About HKTDC | Media Room | Contact HKTDC | Wish List Wish List () | My HKTDC |
繁體 简体
Save As PDF Print this page
Qzone

Panama: Market Profile

Picture: Panama factsheet
Picture: Panama factsheet

1. Overview

Over the past decade, Panama has been one of the fastest growing economies worldwide. Panama is a key logistics hub for the region because of its location and operation of the Panama Canal, with many international firms choosing to locate in and around Panama City. Panama has 144 maritime routes to 1,700 ports in 160 countries – and is the only country in the world to feature a terminal with access to two oceans. The country depends heavily on foreign investment and it has worked to make the investment process attractive and simple. Regionally high per capita income and purchasing power has led to strong domestic consumption, but weak extractive and manufacturing industries make Panama – unusually for the region – dependent on its service sector. With few exceptions, the Government of Panama makes no distinction between domestic and foreign companies for investment purposes. The seamless use of the USD (since 1904) lowers transaction costs and eases burdens on businesses. Over recent years, many overseas corporations have set up their regional headquarters in Panama, largely on account of the tax benefits on offer, which include exemptions for any such entity.

Sources: Proinvex, Fitch Solutions

2. Major Economic/Political Events and Upcoming Elections

June 2016
A Mainland Chinese container ship became the first vessel to use the newly-enlarged Panama Canal.

June 2017
Panama broke its longstanding diplomatic relations with Taiwan to establish diplomatic ties with Mainland China for the first time, prompting concerns in the United States that Beijing is offering economic incentives in order to dominate countries.

July 2018
Officials from Panama and Mainland China completed the first round of talks discussing a free trade agreement (FTA) between the two countries.

November 2018
Panama filed an appeal after a World Trade Organization (WTO) panel in October rejected its claim for USD210 million sanctions on Colombia for non-compliance with a ruling against tariffs on clothing, textiles and footwear imposed by Bogota.

December 2018
President Xi Jinping visited Panama City for the first time and signed, with President Juan Carlos Varela, a further 19 cooperation agreements between Mainland China and Panama on trade, infrastructure, banking, tourism and other areas. This brings the total of bilateral agreements between the two countries to 47 in just 18 months.

December 2018
Prosecutors in New York charged four men with circumventing United States tax laws by conducting an international tax scheme through an offshire law firm investigated by the United States government after the exposure of activities through leaked files known as the 'Panama Papers'.

April 2019
A surge of pork imported from the United States triggered a safeguard measure in the Panama-United States Trade Promotion Agreement (TPA). Due to the export volume exceeding 130% of the tariff rate quota included in the TPA, the 2019 out-of-quota tariff rate for most United States pork products increased from 54.4% to 70%.

May 2019
In a close race, Panamanians elected businessman and former politician Laurentino Cortizo as their new president. A centre-left candidate, he secured 33% in the preliminary result and will take office on July 1. The right-wing Democratic Change candidate came second with 31%, while an independent was third on 19%. Cortizo had resigned as Minister of Agricultural Development in 2006 in protest over concessions made during negotiations for the Panama–United States Trade Promotion Agreement.

May 2019
A drought led to restrictions being placed on vessels transiting the Panama Canal, the effects of which will be felt by larger cargoes being sent to Asia via the Pacific, such as agricultural shipments from the United States.

Sources: BBC Country Profile – Timeline, WTO, Reuters (World News), Reuters (Business News), Pork Business, Al Jazeera, Bloomberg, Fitch Solutions

3. Major Economic Indicators

Graph: Panama real GDP and inflation
Graph: Panama real GDP and inflation
Graph: Panama GDP by sector (2017)
Graph: Panama GDP by sector (2017)
Graph: Panama unemployment rate
Graph: Panama unemployment rate
Graph: Panama current account balance
Graph: Panama current account balance

e = estimate, f = forecast
Sources: IMF, World Bank, Fitch Solutions
Date last reviewed: June 15, 2019

