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Trade and Industry Department The Government of the Hong Kong Special Administrative Region
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Press Release 2007

DGTI attends seminar on trade in services 
Tuesday, November 27, 2007

The Director-General of Trade and Industry, Mr Joseph Lai, today (November 27) attended a seminar on trade in services in Shanghai, introducing the development of Hong Kong's services trade to international experts. 

Organised by the Department of Trade in Services of Ministry of Commerce, the seminar covered topics including the trend on international trade in services, latest development in trade in services statistics, and the enhancement of management, facilitation and statistical work of Mainland's trade in services.

Speaking at the seminar, Mr Lai said Hong Kong possessed competitive edges in the areas of human resources, sophisticated infrastructure, the rule of law, free flow of information, efficient government and excellent international network, all of which were conducive to the development of the services industry. Along with the robust economic growth in the Mainland and Hong Kong's comparative advantages, trade in services would be a focal point of Hong Kong's external trade in the future.

The services industry currently accounts for over 90% of Hong Kong's Gross Domestic Product (GDP). Around 90% of the working population is engaged in the services industry. The Mainland, which sees 40% of its GDP coming from the services industry, possesses great potential to grow.

"Hong Kong plays a significant role in facilitating the development of Mainland's service industry. It serves as a bridge for Mainland enterprises to enter international markets, and to attract foreign inward investment. The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) provides a business platform through which the two sides combine their comparative advantages and work out opportunities for cooperation," Mr Lai said.

At present, the Mainland is already Hong Kong's top trading partner in services trade, accounting for 26% of its total value.

Mr Lai briefed participants on the three major service areas in Hong Kong – financial services, logistics services and tourism. Looking ahead, Mr Lai said Hong Kong would further strengthen its cooperation with the Mainland. Focusing on modern services trade, the government would tie in with the National 11th Five-Year Plan and worked closely with private enterprises and different sectors of the community through the CEPA and various other mechanisms.

He hoped the seminar would facilitate cooperation among services trade experts from the Mainland, Hong Kong and other economies, thereby bringing mutual benefits to all parties.

Meanwhile, Mr Lai also had a dinner with a group of Shanghai-based Hong Kong businessmen to exchange views on trade issues of mutual concern.

Ends