HONG KONG--(BUSINESS WIRE)--The Financial Secretary of the Hong Kong Special Administrative Region Government, Mr John Tsang, who has been in the Chilean capital with a high-level business delegation since December 1, met with various Chilean finance officials today (December 3, Santiago time).
Mr Tsang first called on the Deputy Governor of Central Bank of Chile, Mr Manuel Marfan, followed by bilateral talks with the Chilean Minister of Finance, Mr Felipe Larrain.
Later, Mr Tsang addressed a luncheon for the Santiago business community hosted by Standard Chartered Bank. He stressed that Hong Kong enjoys a reputation not only as an international banking centre, but also as China's most important centre for global finance.
"What sets Hong Kong apart in Asia is the convergence of the unique 'China advantages' and 'global advantages'," said Mr Tsang. With low taxes and an open economy, Hong Kong is the preferred platform to carry out both China-related activities globally, and also global operations in the Greater China market.
"These competitive advantages support our asset management business, offshore Renminbi functions and capital formation activities. They also attract and anchor capital and talent from around the world, including Chile."
He encouraged Chile's resources sector to consider the potential of a Hong Kong listing, saying that Chilean firms listing in Hong Kong can take advantage of Hong Kong's market liquidity, attractive valuations and access to investors in Mainland China.
Yesterday, Mr Tsang met with the Santiago business community in a breakfast meeting organised by Invest Hong Kong - the government department responsible for attracting and facilitating foreign direct investment into the city. He also called on the Chilean Minister of Agriculture, Mr José Antonio Galilea, during which he witnessed the signing ceremony for the Hong Kong - Chile Memorandum of Understanding (MOU) on co-operation in wine-related business, the first ever agreement that Hong Kong sealed with a South American country.
He also met the Chilean Minister of Economy, Development and Tourism, Mr Juan Andres Fontaine Talavera.
At a business luncheon organised by the Hong Kong Trade Development Council, Mr Tsang talked on key areas where stronger co-operation between Hong Kong and Chile can boost bilateral trade and investment, promote free markets in the Asia Pacific and create jobs, wealth and even stronger links.
Mr Tsang stressed Hong Kong's unique free agreement with Mainland China, the Closer Economic Partnership Arrangement (CEPA).
"Companies from around the world, including Chile, that are incorporated in Hong Kong can enjoy the full benefits of CEPA in accessing markets throughout Mainland China. Companies in no fewer than 44 services areas now enjoy a first-mover advantage and enhanced access to Mainland markets under CEPA. These are banking, insurance, mining services, trade and logistics and shipping services," he said.
Prior to their departure from Santiago for Brazil on December 5, Mr Tsang and his delegation will visit the vineyards tomorrow (December 4, Santiago time).
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