HK to lure manufacturing of more brand-name products

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Last updated at: (Beijing Time) Wednesday, January 14, 2004

HK to lure manufacturing of more brand-name products

The Hong Kong Special Administrative Region (HKSAR) government pledged Wednesday to continue improving business environment, simplifying procedures and improving regulations.

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The Hong Kong Special Administrative Region (HKSAR) government pledged Wednesday to continue improving business environment, simplifying procedures and improving regulations.

Secretary for Commerce, Industry and Technology John Tsang said in a written reply to the Legislative Council on Wednesday that the measures will be taken to attract the manufacturing of more brand-name and high-value added products in Hong Kong.

He said under the Chinese Mainland-Hong Kong Closer Economic Partnership Arrangement (CEPA), which became effective on Jan 1, 2004, Hong Kong products covered by the 374 Chinese mainland 2004 tariff codes enjoy zero tariff when exported to the Chinese mainland.

Since no tariff is required, Hong Kong products enjoy an edge on pricing compared with those produced elsewhere. The zero tariffpreference under CEPA provides an unprecedented incentive for manufacturers to set up factories in Hong Kong.

He believed that the zero tariff preference will attract to Hong Kong the manufacturing of more brand-name products and high value-added products, or products with substantial intellectual property content.

With regard to macro policies, apart from further improvement of Hong Kong's business environment, the financial secretary will merge and reorganize the committees under his purview to establisha high-level body.

Its task will be to improve co-operation between government andbusiness, strengthen comprehensively advantages for doing businessand create jobs.

Tsang said Hong Kong will also continue to provide the necessary support to the industrial sector. Key measures include making available land in the industrial estates managed by the Hong Kong Science and Technology Parks Corporation and providing standards and conformity assessment services through the Hong KongAccreditation Service.

Vigorous promotion of Hong Kong brand names and establishment of an overall image of Hong Kong products and services through theHong Kong Trade Development Council (TDC) will also be arranged tohelp various sectors expand their export markets.

He said since the announcement of CEPA, InvestHK has been vigorously promoting the business opportunities brought about by CEPA to both foreign and Mainland enterprises.

Besides, the 11 Economic and Trade Offices in the Chinese mainland and overseas have been actively promoting the zero tariff preference under CEPA to attract overseas manufacturers to carry out production activities in Hong Kong.

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