Invest Hong Kong (InvestHK), a local government department, hosted a seminar in Tianjin on Oct 21, encouraging Tianjin enterprises to leverage Hong Kong's business advantages to accelerate their overseas expansion under the National 14th Five-Year Plan (2021-25, FYP). 

During the event, Jimmy Chiang, associate director-general of Investment Promotion, said Hong Kong has been an important economic and trade partner, as well as one of the largest sources of foreign direct investment, for Tianjin. It will be an ideal platform for Tianjin enterprises from which to go global.

"The 14th FYP clarified the state's support for Hong Kong to enhance its status as an international financial, transportation and trade center, and as a base offering international legal and dispute resolution services in the Asia-Pacific region," he said, adding that four sectors -- aviation, innovation and technology, regional intellectual property trading and cultural and art exchanges -- will be highlighted.

He also noted that Hong Kong has made the best use of the advantages of the "one country, two systems" principle under the new development pattern, participating actively in domestic circulation, as well as strengthening its intermediary role in international circulation.

According to Chiang, as Tianjin is committed to accelerating to developing its modern economic system, as well as its innovative financial demonstration zone to coincide with the 14th FYP, there will be opportunities for further cooperation between the two sides.

Head of North China Investment Promotion at InvestHK Andy Wu introduced the diverse services the department offers mainland clients at the seminar. Other speakers also discussed Hong Kong's new business opportunities, latest developments in the financial market, and new immigration schemes and services for residents from the mainland .

Two representatives from Tianjin companies, China Bohai Bank Co and the Schenck Process (Tianjin) Industrial Technology Co, shared their experience regarding how Tianjin companies have used Hong Kong's international platform to expand overseas.

The event was jointly organized by the Tianjin Municipal Bureau of Commerce, the Tianjin Development and Reform Commission, the Tianjin Municipal Science and Technology Bureau, the Hong Kong and Macao Affairs Office of Tianjin Municipal People's Government, and the Tianjin Municipal Bureau of Finance Affairs.