ALGERNON YAU ATTENDS TOKYO RECEPTION

Secretary for Commerce & Economic Development Algernon Yau today officiated at a reception to celebrate the 35th anniversary of the establishment of the Hong Kong Economic & Trade Office (Tokyo ETO) in Tokyo.

Speaking at the reception, Mr Yau thanked more than 300 guests from various sectors, including Japanese political and business sectors, academia, the media and community groups, for their support to Tokyo ETO's work over the years.

He pointed out that the Tokyo ETO was one of the earliest to be set up, demonstrating the close economic and trade ties between Hong Kong and Japan.

In the first four months of 2023, Hong Kong visitors were the third largest source of Japan's inbound visitors. The total amount of their consumption during the first quarter of 2023 was about 105 billion yen, coming in fourth place and accounting for more than 10% of Japan's revenue from foreign tourists, he added.

Mr Yau also highlighted that Hong Kong has always been a preferred location for foreign companies including Japanese companies.

In 2022, around 9,000 overseas and Mainland Chinese companies established a presence in Hong Kong. Out of those, about 1,400 are Japanese firms, making them the largest foreign business community in Hong Kong.

Mr Yau stressed that Hong Kong continues to enjoy unrivalled advantages under the “one country, two systems” principle, and is on track to become a gateway for foreign businesses to tap into the huge market potential of the Guangdong-Hong Kong-Macao Greater Bay Area.

He also called for support from Japanese stakeholders for Hong Kong's early accession to the Regional Comprehensive Economic Partnership Agreement.

Mr Yau today also briefed Japanese enterprises on Hong Kong's business environment and advantages during a business roundtable with the Japan-Hong Kong Business Cooperation Committee.

He hosted a lunch for Japanese lawmakers of the Japan-Hong Kong Parliamentarian League to exchange views on various trade and economic issues.

The commerce chief paid a courtesy call on Chinese Ambassador to Japan Wu Jianghao to update him on Hong Kong's latest developments.

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