Closer economic and trade cooperation between China's Hong Kong Special Administrative Region (HKSAR) and Germany are set to benefit both sides, Stephen Lam Sui-lung, visiting HKSAR Chief Secretary for Administration said on Monday.
Addressing a gala party with more than 200 participants, among them prominent government officials, business representatives and parliamentarians, Lam briefed on the latest achievement of HKSAR, while highlighting prospect of the Hong Kong-German economic ties that he said are promising and could be further strengthened.
He called on German businesses to come to Hong Kong by taking advantage of the current robust real GDP growth in emerging Asian economies, which is estimated to reach 8.2 percent and 8 percent next year by IMF, with China's real GDP growth rate topping around 9 percent next year.
"As these sectors continue to flourish in Hong Kong, I see good opportunities for German companies to contribute to, and benefit from the new developments," Lam said, extending his welcome to more German companies, as he called, renowned for high-end, high quality and high value-added services sector, to come to Hong Kong and lend their expertise to the region.
German products have been long acclaimed for quality and precision engineering, Lam said, adding that major German car makers got exceptional growth in sales in Hong Kong and China's mainland even during these tough economic times.
Lam, who took up the post of HKSAR Chief Secretary for Administration last month, started his visit to Germany in a gesture of showing the great importance the region attached to intensifying the economic and trade ties with the manufacturing powerhouse in Europe.
Noting that Germany is Hong Kong's single largest trading partner in the EU, as the value of bilateral trade amounted to 18 billion U.S. dollars (13 billion euros) last year, Lam said that Hong Kong provides bright opportunities for German companies to wade through these uncertain economic times.
"In general, the Hong Kong economy is stable and growing," Lam said, adding that Hong Kong recorded 7 percent GDP growth in 2010 and a robust 6.3 percent growth in the first half of this year, underscoring the fact that Hong Kong economy had recovered strongly from the global financial crisis.
Germany becomes Hong Kong's partner for its Business of Design Week 2011 beginning November 28. Lam hoped that it will raise the profile of German designs and creative solutions in Hong Kong and throughout Asia.