Aa

RESOURCE CENTER

Press Release

Hong Kong as Asia’s World City reaffirmed at INSEAD/Wharton Global Forum in Moscow

2004.05.30

“Hong Kong is your business partner in China” was the message as Mr. George Yuen delivered his address at the INSEAD/Wharton Global Forum in Moscow on May 21st, 2004 when the alumni of the two world’s top business schools had their joint annual meeting in Russia.   Mr Yuen spoke in his capacity as Chief Executive of The Better Hong Kong Foundation and an INSEAD graduate, at the forum’s workshop on “Emerging Consumer Markets”.  He told the gathering of more than 200 corporate leaders, being alumni of the two business schools from the United States of America, the United Kingdom, Russia, European Union, the Middle East and Asia countries that “Excellent business opportunities await for both multinational corporations and small and medium enterprises on mainland China in the respect of market expansions and manufacturing set-ups.  Mr. Yuen remarked, “This is particularly timely after China’s accession to the WTO for the country has to be a responsible and responsive global player in the present rule-based economy.”

Mr. Yuen reasserted the pivotal role Hong Kong played because of its long experience in international trade with its economic strengths and professional expertise in dealing with enterprises in China and those in the rest of the world.  “Clearly, Hong Kong international financial stature is unrivalled in Asia because of its location, reaching some 40% of the world population within 4 hours of flying time.  Besides, Hong Kong is positioned in the 24 trading-time cycle between two other financial capitals, New York and London.  More significantly, Hong Kong’s pillars of strength are its rule of law, low tax structure, freedom of information, clean government, level-playing field principle and well proven best practice in financial and institutional tradings.” Mr. Yuen added.

During his visit to Moscow, Mr. Yuen met Mr. Mikhail Fradkov, Prime Minister of Russia Federation and Mr. Aleksey V. Kuznetsov, First Deputy Chairman, Government of the Moscow Region.  Mr. Yuen had also made alliance with an influential business group, Russian Information Agency, in Russia as the group would lead a business delegation to Hong Kong and the Pearl River Delta (PRD) region in coming October.  This would be followed by two more delegations, one from Kuwait and other from Israel as both would be interested in investing in South China as the greater PRD offers good business prospects and development potential.  They would be expected to make their visits in November 2004.

Mr Yuen described the INSEAD/Wharton Global Forum a great success for Hong Kong to promote overseas especially in Russia and CIS.  The timing of the visit had been excellent as the meeting followed the Chief Secretary’s visit to Moscow on May 18th and the Hong Kong Jewelry Manufacturers’ delegation to Russia on May 19th.  

For enquiries, please contact Ms. Elsie Leung, Communications Manager, The Better Hong Kong Foundation at (852) 2861-2622 or by fax at (852) 2861-3361.

– END –

The Better Hong Kong Foundation is a privately funded, non-profit, non-political organization, formed by leading Hong Kong business people to reinforce Hong Kong’s role as the leading regional financial, shipping, trading, communications and technology center.  The Foundation also serves to enhance greater international understanding between East and West by facilitating communications between Hong Kong, China and the international community.