Hong Kong Special Administrative Region and Hainan province signed a memorandum of cooperation Tuesday in Hong Kong, according to a government press release.

Denise Yue, Hong Kong's permanent secretary for commerce, industry and technology, and Peng Rui Lin, director of the commerce department of the Hainan Provincial Government, signed the memorandum on behalf of each side.

On the basis of enhancing complementary, mutual benefits, and closer co-operation, and with a view to promoting the prosperity and development of Hong Kong and Hainan province, both sides agreed to enhance collaboration in trade and investment between Hong Kong and Hainan, facilitate the exchange of information, and promote business opportunities of the two places.

Hainan-Hong Kong cooperation has achieved remarkable success over the past 16 years. Hong Kong becomes the largest investment source and the most important trading partner of Hainan. The accumulative real investments made in Hainan by Hong Kong enterprises have exceeded 4 billion US dollars, accounting for 60 percent of the total foreign investments introduced into the province, and the Hainan-Hong Kong trade volume has taken up over 80 percent of Hainan's total volume of foreign trade.