Hong Kong's position as the Asian time zone's premier global finance centre and its comprehensive shipping services has attracted worldwide shipping firms and ship-financing institutions to establish businesses here.

Permanent Secretary for Transport & Housing (Transport) Francis Ho gave the remarks at a seminar on the development of ship finance between Hong Kong and Ningbo today.

Mr Ho said the city's free port, simple and low tax regime, free flow of capital and information, common law, well-established judiciary and arbitration services are among the favourable factors for doing business here.

The shipping industry is one of Hong Kong's economic pillars, with 850 shipping-related firms operating in the city, and the Hong Kong Shipping Register recording more than 43 million gross tonnage in September, ranking it one of the world's top five ports, he noted.

The seminar was organised as part of the Ningbo-Hong Kong Economic Co-operation Forum by the Ningbo Municipal Government and the Trade Development Council to promote trade and economic co-operation between the two cities.