Business boost: Canadian Minister of International Trade David Emerson and Secretary for Commerce & Economic Development Frederick Ma witness the signing of the Hong Kong-Canada agreement on investment promotion co-operation.

Secretary for Commerce & Economic Development Frederick Ma and Canadian Minister of International Trade David Emerson today announced the signing of a memorandum of understanding on investment promotion co-operation.

The move will help identify strategic investments from Hong Kong into smaller Canadian companies who are seeking capital and local market expertise to launch business opportunities on the Mainland.

Hong Kong ranks eighth globally in terms of investment holdings in Canada with $39.9 billion in direct investment. At the end of 2006 Canadian direct investment in Hong Kong stood at HK$31.1 billion.

Mr Ma said the pact highlights Canada's longstanding recognition of Hong Kong as a strategic investment destination.

"This is an important step which reinforces the well-established ties between Canada and Hong Kong. We look forward to this MOU benefiting investors in both our economies, and promoting overall economic growth."

Mr Emerson said investment promotion is an important part of the Canadian government's new Global Commerce Strategy.

"Canada places great importance on enhancing its commercial relations with Hong Kong and recognises the benefit of increasing two-way investment between our economies. Hong Kong ranks third among Canadian investment destinations in Asia.

"By working collaboratively through targeted activities specified in the MOU, Canada and Hong Kong expect to significantly increase private sector investment activity in both markets."

A series of seminars will be jointly organised by the Hong Kong Commerce & Economic Development Bureau and Foreign Affairs & International Trade Canada. They will take place later this year in cities across Canada.