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More mainland firms set to invest in territory
By Vincent Lam (China Daily/HK Edition)
Updated: 2005-05-06 11:15

Invest Hong Kong, which helped a record number of overseas firms set up or expand operations here last year, will focus more on mainland companies this year.

Mike Rowse, director-general of Investment Promotion at Invest Hong Kong, said yesterday the number of investment projects in 2005 would rise from last year's 205 to 220. Mainland companies will account for nearly 20 per cent of the total against last year's 17 per cent.

The investment will achieve a double-digit growth on the basis of HK$4.66 billion in 2004, Rowse projected.

A special team was formed to help mainland firms set up business here. It is now helping mainland waste processing companies build their recycling plant in Hong Kong.

The products from this plant will be labelled "Made in Hong Kong", which can bypass the anti-dumping regulations of the US government against the mainland's exports, said Ivy Chian, leader of the special team.

In addition, these products can be sold back to the mainland, enjoying zero-tariff treatment specified by the Closer Economic Partnership Arrangement.

Invest Hong Kong is also approaching auto glass manufacturing and candle making companies, said Chian. "We are now handling around 10 projects," she said.

For the period between February and May 2005, Invest Hong Kong induced Philips Electronics to relocate its Asia-Pacific headquarters here and Haier to launch its HK office.

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