Hong Kong and Bangladesh Sign Investment Promotion and Protection Agreement to Boost Economic Ties

Hong Kong and Bangladesh sign Investment Promotion and Protection Agreement

Hong Kong and Bangladesh signed an Investment Promotion and Protection Agreement (IPPA) today (September 9) to strengthen mutual investment protection, with a view to enhancing the confidence of investors, expanding investment flows and further strengthening the economic and trade ties between the two places.

The Secretary for Commerce and Economic Development, Mr Algernon Yau, signed the IPPA on the margins of the Belt and Road Summit with the Minister of Commerce, Industries, Textiles and Jute of Bangladesh, Mr Khandakar Abdul Muktadir.

Mr Yau said, "As a manufacturing powerhouse and a populous country in South Asia, Bangladesh has a rapidly expanding economy and is an important trade and investment partner of Hong Kong. This IPPA marks a new milestone in strengthening the longstanding trade and investment links between Hong Kong and Bangladesh. The signing of the IPPA on the margins of the Belt and Road Summit also signifies the Hong Kong Special Administrative Region Government's commitment to the continual expansion of economic ties with markets along the Belt and Road, of which Bangladesh is a staunch supporter.

"An IPPA enables investors of the two parties to enjoy corresponding protection of their investments in the host economies, and thus enhances confidence of investors in making investments abroad. Hong Kong has been making dedicated efforts to expand its network of IPPAs, in particular with countries along the Belt and Road, in order to enhance two-way investment flows and bring about economic growth and mutual prosperity," he added.

Under the Agreement, the two governments undertake to provide investors of the other side with, among other measures, fair, equitable and non-discriminatory treatment of their investments, compensation in the event of expropriation of investments, and the right to free transfers abroad of investments and returns. The Agreement also provides for the settlement of investment disputes under internationally accepted rules, including mediation and arbitration. The Agreement will enter into force after the fulfilment of relevant internal requirements by both sides.

The IPPA with Bangladesh is the third such agreement that this term of Government has signed, following the IPPAs with Türkiye and Bahrain signed in October 2023 and March 2024 respectively.

Including Bangladesh, Hong Kong has so far signed 25 IPPAs with 34 foreign economies. The other economies are 10 member states of the Association of Southeast Asian Nations (namely Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam), Australia, Austria, Bahrain, Belgium, Canada, Chile, Denmark, Finland, France, Germany, Italy, Japan, Korea, Kuwait, Luxembourg, Mexico, the Netherlands, New Zealand, Sweden, Switzerland, Türkiye, the United Arab Emirates and the United Kingdom.

The Secretary for Commerce and Economic Development, Mr Algernon Yau, and the Minister of Commerce, Industries, Textiles and Jute of Bangladesh, Mr Khandakar Abdul Muktadir, signed the Hong Kong-Bangladesh Investment Promotion and Protection Agreement (IPPA) today (September 9) on the margins of the Belt and Road Summit. Photo shows Mr Yau (right) and Mr Khandakar Abdul Muktadir (left) exchanging the signed IPPA texts. Source: HKSAR Government Press Releases

The Secretary for Commerce and Economic Development, Mr Algernon Yau (right), and the Minister of Commerce, Industries, Textiles and Jute of Bangladesh, Mr Khandakar Abdul Muktadir (left), sign the Hong Kong-Bangladesh Investment Promotion and Protection Agreement today (September 9) on the margins of the Belt and Road Summit. Source: HKSAR Government Press Releases

Incoming passenger convicted and jailed for possession of duty-not-paid cigarettes

An incoming local female was sentenced to six weeks' imprisonment with a fine of $1,000 by the Fanling Magistrates' Courts today (September 9) for possessing duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of the Dutiable Commodities Ordinance (DCO).

Customs officers intercepted an incoming 66-year-old local female at the Lok Ma Chau Spur Line Control Point on September 3 and seized 581 duty-not-paid cigarettes from her, with an estimated market value of about $2,900, and a duty potential of about $1,900. The female passenger was subsequently arrested.

Customs welcomes the sentence. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences. Members of the public should not defy the law.

Customs reminds members of the public that under the DCO, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Incoming passenger convicted and jailed for possession of duty-not-paid cigarettes Source: HKSAR Government Press Releases