With such opportunities, I believe it's time to look at how we can strengthen the Hong Kong-South Africa partnership. Such an alliance will require further discussion. But the most important factor is to encourage and facilitate our private sectors. We must make them appreciate that globalisation will continue to change the trading scene at a rapid pace. Traditional markets are not always secure and new markets yield unrivalled opportunities and potential.
Business opportunities abound in our respective regions.
Governments can help show the way, but it's up to the private sector to make the running. Another avenue to pursue is the scope for reaching a comprehensive double-taxation agreement with South Africa. In its simplest form, these agreements avoid the same income being taxed by two jurisdictions. Hong Kong already has an arrangement with the mainland of China and we are now in discussion with a number of other key countries. I believe the conclusion of a comprehensive double taxation agreement between us would provide an added incentive for Hong Kong and South African businesses to redouble their efforts in furthering bilateral trade and investments.