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Toronto firm to set up regional head office in HK
A Toronto-based software company, Innotech Multimedia Corporation, has chosen Hong Kong as its regional trade and investment headquarters to serve the fast growing South East Asian market.
The company, which is publicly listed in the Vancouver Stock Exchange, is a leading developer of software for the building and navigating of CD-ROM multimedia databases. It has produced over 100 CD-ROM projects for a list of blue chip customers as well as numerous CD-ROM retail titles.
Casting a vote of confidence in Hong Kong's future, Chairman of Innotech, Mr Philip Wong, announced at a press conference in Toronto yesterday (Thursday) that the company had been working to establish a presence in the Far East for some time and it is logical to set up its regional head office in Hong Kong.
Mr Wong said the decision was based on the territory's positive business environment, its proximity and contacts with the China market.
He thanked the Economic and Trade Office of the Hong Kong Government in Toronto for assisting Innotech to enter into a joint venture with a Hong Kong-based company, Co-Echo Company, which has extensive retail operations in China. Under the joint venture project, Innotech is transferring its software and expertise to a new company, Innotech Multimedia Corporation Hong Kong (IMCHK), in exchange for a 30 per cent shareholding.
Mr Wong said with the assistance of the Hong Kong Economic and Trade Office, IMCHK had been working closely with the Hong Kong Productivity Council to serve two local customers in the territory the Hong Kong Tourist Association and the Hong Kong Electronic Industries Association.
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Congratulating Innotech on their success in securing profitable opportunities in Hong Kong, the Director of Hong Kong Economic and Trade Office, Mr C M Leung, said at the press conference that the role of the Hong Kong Government was to identify those overseas companies with interests in Hong Kong and to encourage them to invest in the territory by setting up wholly-owned subsidiaries or facilities in partnership with Hong Kong companies.
"We provide free service to help these companies conduct feasibility studies and launch their projects in Hong Kong," he said.