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Members visited The Fullerton Ocean Park Hotel Hong Kong

Visit to The Fullerton Ocean Park Hotel

On 29 September, members of the Chamber’s Retail and Tourism Committee and Women Executive Club visited The Fullerton Ocean Park Hotel, the first Fullerton Hotel in Hong Kong and first Fullerton Resort worldwide, where they enjoyed breathtaking views of the South China Sea. The delegation also learned about the Hotel’s commitment to the environment by incorporating sustainability into its design and operations through such practices as reducing single-use plastics, and the use of eco-bricks from up-cycled plastic waste. The Hotel is also the sponsor of a coral conservation and restoration project.

2022/09/29

Sino Hotels (Holdings) Ltd

Consul General of Peru Enrique Carlos Cardenas Arestegui

MOU to Foster Closer Ties with Peru

HKGCC’s Americas Committee in Hong Kong and the Association of Exporters (ADEX) in Peru signed a Memorandum of Understanding (MOU) on 28 September to strengthen collaboration between Hong Kong and Peruvian business. Signed by Committee Chairman Evaristo Trevino Berlanga and ADEX President Julio Pérez Alván, both parties expressed their hopes to work closely together and provide a platform for Hong Kong and Peruvian businesses to connect.

Edgar Manuel Vasquez Vela, Director of the Global Business and Economy Research Center of the Association of Exporters (ADEX), said Peruvian agri-food exports to Hong Kong surged significantly in 2021, with fresh fruits such as grapes, avocado, mango and mandarin being the main exports. Peru’s fish and minerals exports to Hong Kong also recorded strong growth.

Fernando Tori, Tax Partner at EY Peru, shared his insights on Peru’s business and investment environment, as well as the legal and regulatory framework to encourage more businesses looking to invest in Peru.

As Peru and China marked the 50th anniversary of the establishment of diplomatic relations in 2021, they also speed up the negotiations on upgrading the free trade agreement signed in 2009, aiming to take bilateral ties to a new level. Consul General of Peru Enrique Carlos Cardenas Arestegui believed both sides will continue to deepen the cooperation in various fields such as trade and investment.

2022/09/28

HKGCC CEO George Leung and HKGCC Chairman Betty Yuen

Chamber Outlines Policy Address Submission

The announcement of the 0+3 arrangement on 23 September, which came into effect on 26 September, has been hugely welcomed by businesses and the public alike as a step towards full normalcy. We hope that the 0+0 arrangement will be introduced and all existing local anti-epidemic measures will be lifted as soon as possible, enabling Hong Kong’s economy and society to get back to normality.

HKGCC Chairman Betty Yuen and CEO George Leung, speaking at a press conference on 26 September about the Chamber’s submission for the upcoming Policy Address, said Hong Kong needs to fully reopen our borders including that with the Mainland as soon as possible. We risk falling behind our competitors if we are not able to resume normal operations, and once international businesses and talent have left Hong Kong, it would be difficult to convince them to return.

According to a Chamber survey conducted previously, 30% of enterprises have already adopted plans or are making plans to relocate away from Hong Kong. A return to normalcy as soon as possible is necessary to contain this trend. Details of our Policy Address submission can be found on our website.

2022/09/26

Changes to Hong Kong's Foreign-Source Income Exemption Regime - Assessing the Impact and Adapting to the New Normal

Taxpayers will have to adapt to the refined FSIE regime, a legislative amendment proposed by the Government on the treatment of offshore passive income, which will be chargeable to profits tax if certain conditions are not met. To help members understand and prepare for such a change, Sarah Chan and Kwan Yu, Tax Partners at Deloitte China, shared their insights on how to anticipate and navigate challenges arising from such legislative reforms at a seminar on 21 September.

2022/09/21

Chief Executive John Lee signs the Wishing Wall at the Chamber’s 160+1 anniversary dinner with Right-to-Left) HKGCC Chairman Betty Yuen, Deputy Chairman Agnes Chan, and Legco Rep Jeffrey Lam.

HKGCC 160+1 and the HKSAR 25th Anniversaries Dinner

Drums thundered and fireworks lit up the night to the cheers and applause of dignitaries and members for an auspicious start to the Chamber's 160+1 anniversary dinner on 21 September. It was an evening quite unlike any that the Chamber had celebrated for many years, as social distancing restrictions made banquets difficult to hold. But, it was an evening to remember, albeit with virtual entertainment and guests strictly adhering to covid regulations. So although it was not quite back to normal in reality, guests were delighted to be almost back to a pre-covid atmosphere and soon filled up a wall of rainbow cards in the foyer with good wishes for Hong Kong. And for members whose peers told them they would never make it onto the cover of a magazine, they proved them wrong. Many guests, including Financial Secretary Paul Chan, took advantage of a giant cover of Chamber's magazine, The Bulletin, to take a photo on the cover -- a lifelong desire for many people to be on one of Hong Kong's oldest running business magazines! Pictured is Chief Executive John Lee signing the Wishing Wall at the Chamber’s 160+1 anniversary dinner with Chairman Betty Yuen, Deputy Chairman Agnes Chan, and Legco Rep Jeffrey Lam.

2022/09/21

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