Hong Kong Should Make Malaysia Asean Financial Hub, Says Senator

KUALA LUMPUR, Apr 25 (Bernama) -- Hong Kong should consider making Malaysia its financial hub in the Asean region given its positive attributes, says Deputy Finance Minister Senator Donald Lim Siang Chai. He said Malaysia had created a conducive environment for foreign investors with some of its reforms aimed at improving the efficiency of government and creating a safe destination for foreign investment. "Hong Kong plays a unique role in the global financial market, facilitating the free-flow of financial capital in a stable business environment. It is also the gateway to mainland China," Lim said in his luncheon speech on financial cooperation between Hong Kong and Malaysia. Meanwhile, John C.Tsang, Financial Secretary, Hong Kong Special Administrative Region government, said the future was bright for even closer business and economic collaboration between both countries. "While there may inevitably be an element of competition for Islamic Finance in Asia, I believe that the most significant opportunities will come from our collaboration in establishing a dual-hub for Islamic Finance. "This way Hong Kong and Malaysia can make the most of their respective advantages," Tsang said at the luncheon. Last month, Hong Kong launched a consultation exercise on the proposed legislative amendments to pave the way for the development of an Islamic bond market in Hong Kong. -- BERNAMA