Hengqin opens wallet to Latin American-friendly firms

Up to 2 million yuan ($302,200) in incentives are to be awarded to e-commerce enterprises newly settled in Hengqin New Area that serve Latin American and Caribbean markets. To be eligible, companies must have revenues of at least 1 billion yuan ($151 million), according to the latest trial promotion measures.

The effort to bolster specified cross-border e-commerce enterprises as well as a further array of favorable business treatments are described in Several Measures for Hengqin New Area to Promote Sino-Latin American Economic & Trade Cooperation, which became effective on Oct 10.

The policy heralds the Nov 9-11 China-Latin America & Caribbean International Exposition. The show is expected to set records in economic and trade cooperation, according to the Hengqin New Area Administrative Committee.

Rewards of up to 1 million yuan ($151,000) will be up for grabs as additional incentive to Hengqin-registered enterprises that contribute to Sino-Latina or Sino-Caribbean economic, trade, and strong industrial cooperation.

Hengqin New Area [File Photo]

Hengqin China-Latin America Economic & Trade Cooperation Park is to open during the CLAC-Expo. Newly arrived Latin American and Caribbean enterprises and domestic companies engaged in bilateral trade and economic cooperation, tourism, culture, law, or services will be provided office-rent subsidies for up to three years.

To enable convenient transnational investment, Hengqin will set up liaison offices in Latin American and Caribbean states to deal with name and business registrations for foreign investment in fields not included in The Special Administrative Measures for Admission of Foreign Investments (Negative List for Admission of Foreign Investments). Investors can also take advantage of consultancy from local branches of Chinese-funded banks under agreements with Hengqin and will be assisted in cross-border financial transactions.

The measures reinforce Hengqin as the heartland of Sino-Latino (including the Caribbean) partnership due to the New Area's extensive experience in Reform & Opening Up.

Meanwhile, Macao is establishing a similar Chinese cooperation business service for Portuguese-speaking countries, which is expected to generate cross-promotions, said a local official.