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Russia and Hong Kong are planning to increase trade turnover

8 November 2014 held bilateral talks between Minister of Economic Development of the Russian Federation Alexei Ulyukayev and Minister of Commerce and Economic Development of Hong Kong Gregory Co in the framework of the ministerial meeting of the APEC summit, the press service of the Ministry of Economic Development reported.

Opening the meeting, Alexey Ulyukaev noted his satisfaction with the dynamic development of relations between Russia and Hong Kong in recent years. According to Russian customs statistics, trade between Russia and Hong Kong in 2013 amounted to $ 3,1 billion and more than doubled compared to the same period in 2012, including Russian exports amounted to $ 2 billion (an increase of 3,026% ), imports - $ 214,5 million (+ 172,7%).

- Trade turnover is not bad, but its volume still does not correspond to the potential of our economies. We need joint efforts to build up mutual trade, "said Alexei Ulyukaev.

According to him, the Russian side highly appreciates the accumulated experience of Hong Kong as one of the centers ensuring the accelerated growth of the Asia-Pacific region. “By capitalizing on the benefits of the international division of labor and the positive results of globalization, Hong Kong has become a recognized financial center,” he said. - Russian companies doing business in Asia view Hong Kong representatives as promising partners. This interest is shown, in particular, in increasing operations and investments in the Hong Kong dollar. " In the summer of this year, the Monetary Committee of the Moscow Exchange made a decision to launch a trading pair “Russian ruble - Hong Kong dollar”. Currently, the technical preparation for the launch of the auction is underway.

Alexei Ulyukaev noted that the largest Russian companies - Gazprom, Rosneft, Lukoil - are considering the Hong Kong exchange as a platform for listing their securities in Asian currencies (RMB, Hong Kong dollars, Singapore dollars). Now, according to the head of the Russian Ministry of Economic Development, actions are being taken, as a result of which Russian companies directly (without participation of entities registered in other jurisdictions) could place papers nominated in Hong Kong dollars.

Already today, Hong Kong has a number of subsidiaries and representative offices of leading domestic enterprises, including UC RUSAL, MMC Norilsk Nickel, Magnitogorsk Iron and Steel Works, ALROSA, Aeroflot, Transaero, FESCO branch of the Far Eastern Shipping Company). Leading Russian investment companies and banks have begun to explore the issue of opening their offices. So, following VTB Capital this year, the establishment of a Vnesheconombank subsidiary in Hong Kong and, in the foreseeable future, possibly Sberbank and Promsvyazbank, is expected in Hong Kong.

“We expect that Hong Kong investors will show interest in implementing projects in the priority sectors of the Russian economy from the point of view of modernization,” said Alexey Ulyukayev. - We attach particular importance to attracting Hong Kong high-tech enterprises and research centers to technology-innovative and industrial-production special economic zones in Russia, including in such areas as energy-saving technologies, alternative energy sources and high-tech engineering, as well as to the Skolkovo innovation city. .

The ministers of the two countries also discussed the issue of finalizing the draft agreement on the promotion and mutual protection of investments. Gregory So suggested using more actively the possibilities of Hong Kong as a bridge for Russian companies to enter the Chinese market. According to the Minister of Commerce and Economic Development of Hong Kong, the conclusion of a bilateral agreement on the liberalization of trade in services would contribute to this.

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