Canada and Hong Kong Sign Investment Agreement
Chrystia Freeland, Canada’s Minister of International Trade, and Gregory So, Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region signed a Canada-Hong Kong foreign investment promotion and protection agreement (FIPA) in Toronto earlier this month.
Areas of potential growth for Canadian investment, according to statement from the Canadian Ministry of Trade, include financial services, sustainable technologies, professional services, agricultural products and processed food, transportation, information and communications technology, and education.
“With our strong trade ties and established trade and investment links, Hong Kong is a natural partner for Canadian businesses,” said Freeland. “Hong Kong offers a dynamic economy, and today’s investment agreement will help Canadian businesses more easily access this reliable entry point into the larger Asia-Pacific region. Together, we are focused on enhancing the prosperity of Canadians at home and connecting them to opportunities abroad.”
“Hong Kong is the key trade and investment center of Asia and an ideal gateway for Canadian businesses to tap into the vast market potential in the region, particularly the mainland of China,” said So. “The signing of the investment agreement will give additional assurance to investors, expand investment flows between Hong Kong and Canada and further strengthen our existing strong economic and trade ties.”
Canadian investment in Hong Kong reached $6.1 billion in 2014. According to data supplied by Hong Kong, Hong Kong’s foreign direct investment in Canada reached $11.1 billion in 2014. Canadian merchandise exports to Hong Kong totaled $3.9 billion in 2015, making Hong Kong Canada’s eighth-largest export market for goods; in 2014, Hong Kong was Canada’s seventh-largest market for services.
There are approximately 300,000 Canadians in Hong Kong and some 500,000 people from Hong Kong living in Canada.