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The Chinese Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA) opens a new avenue of cooperation among Hong Kong, the Chinese mainland and overseas enterprises, a local official has said.

Secretary for Commerce, Industry and Technology of the Hong Kong Special Administrative Region (SAR) John Tsang made the remarks at the Hong Kong Management Association 2003 Annual Conference on "Hong Kong, China and The World: Team Players in the Global Economy" held  Monday (November 10th).

"CEPA offers opportunities for not only local businessmen and professionals, but also heightens our potential to attract foreign investors to Hong Kong, and Chinese mainland companies to use Hong Kong as a base to go overseas," Tsang said.

Under CEPA, enterprises in Hong Kong, the Chinese mainland and overseas can truly become players of the same team in realizing the full benefits of globalization, he said, adding it will be a win-win-win situation for all.

"Hong Kong enjoys a unique role as the springboard for overseas investors to go into the Chinese mainland and for Chinese mainland enterprises to go overseas. CEPA strengthens and advances this position even further," Tsang noted.

He said Hong Kong must reach out to integrate its resources with those of other regional economies in order to create that competitive edge, because "in today's competitive world, a small city like Hong Kong can no longer compete effectively on its own in the global arena."
 
Editor: Catherine