Global Economy

Hong Kong may set up office in India

KOLKATA: Hong Kong was contemplating to open a country representative office in India to boost bilateral ties, an official said Tuesday.

“Hong Kong does not have any direct government office in India. There is a plan to open one in Mumbai which could be similar to a consulate,” Invest Hong Kong director general Stephen Phillips said on the sidelines of an interactive session with The Bengal Chamber.

He, however, did not divulge anything about a timeline for the proposal.

At present only, an investment promotion office “Invest Hong Kong (InvestHK)” is operational in Mumbai, one of the 30 such offices located globally, he said.

Hong Kong is now governed by China under the principle of “one country, two systems”, where the city would enjoy “a high degree of autonomy, except in foreign and defence affairs.”

A double taxation avoidance agreement between India and Hong Kong has come into effect recently which would stimulate more the two-way flow of investments and trade.

“It will boost bilateral trade and investments but it is hard to quantify now,” he said.

Phillips is on a six day India visit to promote Hong Kong as a business attraction.

Speaking about ongoing tariff war between US and China, he said, if it continues then trade rebalancing may take place.

He, however, also pointed that trade relation with India will get traction as many Chinese companies are setting up their base in India.


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