Hong Kong News: Invest Hong Kong and the Board of Investments of the Philippines signed a Statement of Intent in Manila on the 24th to promote cooperation between the two regions in investment promotion exchanges and best practices.
Witnessed by the Secretary for Commerce and Economic Development, Gregory So, and the Head of the ASEAN Group of the Philippine Trade and Investment Centre, Glenn G Peñaranda, the Director-General of Investment Promotion, Simon Galpin, and the Undersecretary of the Department of Trade and Industry of the Philippines, Ponciano C Manalo, Jr, signed the Statement of Intent prior to the "Think Asia, Think Hong Kong" business seminar.
The statement indicates that both regions will establish an information exchange platform regarding their respective investment environments and opportunities, encourage enterprises interested in developing in the other's territory to establish or expand their businesses, and provide assistance to facilitate mutual investment.
At the seminar, Gregory So stated that the "Belt and Road" initiative announced by the Central Government will create demand for countries along the route, including the Philippines, increase the volume, density, and investment flows of WorldWay, and strengthen transportation links into and out of China. He also encouraged Philippine enterprises to utilize Hong Kong as an investment springboard or logistics hub to enter the "Belt and Road" market.
Simon Galpin noted that the ASEAN market has immense development potential and is one of the target markets for Invest Hong Kong. He welcomed Philippine enterprises to leverage Hong Kong's inherent business advantages and capitalize on Hong Kong's role as a super-connector between the Mainland and the rest of the world to expand their businesses in Hong Kong.