The Hong Kong Economic and Trade Office (HKETO), Brussels hosted a Chinese New Year reception at the Principe di Savoia hotel in Milan on 8 February 2010, one of nine events the HKETO is hosting in Europe in February and March to mark the start of the Year of the Tiger.   The event was co-hosted by the Hong Kong Trade Development Council.

Speaking at the Milan reception, Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Miss Mary Chow, updated guests on the latest developments in Hong Kong and the Government’s measures to alleviate the impact of the global financial crisis.

"Our Government has taken a number of economic stimulus measures including speeding up infrastructure projects as well as creating and preserving job opportunities.  We have also maintained our rule of law, a low and simple tax system, a level playing field, a stringent intellectual property protection regime, world-class communications and transportation infrastructure, and a business friendly environment to facilitate new start-ups and investments.

"These measures have shown their worth and the latest domestic economic indicators suggested that steady improvements might be on its way.  We have also  managed to keep our status of being the world's freest economy according to both the Heritage Foundation and the Fraser Institute. 

"In 2009 Invest Hong Kong helped 265 overseas, Mainland and Taiwanese firms establish or expand their business presence in Hong Kong.  This is the Department's record in attracting foreign direct investment to the city.  I am sure my Invest Hong Kong colleague here tonight, Mr Stefano De Paoli, is very proud of this result."

Miss Chow noted that in an attempt to relaunch our economy, the Government has also identified six new economic sectors where Hong Kong enjoys a competitive edge.  

"These are testing and certification services, medical services, innovation and technology, the cultural and creative sector, environmental industries and educational services.   As regards the culture and creative industries, an ambitious arts development project is well underway on a waterfront site in Kowloon.  Covering over 40 hectares and including 15 arts facilities, the development is called the West Kowloon Cultural District and has the potential to become the cultural focus of the Pearl River Delta.  The first phase of this project is scheduled to complete in 2014/15."

Miss Chow then turned to the subject of wine.

"Since we removed the import duty on wine in 2008 and put in place supportive measures to facilitate wine-related business, imports of wine into Hong Kong have continued to soar.  Imports increased by 80% in 2008 compared to the previous year, and they continued to growth by another 41% year-on-year in 2009.  A total of 14 wine auctions were held in Hong Kong last year, with the aggregate sales amounting to some EUR 45 million.   According to the industry, in terms of total sales value in 2009, Hong Kong has become the second largest wine auction centre in the world, just after New York.  The industry also believes that Hong Kong might could well overtake New York this year and to become the largest wine auction centre in the world.

"The wine business is where new opportunities abound for Italian companies.  Hong Kong and Italy already have strong and long-established trade links.  There are over 300 Italian firms in Hong Kong, engaged in banking, transportation, trading and other services.  Our trade is currently mainly in textiles and clothing, leather goods and jewellery.  But a new chapter in our trade relations was opened last May, when our Secretary for Commerce and Economic Development, Mrs Rita Lau, and Minister of Agricultural, Food and Forestry Policies, Mr Luca Zaia signed a Memorandum of Understanding on Co-operation in Wine-related business.  The MOU covers the promotion of wine trading, investment, wine-related tourism as well as wine education and appreciation.  We were delighted when Vinitaly staged its first wine roadshow in Hong Kong last November."

Other speakers at the event were Ms Lore Buscher, Regional Director Europe, Hong Kong Trade Development Council, and Cav. Mario Boselli, President of the Italy-Hong Kong Association.