HK the Asian base for US companies

Addressing 350 luncheon guests at the Waldorf Astoria Hotel in New York on Tuesday, Mr Tsang stressed the sophistication of Hong Kong's financial and business services and the ease with which international companies, big and small, can do business through Hong Kong for both the Asian and China markets.

'Today Hong Kong clearly emerges as the services hub for business in Asia. All kinds of businesses, from entrepreneurs making the most of our lifestyle and world-class infrastructure, to multinational corporations serving the region concentrate in Hong Kong.

'There are now nearly 3,800 overseas companies with regional operations in Hong Kong, which is a record high, and American firms are the largest group among them, with 868.

Best platform

'Since 1997, the number of overseas companies with regional operations has grown by over 50%, confirming Hong Kong as the most popular place in Asia to establish a base. These companies recognise Hong Kong's value as the best platform for doing business, not only in the Mainland, but in the Asia-Pacific region as a whole.'

Mr Tsang also highlighted Hong Kong's role as the principal services hub for Chinese companies looking to expand their customer base on the world stage.

Mainland enterprises have raised over US$120 billion on the Hong Kong stock exchange, and are increasingly using Hong Kong and its international know-how to venture into global markets.

During a meeting with the Federal Reserve Bank of New York, Mr Tsang updated US bankers and financiers on Hong Kong's latest developments. He also outlined plans to enhance links between Hong Kong and the Pearl River Delta, and explained the huge market potential of the Pan-PRD economic grouping.

Mr Tsang later left for Washington for a three-day visit. He will meet US political leaders, attend a lunch hosted by the Business Roundtable and attend a reception hosted by the Hong Kong Economic & Trade Office in Washington.