“We do even more exporting with Hong Kong than Texas, not bad for a land-locked small state like Utah” said Brett Heimburger, Regional Director for Asia-Pacific for the Governor’s Office of Economic Development, as he provided a warm introduction to the impressive background of Commissioner Tong. Brett Heimburger further noted the incredible 4000% increase in Utah’s trade with Hong Kong since 2006.
Commissioner Tong shared his enthusiasm for Utah on this third visit to our state and encouraged those in the audience to visit remarkable Hong Kong as well, noting that HK was ranked one of the top 10 travel destinations by Trip Advisor. In describing the “One Country, Two Systems” principle that provides Hong Kong with an unusually high degree of autonomy in economic, trade, financial and monetary matters, Commissioner Tong provided the audience with a comprehensive view of the solid and welcome business environment in Hong Kong. Through the guarantee of Basic Law, and the availability of a separate currency, the HK dollar, Hong Kong has been able to remain a free port with a separate customs territory and its own customs boundary.
Numerous factors outlined by Donald Tong that support the current and future strength of Utah, U.S. and Hong Kong trade success included:
- Hong Kong is an important market for U.S. goods: in 2010, the U.S. was Hong Kong’s second largest trading partner and 5th largest source of imports of goods
- Hong Kong is ideally geographically located in relation to both the Pacific Rim and Mainland China and has an excellent infrastructure.
- Hong Kong is a key connection between Mainland China and the U.S. and through the Closer Economic Partnership Arrangement (CEPA), offers preferable access to the Mainland market
- Hong Kong practices free trade through its rule of law and free market philosophy
- Hong Kong respects intellectual property rights
To view the PowerPoint presentation, click here.