Karnataka - Bangalore   

Hong Kong lures firms for investments

Bangalore: The Hong Kong Government is keen on attracting investments from Indian firms in banking, finance, education and healthcare, said Charles Ng, Associate Director-General, InvestHK, Department of Foreign Direct Investment, Government of Hong Kong.

Talking to presspersons in Bangalore on Monday, Mr. Charles said that InvestHK will proactively assist Indian companies in expanding, locating or relocating their operations to Hong Kong by providing a wide array of free, customised and confidential services and information.

The free service would include assistance in sector-wise information, setting up and incorporation, taxes, funding, manpower, infrastructure, regulations, matching investors, business meetings, dealing with the government, among others.

Mr. Charles, who is on a two-day visit to Bangalore to meet representatives of business establishments, said some banks have expressed their interest in starting their operations in Hong Kong. While refusing to divulge the names of banks, he said State Bank of India, ICICI Bank, and Punjab National Bank were already running operations in Hong Kong among nearly 1,500 other business establishments from India. He said from the tax point, Hong Kong is one of the best business destinations in the world with the lowest taxes in the Asia Pacific. Profit tax is fixed at a maximum of 16.5 per cent and personal income tax has an upper limit of 15 per cent.

Hong Kong is looking at investments in testing and certification, innovation and technology, equity, trading, and logistics.

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