The FIPA has just been approved. This Canada-Hong Kong foreign investment promotion and protection agreement was signed by Minister of International Trade in Canada, Chrystia Freeland and Secretary for Commerce and Economic Development in Hong Kong, Gregory So.
It is hoped that Canada will benefit from this via new potential investments in: agricultural products and processed food, financial services, communications technology, education, information technology, professional services, sustainable technologies and transportation.
According to Freeland:
“With our strong trade ties and established trade and investment links, Hong Kong is a natural partner for Canadian business. Hong Kong offers a dynamic economy, and today’s investment agreement will help Canadian businesses more easily access this reliable entry point into the larger Asia-Pacific region. Together, we are focused on enhancing the prosperity of Canadians at home and connecting them to opportunities abroad.”
So added:
“Hong Kong is the key trade and investment center of Asia and an ideal gateway for Canadian businesses to tap into the vast market potential in the region, particularly the mainland of China. The signing of the investment agreement will give additional assurance to investors, expand investment flows between Hong Kong and Canada and further strengthen our existing strong economic and trade ties.”
The agreement can only be a good thing, given the existing collaboration between the two regions. Currently there are around 300,000 Canadians living in Hong Kong and 500,000 Hongkongers living in Canada.