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2 September 2002, Hong Kong

Plenary Session

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Hong Kong's Platform Advantage for Korea's production relocation to the PRD highlighted at Round Table talks

Hong Kong's advantages for Korean companies to shift production to the Pearl River Delta (PRD) was a key focus of the 9th Hong Kong/Korea Business Round Table held today (September 2) at the SAR.

Trade Development Council (TDC) Chairman Peter Woo said that the PRD is a "sizable and compelling story". He noted that it is important to understand there are choices in the region - and that the PRD may be the best option among several good choices for where to sell to, buy from and invest in for Korean businesses.

"The Pearl River Delta Region is the wealthiest part of the Chinese mainland, the fastest growing area of China - as well as one of the fastest growing in the world, and the largest manufacturing basin in the world," observed Mr. Woo.

Chairman Woo stated: "With over twenty years experience and first mover advantage of building successful business ventures in China, Hong Kong is a successful China risk manager". Hong Kong is responsible for 47 per cent of all investment in the Chinese mainland.

Foreign enterprises are likely to have a faster and higher rate of success in the China market when they use the value-added services of Hong Kong companies added Mr. Woo.

Other topics of discussion at the Round table included an update of the Closer Economic Partnership Arrangement (CEPA) between the mainland and Hong Kong, improvement of policy for FDI and Hong Kong's investment into Korea, the advantage of Hong Kong as a platform for Korean companies to source from, sell to and shift production to the PRD, and an update on the North and South Korean relationship.

A second round table meeting on Korea's IT development and Korea / Hong Kong cooperation was also held today. Korea's current e-commerce and ICT industry and partnership opportunities with Hong Kong was a focus.

Chief Secretary for Administration The Hon. Donald Tsang hosted a luncheon at Government House for members of the Round Table from both sides