From the Commissioner
Dear friends,
It was an auspicious start to 2009 as The Heritage Foundation, in conjunction with The Wall Street Journal, ranked Hong Kong the world's freest economy in the 2009 "Index of Economic Freedom."
It was the 15th consecutive year Hong Kong topped the ranking. It is welcome recognition of Hong Kong's continued observance of free-market principles and the rule of law, as well as the dynamism of Hong Kong people's entrepreneurial spirit.
Such accolades serve as the basis for my message as I travel across the United States.
I began the year with a trip to Reno, Nevada where I hosted a dinner for the Board of Directors of Reno Sparks Chamber of Commerce, one of northern Nevada's largest business organizations.
I briefed chamber members on Hong Kong's latest economic and business developments as well as the growing trade and investment opportunities due in large part to the maturing and vibrant Mainland of China economy.
During a visit to Carson City, I met with Governor Jim Gibbons and his colleagues with the Nevada Commission on Economic Development.
I took the opportunity to highlight Hong Kong's appeal as a business center, particularly in light of the opportunities created by the Closer Economic Partnership Arrangement, Hong Kong's free trade pact with the Mainland of China.
I explained to the Governor that Hong Kong's numerous infrastructure links to the Mainland – from the Hong Kong-Shenzhen Western Corridor to the Hong Kong-Zhuhai-Macao Bridge – would further strengthen the city's credentials as a business and logistics hub.
I also noted Hong Kong's scrapping of the wine duty last February aims to position the city as a regional hub for wine-related trade, storage and distribution.
U.S. companies wasted no time in seizing the opportunity. American wine merchant Acker Merrall & Condit fetched a record-breaking US$8.2 million in its first wine auction in Hong Kong. Later in the year it netted sales of $6.7 million in a second auction.
I invited the Governor to encourage Nevada wine-makers to participate in Hong Kong's International Wine Fair, noting that last year's fair attracted some 8,000 buyers from 55 countries.
While in Carson City, I also met with Steve Woodbury, chief deputy director of the Nevada Commission on Tourism. I updated him and his colleagues on Hong Kong's efforts to boost tourism development, including waiving of our hotel accommodation tax.
On the hardware side, Hong Kong has committed US$2.8 billion to develop a 100-acre cultural hub in West Kowloon. The project, expected to be completed in 2015, represents a major investment in our cultural and arts infrastructure.
In addition, a new cruise terminal will be introduced at the old Kai Tak with the first berth expected to be operational in 2013.
In Las Vegas, I visited the Consumer Electronics Show 2009 which included a Hong Kong Pavilion comprising some 70 exhibitors from Hong Kong.
During the visit, I met with Noel Lee, board member of the Consumer Electronics Association and founder and CEO of Monster Cable Products Inc.
The company is one of the world's leading manufacturers of connectivity solutions for, among other things, high performance audio, video and gaming.
Monster Cable set up its regional headquarters in Hong Kong in 2005 and expanded its presence last year with a regional logistics center. With its new logistics center, the company is taking full advantage of Hong Kong's proximity and connectivity to the Pearl River Delta to further distribute its products to the marketplace.
I also met with Dan Cole, vice president of sales and business development at the Consumer Electronics Association, and encouraged the association to consider hosting an Asian version of the Consumer Electronics Show in Hong Kong.
Hong Kong has intensified global efforts to promote the city as a destination for Meetings, Incentives, Conventions, and Exhibitions, commonly known as "MICE."
During a meeting with John Bischoff, vice president of International Branding Strategy of the Las Vegas Convention and Visitors Authority, Mr. Bischoff indicated that the authority was contemplating setting up a representative office in Hong Kong.
I outlined the many advantages of having an office in Hong Kong, including the city's appeal to international and Mainland of China tourists as well as multinational corporations.
In 2008, visitor arrivals totaled 29 million, an increase of 4.7 percent on the 28 million arrivals welcomed in 2007.
As for multinationals, Hong Kong is host to over 6,600 overseas and Mainland companies.
Among these, the U.S. commercial presence is significant. The U.S. tops the list of countries with regional operations in Hong Kong – increasing to over 900 in a decade.
This is a real vote of confidence in our role as Asia's leading business hub and a reliable partner for U.S. businesses.
My visit to the Silver State concluded with meetings with Judy Fleischman and Roxane Unverrich, District Representatives of U.S. Congresswoman Shelley Berkely's Office; Cathie Ambrosio, Director of U.S. Senator John Ensign's Office; and Christina Martinez, regional director of Harry Reid's Office.
Throughout these meetings, I emphasized Hong Kong's staunch support for free trade, the rule of law buttressed by an independent judiciary, and a clean and transparent government – all of which position Hong Kong's as an ideal partner for U.S. businesses wishing to utilize the city to tap the regional and Greater China markets.
HONG KONG ECONOMIC AND TRADE OFFICE IN WASHINGTON D.C.
1520 18th Street, N.W., Washington, DC 20036
Tel: (202)331-8947 Fax: (202)331-8958
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Copyright @ 2003, Hong Kong Economic and Trade Office in Washington D.C.
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