Financial Secretary Paul Chan promotes business opportunities in the Greater Bay Area at conference in Paris

Photo shows Mr Chan (second right); the Governor of Guangdong Province, Mr Wang Weizhong (first right); the Secretary for Social Affairs and Culture of the Macao Special Administrative Region, Ms Ao Ieong U (second left) exchanging views with guests from the French commercial and industrial sector before the Conference.

24th May 2024 – (Paris) Financial Secretary Mr Paul Chan participated in the Guangdong-Hong Kong-Macao Greater Bay Area and Europe (France) Economic and Trade Cooperation Conference held in Paris on 24th May. The event, jointly hosted by the People’s Government of Guangdong Province, the Hong Kong Special Administrative Region (SAR) Government, and the Macao SAR Government, aimed to showcase the vast business prospects presented by the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to European enterprises.

Addressing over 400 French and European leaders from the commercial and industrial sectors, Mr Chan emphasized Hong Kong’s unique advantages as an ideal gateway to the Mainland market. He highlighted the city’s convenient access to the Mainland market under the “one country, two systems” framework, its practice of common law, the free flow of capital, goods, people, and information, a simple and low tax regime, and commercial rules aligned with international standards.

Mr Chan underscored Hong Kong’s status as an international financial center with an internationalized financial market and its continuous efforts to deepen market access with the Mainland. He emphasized Hong Kong’s vibrant ecosystem of venture capital and private equity funds, which can provide funding support to French enterprises at various stages of development. The Financial Secretary also highlighted the availability of Renminbi (RMB) funding through Hong Kong’s vast RMB liquidity pool, as well as the city’s offshore RMB products and risk management tools for managing RMB funds acquired through trading activities.

Additionally, Mr Chan discussed Hong Kong’s progress as an international innovation and technology center, including collaborations with sister cities in the GBA and the advancements of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone. He also emphasized the city’s commitment to becoming an international green tech and green finance center, facilitating efficient matching between international green capital and projects in the region, and actively participating in the formulation of international green standards.

Highlighting the longstanding exchanges between Hong Kong and France in commerce, trade, culture, and people, Mr Chan welcomed French enterprises to establish businesses, research and development centers, and regional headquarters in Hong Kong. He also emphasized the city’s internationalized, safe, and dynamic living environment as highly appealing to French and European talent.

During the conference, Mr Wang, Mr Chan, and Ms Ao Ieong witnessed the signing of a Memorandum of Understanding between Invest Hong Kong and three French enterprises—Prophesee, SUEZ, and Egis. Invest Hong Kong will provide support to these enterprises in their investment endeavours and operational setup in Hong Kong.