Mutual benefits: Financial Secretary John Tsang witnesses the signing of a memorandum of understanding between the Law Society of Hong Kong and the Czech Republic Bar Association.

The Law Society of Hong Kong and the Czech Republic Bar Association have signed a memorandum of understanding to establish partnerships and co-operation across the legal profession in the two jurisdictions.

Witnessing the document's signing in Prague, Financial Secretary John Tsang said similar projects will be seen in other professions in the months and years ahead.

On the second day of his official visit to the Czech capital, Mr Tsang had a formal lunch with Minister of Finance Miroslav Kalousek, and gave an interview to a Czech television station.

Concluding his week-long visit to Central Europe, he said the journey was well worth the effort, and the accompanying business delegates would develop the many openings for mutually beneficial operations in the three countries that they had spotted.

"I have expounded the positive results we derive from Hong Kong's 'low tax-no tax' approach, which lets workers keep most of the money they earn owing to our low taxes in general and complete lack of them in some areas," Mr Tsang said.