Hong Kong Secretary for Commerce and Economic Development Algernon Yau Ying-wah (left) and Consul General of Türkiye in Hong Kong, Kerim Sercan Evcin, exchange the signed Investment Promotion and Protection Agreement copies. (PHOTO / HKSAR GOVERNMENT)

Hong Kong and Türkiye inked an Investment Promotion and Protection Agreement on Tuesday, as a further move to assure overseas investors that their investments in Hong Kong are well protected.

This is Hong Kong’s 23rd IPPA, and the first for the current administration, bringing the IPPA coverage to a total of 32 trading partners, Algernon Yau Ying-wah, secretary for commerce and economic development, said at a cocktail reception.

As a rapidly growing economy with manufacturing strengths, Bangladesh, Yau said, has been an investment destination for many Hong Kong manufacturers

During the reception, Yau presented the latest updates on the city’s investment promotion efforts to around 150 foreign government officials and representatives of chambers of commerce, while introducing Hong Kong’s measures to attract investment outlined in the newly released Policy Address.

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“Signing the agreement sends a positive signal to the investment community that Hong Kong and Türkiye are committed to enhancing protection and guarantees for foreign direct investment,” said Yau.

Stressing that investment promotion goes hand in hand with investment protection — one of the many considerations for investors when making investment decisions — Yau said, “Hong Kong’s legal regime is already one of the best for investment protection, and the government has been making efforts to add another layer of protection.”

The government’s IPPA endeavors also mean that Hong Kong investors can enjoy similar protection overseas, Yau added.

The commerce chief revealed that an IPPA negotiation with Bangladesh is underway, adding that the south Asian country boasts a huge market, with its population of around 170 million. 

As a rapidly growing economy with manufacturing strengths, Bangladesh, Yau said, has been an investment destination for many Hong Kong manufacturers.

“The measures proposed in the Policy Address are useful for our companies to further develop their business in Hong Kong and the Chinese mainland, so we’re planning to bring more business and investment to Hong Kong in the next two years,” Abedin Rashidul, general secretary of Bangladesh Metropolitan Chamber of Commerce Hong Kong, told China Daily.

According to Yau, the Office for Attracting Strategic Enterprises has reached out to more than 200 enterprises since its inception last year, with 30 of them planning to establish a presence or expand their operations in Hong Kong. A total of around HK$30 billion ($3.83 billion) in new investment is involved.

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In the first nine months, Invest Hong Kong, a government department set up to attract foreign direct investment, has assisted more than 300 mainland and overseas firms in establishing or expanding their businesses in Hong Kong, a growth of 27 percent compared to the same period last year.