said. “The U.S. is Hong Kong’s second-largest trading partner after mainland China and one of the largest sources of foreign direct investment. U.S. direct investment in Hong Kong amounted to US$35.6 billion in 2006. More than 1,200 U.S. companies are based in our city, with about 70% of these businesses being regional headquarters or offices.
“There is a strong presence of professional services, with the leading accounting firms, law firms and consultancies all having offices here,” he added. “Large U.S. financial institutions, insurance companies and investment banks also have a significant presence in Hong Kong. Many of them are increasingly engaged in business with mainland China from their base in Hong Kong. As the mainland China economy continues to flourish, it offers new opportunities for Hong Kong-based companies to successfully grow their international businesses.”
“Zhaoqing is located in the midwestern part of Guangdong Province, only 100 kilometers away from Guangzhou,” Mr. Yang noted. “It is within one hour’s drive of greater Guangzhou and is only three hours to Hong Kong and Macau. Our city has become a popular destination for foreign investment, as our outward-looking economy has been developing rapidly in recent years.
“The U.S. and Zhaoqing have strong ties in various areas, including business, tourism, education and R&D,” the mayor added. “The total trade between U.S. and Zhaoqing was US$708 million in 2007. At present, there are over 1,300 foreign-invested enterprises in Zhaoqing, including 59 companies from the U.S. They play an important role in helping Zhaoqing become a modern industrial city. The city plans to focus on metal processing, renewable energy, equipment manufacturing with an emphasis on auto parts, special equipment, general machinery, electronic information technology and biopharmaceuticals. There are abundant opportunities for U.S. investors in these areas.”
The seminar included case study presentations by Gary Clinton, recently retired managing director and head of global relationship banking, Citigroup Asia Pacific; and Arnold Berney, corporate vice president of Leggett & Platt. In addition, Deloitte Tax LP partner Peter Guang Chen shared practical tips on investing in Hong Kong and China, and Richard Tam, director of the Hong Kong Trade Development Council in Chicago, explained his organization’s services. Finally, Tang Haizhou, director of the Bureau of Foreign Trade and Economic Cooperation of Zhaoqing City, briefed participants on the services the bureau provides.
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