Hong Kong welcomed Canadian and other overseas companies to cash in on opportunities offered by the Chinese mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA), said a senior Hong Kong official Tuesday.

Hong Kong Secretary for Commerce, Industry and Technology John Tsang made the remarks Tuesday in Toronto, Canada (Nov. 15 Torontotime), according to a government press release Tuesday.

He said the CEPA provided excellent business opportunities for overseas companies to gain greater access to the Chinese mainland market through Hong Kong's position as an international financial center.

Addressing a luncheon hosted by the Toronto Board of Trade, Tsang said China's entry to the World Trade Organization and the implementation of CEPA had sparked renewed international interest in Hong Kong.

"There is no doubt that we are the pre-eminent two-way platformfor international companies wanting to access the China market, aswell as for Chinese companies wanting to expand onto the global scene," he said, adding that the number of overseas regional headquarters and regional offices in Hong Kong had increased by 400 to 3,600 in the past 12 months.

"With our unique position as a Special Administration Region ofChina, Hong Kong has been channeling investment and resources across the border. This helps to give greater access to the Chinese mainland for our business and professionals; as well as further consolidate our position as an international financial center and capital formation center for China," he said.

Tsang also pointed out that the Individual Visit Scheme, which allowed travelers from a number of more prosperous Chinese mainland cities to visit Hong Kong independently, together with the lifting of some other travel restrictions, had prompted a record high of 8 million Chinese mainland tourists to visit Hong Kong in the first eight months of this year.

Besides, Hong Kong was also the only place outside the Chinese mainland where personal renminbi business could be cleared, he added.

Tsang said Hong Kong's close cooperation with the Mainland had further been strengthened with the signing of CEPA.

Noting that CEPA opened up excellent new business opportunitiesin the Chinese mainland for Hong Kong as well overseas companies, he encouraged Canadian companies to leverage on the liberalizationmeasures offered by this landmark free trade agreement to gain greater access to the Chinese mainland market either by setting upin Hong Kong, partnering with a Hong Kong company, or even acquiring a company in Hong Kong.

"While CEPA is designed to benefit the service suppliers of Hong Kong and the Mainland, locally incorporated overseas suppliers who satisfy the Hong Kong service supplier criteria willalso enjoy the same benefits as Hong Kong companies," he explained.

Tsang will leave for Santiago Wednesday to attend the Asia-Pacific Economic Co-operation (APEC) 16th Joint Ministerial Meeting. He has been invited by the host, the Chilean Minister of Foreign Affairs and Trade, to be a "discussant" on the issue of the World Trade Organization at the First Retreat Session.

After attending the APEC meeting, Tsang will start a two-day visit to Los Angeles on November 22 and 23 to promote business andinvestment opportunities in Hong Kong.

Source: Xinhua