OTTAWA, Jan 11: Canada’s Trade Minister David Emerson and Frederick Ma, Hong Kong's secretary for commerce, announced on Friday the signing of a MoU to promote bilateral investments.

“Canada places great importance on enhancing its commercial relations with Hong Kong and recognizes the benefit of increasing two-way investment between our economies,” said Emerson in a statement.

Hong Kong ranks third among Canadian investment destinations in Asia.

According to the latest figures, at the end of 2006, Canadian direct investment in Hong Kong stood at $4.6bn.

Direct investment from Hong Kong in Canada, meanwhile, stood at $6bn. Hong Kong ranks eighth globally in terms of investment holdings in Canada.

“By working collaboratively through targeted activities specified in the MoU, Canada and Hong Kong expect to significantly increase private sector investment activity in both markets,” said Emerson.

Secretary Ma encouraged Canadian firms to fully utilise the opportunities arising from a pact that gives Hong Kong goods and services preferential market access to mainland China. It also applies to foreign holdings in the territory.—AFP