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Hong Kong’s Technology Strategy Gets a US Hearing
HK-US Business Council Meets Ahead of Sino-US summit

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Hong Kong Chair and TDC Chairman Peter Woo met with US Senator Christopher Bond and US Congressman Joseph Crowley in Washington DC, December 6-7, at the 20th Plenary session of the Hong Kong-US Business Council.
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Hong Kong Chair and TDC Chairman Peter Woo (left) met with US Chair of the Hong Kong-US Business Council Hank Greenberg (right). US companies are eager to partner with Hong Kong counterparts to access the Chinese mainland.

A high-ranking Hong Kong delegation has briefed senior US business and government leaders on Hong Kong's strategic role for American companies wishing to expand their business in China.

Economic insights and updates were delivered by Hong Kong and US members at the 20th Plenary session of the Hong Kong-US Business Council, December 6-7, in Washington D.C.

Senator Christopher "Kit" Bond and Congressman Joseph Crowley attended the December 6 welcome dinner, which focused on Hong Kong's importance to US companies wanting to do business in China.

The Plenary brings US and Hong Kong businesses together on a business-to-business, sector-to-sector and result-driven approach to identify areas ripe for development and collaboration. Attendees included Chief of Staff of the Department of Treasury, Jim Wilkinson; Assistant US Trade Representative, Timothy Stratford; and high-level members of the Peter G. Peter Institute for International Economics, a prominent think tank.

The plenary took place just ahead of the December 14-15 Sino-US economic forum in Beijing, which will be led by Treasury Secretary Henry Paulson and Federal Reserve chief Ben Bernanke.

Hong Kong Chair and Chairman of the Hong Kong Trade Development Council, Peter Woo, said that China's 11th Five-Year Programme is opening up many new opportunities for US companies. Given China's increasing demand for technology, Hong Kong is poised to become Asia's leading technology marketplace, and US companies stand to benefit from this.

"US companies should seize the advantage of Hong Kong's multi-dimensional platform and its business connections to explore the China market," said Mr Woo. "I believe innovation and technology is one area where US companies should have a better edge than your competitors."

While global business has long used Hong Kong to get into the mainland, China, says Mr Woo, "is increasingly going out to the world using the Hong Kong platform. Mainland companies are looking for foreign expertise, technology and talent to develop their business. US companies can help bridge that gap," he added.

Mr Woo cited a new technology and innovation alliance between Hong Kong and Shenzhen. The end result, said Mr Woo, may be a Pearl River Delta transformed into a "Silicon Delta" to rival California's Silicon Valley.

US companies see the advantage of using Hong Kong's technology base to enter China, mainly in the areas of commercial application and technology transfer.

Hong Kong and US members agreed that specific sectors for development included technology, finance, and logistics. US Chair Hank Greenberg endorsed the concept of the Hong Kong platform.

The 21st Plenary will be convened in Hong Kong in 2007.

For more information, contact Lynne Mulholland of TDC's Corporate Communications Department. Tel: (852) 2584 4376. Email: lynne.mulholland@tdc.org.hk

About TDC
Established in 1966, the Hong Kong Trade Development Council creates opportunity for Hong Kong companies and delivers value by promoting trade in goods and services, connecting China and the world through Hong Kong's business platform. TDC has more than 40 offices worldwide, including 11 in the Chinese mainland. Trade publications and sector-specific research reports, featuring a wealth of research and investment information, are available online or at the TDC Business InfoCentre. For more information, visit http://www.tdctrade.com

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