Hong Kong–Malaysia relations

Hong Kong–Malaysia relations

Hong Kong
Malaysia

Hong Kong–Malaysia relations refers to informal diplomatic relations between Hong Kong and Malaysia.

Under the "One Country, Two Systems" law, the People's Republic of China is responsible for diplomatic and defence affairs of Hong Kong. However, Hong Kong enjoys significant autonomy in economic, trade, financial and monetary matters.[1]

Diplomatic representation

As a Special Administrative Region of the People's Republic of China, Hong Kong is formally represented in Malaysia by the Chinese Embassy in Kuala Lumpur.[2] Hong Kong's trade relations with Malaysia are handled by the Hong Kong Economic and Trade Office in Singapore.[3] Malaysia did not establish diplomatic relations with the People's Republic of China until 31 May, 1974.[4]

Malaysia has a Consulate General in Wan Chai.[5] This was established on 2 July 1971.[6] As Hong Kong was then under British rule, this was then known as a Commission, as were the missions of some other Commonwealth countries.[7] Following the transfer of sovereignty in 1997, the Commission was renamed the Consulate General, and the last Commissioner became Consul-General.[8]

Economic relations

In 2010, Malaysia became the 10th largest trading partner for Hong Kong with the total trade increased from HK$87.2 billion in 2009 to HK$110.5 billion.[1] These total trade was later increase to $14.65 billion in 2013.[9] Malaysia also became one of the 18th largest investors into Hong Kong in 2009, with an Inward Direct Investment (IDI) stock of HK$16.5 billion, while Hong Kong investment to Malaysia worth to HK$43.9 billion.[1]

In 2010, Hong Kong became the third largest foreign direct investment (FDI) in Malaysia with a total investments of RM2.77 billion in 11 projects comprising nine new projects and other two expansion/diversification projects.[10] There are 7 regional headquarters, 19 regional offices and 33 local offices which been set up by the Malaysian companies in Hong Kong.[1] An agreement on double tax avoidance and prevention of fiscal evasion was signed in 2012.[11][12]

Medical tourism

As of 2012, the number of visitors from China (including Hong Kong) to Malaysia for medical treatment has doubled, from 7,500 in 2010 to 15,000.[13]

References

  1. 1 2 3 4 "Hong Kong - Malaysia Trade Relations". Trade and Industry Department, Hong Kong. July 2011. Retrieved 23 May 2014.
  2. ↑ Embassy of the People's Republic of China in Malaysia
  3. ↑ HKETO (Singapore)
  4. ↑ China, Malaysia work for greater cooperation, People's Daily, May 31, 2004
  5. ↑ "Official Website of Consulate General of Malaysia, Hong Kong". Ministry of Foreign Affairs, Malaysia. Retrieved 23 May 2014.
  6. ↑ "Official Website of Consulate General of Malaysia, Hong Kong – History". Ministry of Foreign Affairs, Malaysia. Retrieved 23 May 2014.
  7. ↑ Hong Kong Business: The Portable Encyclopedia for Doing Business with Hong Kong, Christine Genzberger, World Trade Press, 1994, page 266
  8. ↑ In the swing of things, Embassy Magazine, September 2010
  9. ↑ Cheryl Poo (14 March 2014). "Hong Kong the top FDI source for Malaysia". The Star. Retrieved 23 May 2014.
  10. ↑ "Malaysia International Trade and Industry Report – Foreign Investments (Hong Kong SAR)" (PDF). Ministry of International Trade and Industry. June 2011. p. 27. ISSN 0128-7524. Retrieved 23 May 2014. Check date values in: |year= / |date= mismatch (help)
  11. ↑ "Hong Kong signs tax treaty with Malaysia". Inland Revenue Department, Hong Kong. 25 April 2012. Retrieved 23 May 2014.
  12. ↑ "Malaysia (Comprehensive Double Taxation Agreement)". Inland Revenue Department, Hong Kong. 25 April 2012. Retrieved 23 May 2014.
  13. ↑ "Malaysia Healthcare Travel Council anchors itself in Hong Kong". InvestHK. 29 August 2013. Retrieved 23 May 2014.

Further reading

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