Hong Kong & Russia Strengthen Ties for Trade & Investment

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Chief Executive of Hong kong Carrie Lam met with Russian Foreign Minister Mr Sergey Lavrov last week at the Government House in Hong Kong to discuss the two nations continued collaboration. The Secretary for Commerce & Economy, Mr Edward Yau, was also in attendance at the meeting.
Hong Kong and Russia have made good progress in recent years regarding co-operation in various areas such as trade and legislation.

In a statement, Ms Lam recalled the total merchandise trade between Russia and Hong Kong totaled more than HKD $36 billion during the 2018 financial year; an increase of over 20% from the year prior in 2017.

Additionally, tourism numbers were praised, with figures showing noteworthy increases in the number of Russian visitors to Hong Kong; indicating the increasingly development between the two places, she held. Lam went onto speak about the inclusive arrangement for the Avoidance of Double Taxation between the two countries, which came into force in 2016 and has strengthened economic and trade networks.

It was noted also that Hong Kong has already started plans to launch a Hong Kong Office for Economic and Trade in Moscow and that the response from the Russian Government was positive towards the proposal.

Finally, both sides added that they look forward to an early agreement on the promotion and protection of investment between both nations to continue boosting key ventures and new projects.