Chief Executive John Lee Ka-chiu delivers a speech during the Legal Summit 2023 at the St. Regis Hong Kong in Wan Chai on July 18, 2023. (CALVIN NG / CHINA DAILY)

HONG KONG — John Lee Ka-chiu, chief executive of China's Hong Kong Special Administrative Region (HKSAR), said Thursday that Hong Kong has the advantages that can facilitate the vibrant development of European Union (EU) companies in Hong Kong and their entry into the vast markets of the Chinese mainland and the wider Asian region.

Hong Kong boasts a favorable business environment, low taxation, free capital flow, abundant multicultural talent, and internationally recognized professional services, he said in a social media post.

The EU has always been a crucial trading partner for Hong Kong, ranking as the third-largest trading partner in merchandise trade

READ MORE: China will work with EU to resume in-person exchanges

Lee said he recently had a luncheon meeting with the head of the EU office to Hong Kong and 13 EU consuls general and representatives, and shared with them the views of the HKSAR government on various issues.

The EU has always been a crucial trading partner for Hong Kong, ranking as the third-largest trading partner in merchandise trade, which reached HK$524 billion (about $67 billion) in 2022, and currently there are 1,600 EU companies located in Hong Kong, he said.

READ MORE: Europe looks to tap potentials in cooperation with China

Lee said the HKSAR government values its trade and investment relationship with the EU and will strengthen communication and cooperation with the EU office to Hong Kong and consuls general of EU countries in various aspects.