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The Hong Kong Economic and Trade Office, Berlin (HKETO, Berlin) of the Government of the Hong Kong Special Administrative Region (HKSAR) hosted at its new office in Berlin a luncheon presentation on January 19 (Berlin Time) for a delegation from Hong Kong headed by President of the Law Society of Hong Kong (HKLS), Mr Huen Wong, to promote Hong Kong as an international legal platform for doing business, in particular, cross-border business and investment deals in China and Asia.
In his welcoming remarks, Director of HKETO, Berlin, Mr Stephen Wong, said "Hong Kong maintained its status as Asia's second-largest destination for foreign direct investment, only behind Mainland China. Hong Kong's economic interaction with Mainland China has become more intense and sophisticated, chiefly through strengthened financial linkages. In the first three quarters of 2010, GDP in Hong Kong grew by 6.8% in real terms over the previous year.
"The service sector is the driving force of the Hong Kong economy, making up over 90% of Hong Kong's GDP. Professional services, including legal services, are one of the key industries of Hong Kong, making up 11.9% of GDP," he added. "Now when you do business in China, you will need to bring along lawyers, particularly those from Hong Kong because of their world class professional services," Mr Wong concluded.
In his presentation, Mr Huen Wong pointed out that the unique "One Country, Two Systems" principle has provided Hong Kong with the sound fundamentals for economic, social and legal development. He went on to present how German businesses could use Hong Kong as the platform for doing business in China and the Asian region, as well as the emerging opportunities for collaboration between German and Hong Kong lawyers in servicing clients in cross-border business and investment deals.
"Hong Kong's free trade and free market economy, efficient transportation network and communication infrastructure render it a superb base for overseeing German business operations in Greater China and Asia," said Mr Huen Wong.
"Hong Kong, as an international arbitration and dispute resolution centre, has established regimes under Hong Kong laws to protect business' rights in case of cross-border disputes," he added.
Legal representatives from internationally leading law and audit firms as well as business leaders from outstanding banks and technology enterprises in Germany attended the presentation. The feedback was encouraging and certain companies expressed interest to further explore with HKLS and law firms in Hong Kong the way forward in fostering partnership and business cooperation.
After his presentation, Mr Huen Wong was interviewed by TV. Berlin and the German news agency dapd. He said, "Hong Kong has an effective and fair judicial system, which is a source of confidence and protection to investors from central Europe to do business in China." In respect to the close proximity to Mainland China, Mr Huen Wong added, "Hong Kong has a pool of multi-jurisdictional legal talents who have diverse experience in handling cross-border transactions involving international clients and the Mainland parties."
Apart from the luncheon presentation, Mr Huen Wong also joined Mr Stephen Wong to meet with the Directorate-General of Judicial System of the Federal Ministry of Justice, Ms Graf-Schlicker, to update her on the latest development of professional legal services in Hong Kong as well as to promote the Basic Law under the principle of "One Country, Two Systems".
In addition, they met with influential stakeholders in the German legal community, namely, the representatives of the German Bar Association headed by its President, Professor Wolfgang Ewer. The HKLS delegation also met with partners of the leading law firm Salans LLP, Dr Christof Kautzsch and Dr Hermann Meller, to enhance mutual understanding of the legal systems as well as to explore potential cooperation opportunities in Hong Kong and Germany.
Hong Kong is an international legal hub in Asia with an effective and fair judicial system, a source of confidence and protection to investors in Central Europe who wish to establish business in Hong Kong.
Hong Kong possesses many qualified lawyers with a wide range of experience in providing legal services in fund raising, corporate finance, securities, banking, international trade and related cross-border transactions. They are internationally recognised for their skilled performance as risk managers in cross-boundary deals.
Apart from that, Hong Kong is also a regional centre of dispute resolution. Hong Kong is the largest offshore Renminbi (RMB) settlement centre in the world, benefiting from its close proximity to Mainland China. Lawyers practising in Hong Kong have substantial experience in handling international trade settlements in RMB transacted between Hong Kong and designated Chinese cities on the Mainland. Their knowledge of the Mainland China market and its regulatory framework facilitates cross-border transactions involving international clients and the Mainland parties.
About Hong Kong Economic and Trade Office, Berlin
HKETO, Berlin is HKSAR Government's first overseas representative office established since Hong Kong's reunification with China in 1997. It is the official HKSAR Government representative in commercial relations and other economic and trade matters in Switzerland, as well as in Austria, the Czech Republic, Germany, Hungary, Poland, the Slovak Republic and Slovenia. HKETO, Berlin can be contacted at cee@hketoberlin.gov.hk and by telephone at +49 30 2266 77228. More information can be found at www.hketoberlin.gov.hk
Ends/Thursday, January 20, 2011
Issued at HKT 04:54
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