Hong Kong woos Indian investors with business-friendly benefits

At an interactive seminar in Kolkata organised by the Bengal Chamber of Commerce in association with Invest Hong Kong on Monday, the Special Administrative Region of China made a strong pitch for its business environment.

The prime focus of the seminar was on informing the audience regarding the ease of doing business in Hong Kong, which has been acting as a gateway to the Mainland China and Asia Pacific markets.

Francis Ho, the Associate Director General of InvestHK, the government department responsible for attracting and facilitating foreign direct investment (FDI), said the Closer Economic Partnership Agreement (CEPA), which has been signed by China and Hong Kong, facilitates more duty free movement of goods among the two territories.

Pointing out the benefits offered by InvestHK, he said: "We offer free advice and services to support companies right from the planning stage right through to the launch and expansion of their business in Hong Kong."

Ho highlighted the One Belt One Road initiative taken by China to stress on better connectivity and cooperation between the member countries, hence simplifying one of the major aspects any business needs to consider - logistics.

Bringing to light a touch of history, he also spoke of the Indo-HK relations dating back to the 1840's.

Encouraging entrepreneurs to choose Hong Kong as a business centre, Ho gave a presentation which showed political stability, a pro-business government, free flow of information, low and simple tax regime, and easy connectivity to all of Asia's major business cities as the prime points.

He laid special emphasis on the government support which SMEs get in the form of subsidised office space, loan guarantee schemes as well as financial support for digital startups.

About the commercial taxations, he informed the gathering that there are no Value Added Tax (VAT), Goods and Service Tax (GST) or any other sales tax in Hong Kong.

Speaking on one of the major industries, Ho said "84% of the leading luxury and fashion retailers operate in Hong Kong."

Rampat Gupta, Consultant, Hong Kong Trade Development Council gave a brief about InvestHK's role in the economy of Hong Kong.

"Established in 2000, InvestHK's prime focus is to promote the region as the leading business location in Asia," said Gupta.

"The mission is to bring in FDI, which is of strategic importance to the economic development of Hong Kong," he added.

Answering a question regarding how the system works, Gupta said: "We try to link you up with local business contacts, speed up the government registration norms, guide you through the other legalities, provide marketing support and facilitate your visa applications."

Giving the audience a brief on HKTDC, he stated: "We promote Hong Kong products and services, along with organising international trade fairs,exhibitions and conferences, publishing magazines as well as matching business which are related to one another."

"Some of our unique features include an online portal for startups, organising face to face meetings between buyers and suppliers, and a system called 'hktdc.com Small Orders' which allows buyers to try out products in small quantities before finding the best deal and deciding to purchase in bulk' added  Gupta.

Smarajit Purkayastha, Assistant Director General,The Bengal Chamber of Commerce, also spoke on the occasion.

(Reporting by Sagar Ghosh)