Heilongjiang Province, a traditional industrial base in northeast China, Tuesday launched a week-long activities in Hong Kong to invite investment and jointly explore the Russian market.

With strengthened cooperation between the two sides, Heilongjiang will become a hot spot of investment for Hong Kong companies, as well as the bridge for Hong Kong to enter the market of northeast Asia, said Zhang Zuoji, governor of Heilongjiang Province, at the opening ceremony of the "2004 Heilongjiang-Hong Kong Week".

Zhang said Heilongjiang has rich natural resources for Hong Kong investors. The province welcomes investors from Hong Kong to purchase shares of state-owned enterprises or establish new ventures.

He said Heilongjiang will focus on the construction of petro-chemical, energy, food, pharmaceutical, forestry industry bases, as measures for rejuvenation of the old industry bases.

John Tsang Chun-wah, Hong Kong's secretary for Commerce, Industry and Technology, said that Hong Kong has always been the largest overseas investor in Heilongjiang.

Besides, Hong Kong can also become the financing center and the springboard of Heilongjiang enterprises to enter the international market, said Tsang, adding that Hong Kong's talents, information, finance, logistics and legal services can help Heilongjiang enterprises explore the overseas markets.

Hong Kong Trade Development Council Executive Director Fred Lamsaid that cooperation range between the industrial base in northeast China and Hong Kong could be wide, especially in electronics, machinery and metal industries.

Russia, bordering Heilongjiang Province, is a burgeoning market for Hong Kong companies. The export from Hong Kong to Russia in 2003 increased by 30 percent over the previous year. The cooperation between Hong Kong and Heilongjiang will help Hong Kong companies find new channels to enter Russian market, Lam added.

(Xinhua News Agency November 10, 2004)