CCCE Chief Executive Extols the Advantages of Closer Canada-Hong Kong Cooperation

December 17, 2007

Leaders in both Canada and the Hong Kong Special Administrative Region of the People’s Republic of China should build on existing foundations of friendship, mutual respect and economic advantage, Thomas d’Aquino, Chief Executive of the Canadian Council of Chief Executives (CCCE), urged at the conclusion of a four-day visit to Hong Kong.

“Few bilateral relationships in the world compare as favourably as those between Canadians and the people of Hong Kong,” said Mr. d’Aquino.  “Shared citizenship, close family ties, business investment, educational cooperation and strong commitment to good governance and the rule of law are key elements of our flourishing trans-Pacific bonds.”

A guest of the Government of Hong Kong Special Administrative Region, Mr. d’Aquino met with a wide range of senior officials and business representatives during his visit.  In an address to the Canadian Chamber of Commerce in Hong Kong, he praised the progress of Hong Kong since its return to China in 1997.  “I had the great privilege of being in Hong Kong on June 30, 1997, and of being present at the historic Handover ceremonies,” he said.  “It was a time of euphoria and celebration.  Among some, it was an occasion for anxiety and skepticism.  But China and the people of Hong Kong proved the skeptics wrong.  Today, the policy of One Country, Two Systems is working well.  Hong Kong is the world’s most open economy and Asia’s paramount financial centre.  The autonomy of Hong Kong’s legal and economic systems is secure. And trade and investment between Hong Kong and the Mainland is booming under the umbrella of the Closer Economic Partnership Arrangement (CEPA).”

Underscoring the advantage of Hong Kong’s strategic location in relation to the Pearl River Delta and China’s dynamic Guangdong Province, Mr. d’Aquino said that Hong Kong Chinese-Canadian partnerships are ideal ways of extending Canada’s reach and influence in China.  “It is sometimes forgotten that Hong Kong is the largest source of direct investment to the Mainland, accounting for approximately 41 percent of the total.  The know-how of the Hong Kong Chinese as investors in the Mainland is second to none.  And Hong Kong’s strategic location is buttressed by superb infrastructure — the cornerstones of which are its world-class international airport, container port and telecommunications system.”

Mr. d’Aquino said that Canada should figure more prominently in the Hong Kong mindset as a place to invest.  “Too often I have been told politely by Hong Kong businesspeople that Hong Kong is a place to make money and that Canada is an ideal place to retire.  This stereotype is inaccurate.  Canada has been at or near the top of many key global economic rankings for several years.  My country is experiencing the second-longest economic expansion in its history, we have the best fiscal footing of any G7 country, the lowest unemployment rate in 33 years, a low inflation rate and a strong currency.  Hong Kong has the Mainland at its doorstep, Canada has the United States.  Hong Kong has a strong services sector.  So does Canada.  But Canada also has bountiful resources and is well on its way to achieving energy superpower status.”

At the conclusion of his address, Mr. d’Aquino was asked to comment on Canada’s relations with China. “Relations at the national political level have been somewhat bumpy of late.  There is room for improvement and a need to maintain the policy of friendship, mutual respect, and constructive engagement that has been the hallmark of Sino-Canadian cooperation for decades.  In this regard, we Canadians have much to learn from our friends in Hong Kong who understand better than anyone that as China continues to pursue massive reforms, its ears will be open to the advice, however frank, of those who offer it in a spirit of friendship and goodwill.”

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.