Hong Kong and Laos Discuss Gold Market Cooperation and Double Taxation Agreement Negotiations

SFST meets delegation led by Minister of Finance of Laos

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement (CDTA).

"I am glad to meet Mr Phomvihane again after my visit to Laos at the end of 2023. Mr Phomvihane comes here with over 10 senior officials from different government departments, as well as Deputy Governor of the Bank of the Lao PDR (Laos' central bank) Mr Soulysak Thamnuvong, giving us a great opportunity to receive the latest updates on financial developments in the two places for exploring more collaboration," Mr Hui said.

He told the delegation that Hong Kong has been actively consolidating the strengths of its financial system in recent years and broadening the financial value chain to achieve greater financial diversification. Leveraging its robust financial infrastructure, Hong Kong is pressing ahead to develop into an international gold-trading centre, attracting physical gold storage, clearing and delivery in Hong Kong, thereby driving the development of the entire industry chain, ranging from related financial trading, insurance, warehousing, trade and logistics services. As a unique place bridging the Mainland and global markets, Hong Kong will continue deepening its co-operation with international markets, including the Belt and Road countries.

He added, "Amid the increasingly uncertain global landscape, we will continue to maintain close ties with Belt and Road countries for opening up new areas of co-operation and demonstrate the city's roles as a 'super connector' and a 'super value-adder', with a view to achieving mutual benefits and win-win outcomes."

Today, representatives of the Financial Services and the Treasury Bureau and the delegation also conducted in-depth discussions on gold market co-operation. Mr Hui anticipated that the discussions would expedite the signing of a Memorandum of Understanding between the two places, thus laying a solid foundation for future collaboration in jointly building an international gold trading ecosystem.

At the meeting, Mr Hui expressed gratitude to Mr Phomvihane for his unwavering support for the CDTA negotiations between Hong Kong and Laos, the first round of which has been scheduled to take place in Hong Kong from March 23. He hoped that the CDTA could be signed as soon as practicable to create a more attractive business environment for promoting bilateral trade and investment.

The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, also attended the meeting today.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui (second left), met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane (second right), today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement. Source: HKSAR Government Press Releases

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). Photo shows Mr Hui (right) and Mr Phomvihane (left). Source: HKSAR Government Press Releases

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met a delegation led by the Minister of Finance of Laos, Mr Santiphab Phomvihane, today (March 11). The two sides had discussions over co-operation on the gold market and the upcoming negotiations for a Comprehensive Avoidance of Double Taxation Agreement. Photo shows (from left) the Consul General of Laos in Hong Kong, Mr Ammala Saenchonghack; Deputy Governor of the Bank of the Lao PDR Mr Soulysak Thamnuvong; Mr Phomvihane; Mr Hui; the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; and the Political Assistant to the Secretary for Financial Services and the Treasury, Mr Julian Ip. Source: HKSAR Government Press Releases

Brussels ETO holds receptions in Spain and Ireland to celebrate Chinese New Year with local communities

The Hong Kong Economic and Trade Office in Brussels (Brussels ETO) organised Chinese New Year receptions in Barcelona, Spain, on March 4 (Barcelona time), and Dublin, Ireland, on March 5 (Dublin time), bringing together over 220 guests from local business, public and community sectors in the two countries.

Jointly organised by Brussels ETO, the Hong Kong Trade Development Council (HKTDC) and Invest Hong Kong (InvestHK), with the support of the Spain Hong Kong Business Association, the reception in Barcelona was held to coincide with the Mobile World Congress (MWC), and was well attended by guests including the Hong Kong innovation and technology (I&T) delegation attending the MWC, as well as local start-ups, enterprises and related institutions.

In her welcoming remarks, the Special Representative for the Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung, highlighted that I&T had become a new growth engine for Hong Kong. "We are building a more complete innovation value chain, one that integrates basic research, commercialisation and advanced manufacturing," she said.

Ms Yung also mentioned that Hong Kong achieved a new milestone of having over 5 200 start-ups last year, representing an 11 per cent year-on-year increase. She encouraged European companies, talent and students to come to Hong Kong to leverage the opportunities arising from the rapid development of the I&T sector and related infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area and the Northern Metropolis.

Hong Kong's wine and liquor trade as well as related business opportunities were the special focus of the reception in Dublin. Together with the HKTDC and InvestHK, with the support of the Dublin Chamber, Brussels ETO held a business seminar before the reception with the local liquor trade to promote the business opportunities that Hong Kong offers as a leading hub for wine and liquor trading and auctions, following Hong Kong's reduction of duty on liquor with an alcoholic strength of more than 30 per cent in 2024.

Ms Yung also highlighted Hong Kong's premier role as a gateway to the Chinese Mainland and Asia, with the city strategically located at the heart of the region with world-class transport connectivity. She encouraged Irish wine and liquor traders to leverage Hong Kong as a regional hub for trading, distribution, and auctions to expand their market share on the Chinese Mainland and across the wider Asia-Pacific region.

Brussels ETO holds receptions in Spain and Ireland to celebrate Chinese New Year with local communities Source: HKSAR Government Press Releases

Brussels ETO holds receptions in Spain and Ireland to celebrate Chinese New Year with local communities Source: HKSAR Government Press Releases

Brussels ETO holds receptions in Spain and Ireland to celebrate Chinese New Year with local communities Source: HKSAR Government Press Releases

Brussels ETO holds receptions in Spain and Ireland to celebrate Chinese New Year with local communities Source: HKSAR Government Press Releases

Brussels ETO holds receptions in Spain and Ireland to celebrate Chinese New Year with local communities Source: HKSAR Government Press Releases

Brussels ETO holds receptions in Spain and Ireland to celebrate Chinese New Year with local communities Source: HKSAR Government Press Releases