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Hong Kong. Trade pact with Georgia and Record in number of firms that invest in HK

On February 13, 2019 a Free Trade Agreement between Hong Kong and Georgia will come into effect (was signed on June 28, 2018).
 
The agreement covers such areas as trade in goods and services, investments and payment mechanisms. With regard to trade in goods originating from Hong Kong, Georgia will cancel import tariffs at about 96% of its tariff lines.
 
As regards trade in services, the commitments made by Georgia include sectors such as financial services, telecommunications services, various business services, wholesale and retail services, arbitration services, audio-visual services, construction and related engineering services, environmental services, various transportation services and printing and publishing services.
 
As for investments, Hong Kong investors will have guarantees that are no less favorable than those enjoyed by Georgian investors.
 
Hong Kong also set record in number of firms that invest in HK. Invest Hong Kong assisted 436 overseas and Mainland companies to set up or expand in Hong Kong last year, up 8.5% year-on-year. The Mainland continues to lead with a total of 101 companies, followed by 63 from the United States, 43 from the United Kingdom, 26 from France, followed by Australia and Singapore each with 20.
Companies from a wide range of sectors. The main sector is innovation and technology, followed by tourism and hospitality, as well as transport and industry.
 
Director-General of Investment Promotion Stephen Phillips said that Hong Kong continues to attract foreign and mainland investors because of its main advantages and new business opportunities, especially in light of the Belt & Road initiative and recent developments in the Guangdong-Hong Kong-Macao Bay area.
 
Meantime, Financial Secretary Paul Chan Mo-po said Hong Kong has become the second largest private equity market in Asia.
As of the end of 2018, Hong Kong's privately held assets were worth $ 152 billion (Hong Kong dollars 1.19 trillion), representing 16 percent of the Asian market. In addition, local private equity raised $ 12 billion during the first half of 2018.
 
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