CCCE Chief Executive Emphasizes the Importance of the Canada-Hong Kong Partnership

May 13, 2008

“Canada and Hong Kong are natural partners and the synergies between the two need to be more vigorously developed,” said Thomas d’Aquino, Chief Executive and President of the Canadian Council of Chief Executives.

In a keynote address to the Hong Kong Canada Business Association Parliamentary Breakfast Seminar sponsored by the Hong Kong Economic Trade Office, Mr. d’Aquino reminded his audience that “few bilateral relationships in the world compare as favourably as those between Canadians and the people of Hong Kong.  Shared citizenship, close family ties, business investment, educational cooperation and a strong commitment to good governance and the rule of law are the cornerstones of what unites us.”

Mr. d’Aquino praised the economic performance of the Hong Kong Special Administrative Region of the People’s Republic of China which in 2007 saw its economy grow by 6.3 percent, its exports rise by 7.9 percent, and its domestic private consumption by 7.8 percent.  “Hong Kong clearly continues to move up the value chain in services provision — consolidating its position as a financial, business, trading, services and tourism hub of the region.”

The CCCE head emphasized that a partnership must work both ways.  “While enterprising Canadians readily recognize the strategic geographic advantage of Hong Kong in relation to Mainland China and the dynamic Pearl River Delta, so too should our Hong Kong counterparts see the advantage that Canada holds as a key player in the $15 trillion North American market.”

“Canada’s powerful resource base, its sophisticated services sector and its growing number of globally competitive companies, offer our Asian friends excellent opportunities,” said Mr. d’Aquino.

In outlining a number of priorities for Canada-Hong Kong cooperation, Mr. d’Aquino stressed the need for more vigorous engagement in two-way investment; closer collaboration in developing opportunities in Mainland China, in Asia more broadly, and in North America; and better leveraged initiatives in educational partnerships.

Mr. d’Aquino concluded by emphasizing the importance of the Canada-China relationship and Hong Kong’s role as a catalyst in deepening Sino-Canadian ties.

“As one of the western world’s first nations to extend a hand of friendship and recognition to China, Canada knows the meaning of constructive engagement with Asia’s emerging superpower.  These ties deserve to be nurtured as Canada continues to build its presence and influence in Asia.”

Referring to the devastating earthquake that has ravaged southwestern China, Mr. d’Aquino regretted the large loss of life and expressed hope that the recovery would be rapid and successful.  “The thoughts and prayers of Canadians are with the afflicted families,” he said.

The CCCE is a non-partisan organization composed of 150 chief executives and leading entrepreneurs from all major sectors and regions of Canada. Member chief executives lead companies that collectively administer $3.5 trillion in assets, have annual revenues of more than $800 billion, and are responsible for the vast majority of Canada’s exports, investment, research and development, and training.

In addition to Mr. d’Aquino, the members of the CCCE’s Executive Committee are:  Chair, Gordon M. Nixon, President and Chief Executive Officer, Royal Bank of Canada; Honorary Chair Richard L. George, President and Chief Executive Officer of Suncor Energy Inc.; and Vice Chairs Dominic D’Alessandro, Paul Desmarais, Jr., Jacques Lamarre, Hartley T. Richardson and Annette Verschuren, the chief executives respectively of Manulife Financial, Power Corporation of Canada, SNC-Lavalin Group Inc., James Richardson & Sons, Limited and The Home Depot Canada.