Hong Kong Financial Secretary John Tsang Chun-wah has recently disclosed that Malaysia and Hong Kong's trade volume has maintained a steady growth of 7.5 percent in the past five years. He said that 2009, Malaysia was Hong Kong's 11th largest trading partner. The total bilateral trade volume between Malaysia and Hong Kong in 2009 was more than 93 billion Hong Kong dollars (M$40 billion ringgit).
Tsang also said that 15 percent or 62 billion Hong Kong dollars (M$27 billion ringgit) of the Malaysia-China trade volume was done through Hong Kong.
Springboard for Foreign Companies
Tsang said: "We should continue to work on the free trade agreement, namely, the Closer Economic Partnership Agreement (CEPA) to break through trade barriers in inter-regional trade, service and investment trade barriers."
Hong Kong Financial Secretary Tsang pointed out that financial service was one of the most important areas in the bilateral relations between Malaysia and Hong Kong. He said Hong Kong played the role as a springboard for foreign companies, including Malaysian companies to do business in China.
Bilateral Cooperation
Hong Kong enjoys a high degree of cooperative relationship in the financial field with Malaysia. More recently Hong Kong and Malaysia have both opened their respective financial liberalization door for both sides to create more opportunities for cooperation.
Tsang Chun-wah also said that one of Hong Kong's further cooperation with Malaysia was in Islamic finance. He said Malaysia has a lot of experience in this field. He said that in the field of Islamic finance, Hong Kong hoped to develop more opportunities for bilateral cooperation with Malaysia, including the development of Islamic bond market.
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