Italian firm qualifies as Hong Kong service supplier ( 01/12/2004 )
  
 
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General Manager of Caben Ltd Fabrizio Goldoni said Hong Kong has a fundamental role to play in the Chinese market  
Wholesale trading company Caben Ltd has become one of the first Italian companies to qualify as a Hong Kong service supplier under the Cepa free trade agreement. The certificate entitles the company to concessions in direct investment in the Chinese mainland - in particular, the right to establish a wholly foreign owned distribution enterprise.

"We are particularly proud to have achieved HKSS status because it represents a recognition of our commitment to Hong Kong," said Caben's Italian General Manager Fabrizio Goldoni. "The fact that an Italian company can be officially recognised as a local Hong Kong company does credit to Hong Kong's openness to foreigners who fully integrate into its business community. It also proves that Cepa is accessible to overseas investors."

Caben is the Hong Kong subsidiary of Italian corporation, Artsana S.p.A., the holding company of a multinational group of companies, including the prestigious Prenatal S.p.A. Artsana produces and sells a wide range of products through its subsidiaries established worldwide.

Artsana products include toys, children's and maternity clothing, baby carriages and child care products, such as those sold under the internationally famous CHICCO trademark, as well as healthcare, cosmetics and sanitary items and pharmaceutical equipment.

Mr Goldoni said Artsana S.p.A. decided to establish a Hong Kong subsidiary over a decade ago, because it had the vision to realise the long-term importance of Hong Kong, even as China began opening up to foreign trade and investment.

"The Chinese mainland is now progressively liberalising market access post WTO, and we believe that Hong Kong, as part of China, has a fundamental role to play in the developing China of the future.

"This is particularly so for overseas companies, since Hong Kong has all the infrastructure, skilled labour force and services, including sophisticated banking and other financial services, necessary for a foreign company which is committed to long-term operations in the greater China region," said Mr Goldoni.

Caben already has representative offices in Shenzhen and Shanghai, as well as plans for various forms of direct investment in China, managed from its head office in Hong Kong.

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CHICCO
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