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Springboard into China and global markets with Hong Kong trade ties

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Springboard into China and global markets with Hong Kong trade ties

Hong Kong and Cambodia have maintained close ties and trade and economic relations over the years. According to the Council for the Development of Cambodia, Hong Kong is one of the major sources of foreign investment in Cambodia.

In 2019, Hong Kong was the second largest foreign investor in the Kingdom, with investment reaching $913 million.

Bilateral trade between Hong Kong and Cambodia reached $1.1 billion in 2020. Despite the Covid-19 pandemic, total trade between the two economies still recorded nearly nine per cent growth in that year.

One of the major trade-related developments between the two places regards the Free Trade Agreement and the Investment Agreement between Hong Kong and the Association of Southeast Asian Nations (ASEAN) that came into effect on February 12.

Hong Kong enterprises and service providers are now able to enjoy full benefits as committed to by all 10 ASEAN member states under the agreements. Their business opportunities in ASEAN markets will be greatly enhanced.

The Hong Kong-Cambodia relationship can be further strengthened through trade as well as investment, business ventures and cultural and people-to-people exchange.

There is a lot Cambodia can tap into with Hong Kong as its partner in exploring new business opportunities in the Mainland of China, the region and the world market.

The enactment of the national security law and the impending improvement to the electoral system of Hong Kong have helped ensure that patriots administer Hong Kong with the goal of getting on with the substantive business of building a flourishing economy and providing for an engaged community. Hong Kong’s status as an international financial centre has remained solid.

The city has continued to thrive as a global hub for financing, offshore renminbi business, and asset and risk management, and is fully committed to promoting the development of green and sustainable finance.

Despite the pandemic’s economic fallout, Hong Kong’s economy has continued to function well.

Driven by a strong recovery in trade and the Hong Kong Special Administrative Region Government’s continued investment, Hong Kong’s economy in the first quarter of 2021 rebounded strongly, recording year-on-year real growth of 7.9 per cent and an increase of 5.4 per cent over the preceding quarter.

Hong Kong will rise again to the challenges with its unique advantages such as a free and open economy, the rule of law and judicial independence, making the city an attractive place for investment.

Looking ahead, Hong Kong’s flourishing future is underpinned by its role as the multilevel business bridge between the Mainland and the rest of the world.

The 14th Five-Year Plan of the Central Government duly recognises Hong Kong as a global financial, transport and trade centre, and supports the city’s development as an international hub for aviation, innovation and technology.

Hong Kong will capitalise on the Guangdong-Hong Kong-Macao Greater Bay Area development as the best entry point to grasp the opportunities arising from the Mainland’s development.

The Hong Kong Economic and Trade Office in Bangkok.

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