4. External Trade

4.1 Merchandise Trade

Graph: Panama merchandise trade
Graph: Panama merchandise trade

e = estimate (for imports only)
Source: WTO
Date last reviewed: June 15, 2019

Graph: Panama major export commodities (2017)
Graph: Panama major export commodities (2017)
Graph: Panama major export markets (2017)
Panama is its own second-largest export partner due to its re-export activities and is, as such, not included
Graph: Panama major export markets (2017)
Panama is its own second-largest export partner due to its re-export activities and is, as such, not included
Graph: Panama major import commodities (2017)
Graph: Panama major import commodities (2017)
Graph: Panama major import markets (2017)
Free zones account for 12.7% of all of Panama's imports
Graph: Panama major import markets (2017)
Free zones account for 12.7% of all of Panama's imports

Note: Direct 2018 data not available
Sources: Trade Map, Fitch Solutions
Date last reviewed: June 15, 2019

4.2 Trade in Services

Graph: Panama trade in services
Graph: Panama trade in services

Source: WTO
Date last reviewed: June 15, 2019

5. Trade Policies

  • Panama joined the WTO in September 1997. In addition, Panama agreed to become a full participant in the WTO Information Technology Agreement.

  • When the TPA between the United States and Panama came into effect in October 2012, import duties were lowered to zero for 87% of the products in the tariff schedule, with the exception of some food and agricultural products, on which duties will be reduced gradually over the course of the next 10 years.

  • As part of the negotiations for the TPA, Panama approved a Phytosanitary Agreement that eliminated sources of discretion and abuse in the import approval process, therefore, lifting any existing phytosanitary barriers.

  • Panama's average tariff rate is 6.1%, the seventh highest in the Central and South America region (out of 20 countries).

  • In January 2018, Panama increased the applicable import duties on flowers, decaffeinated coffee, coal, certain sweets, toilet paper, certain cotton clothes, cement, towers and lattice masts, electrical transformers and boards, panels, consoles, desks, cabinets and other bases for electric control. New import tariffs range between 0% and 60%, while previously applicable duties ranged from 3% to 54%.

Sources: WTO – Trade Policy Review, Fitch Solutions

6. Trade Agreements

6.1 Multinational Trade Agreements

Active

  1. Central American Common Market (CACM): Panama joined the CACM in May 2013, which consists of Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama, and is a plurilateral customs union that entered into force on June 4, 1961.

  2. CACM-EU Association Agreement: The trade pillar of this agreement, which covers goods and services, has been provisionally applied with Panama since August 1, 2013, and it replaced the unilateral preferential access to the EU market granted to Central America under the EU's General Scheme of Preferences. The agreement has eliminated most import tariffs; improved access to government procurement, services and investment markets; created better conditions for trade through new disciplines on non-tariff barriers to market access, competition and intellectual property rights; instituted a more predictable environment for trade with a mediation mechanism for non-tariff barriers and a bilateral dispute-settlement mechanism; and strengthened regional integration, for example by setting up a single import duty for the whole region and using a single administrative document for customs.

  3. Panama-United States TPA: This free trade and economic integration agreement covers goods and services and entered into force on October 31, 2012. The agreement ensured that on day one, nearly 90% of industrial goods imports from the United States became duty-free, including information technology equipment, agricultural and construction equipment, aircraft and parts, medical and scientific equipment, environmental products, pharmaceuticals, fertilisers and agro-chemicals.

  4. Panama-European Free Trade Association: The agreement, which is for goods and services, came into force in August 2014 and includes Panama, Costa Rica, Iceland, Liechtenstein, Norway and Switzerland.

  5. Other FTAs: Panama has FTAs for goods and services with El Salvador (entered into force on April 11, 2003), Taiwan (January 1, 2004), Singapore (July 24, 2006), Chile (March 7, 2008), Costa Rica (November 23, 2008), Honduras (January 9, 2009), Guatemala (June 20, 2009), Nicaragua (November 21, 2009), Peru (May 1, 2012), United States (October 31, 2012), Canada (April 1, 2013) and Mexico (July 1, 2015).

Under Negotiation

Panama-Mainland China FTA: In January 2018 the first meeting of a China-Panama FTA Joint Feasibility Study Working Group was held in Beijing. The group completed its study in March and on July 18, 2018, the first round of negotiations was held in Panama City. Thus far, the two parties have held five rounds of negotiations, with the most recent on April 29, 2019. An FTA would enable Panama to attract large-scale investment from China, which envisages Panama as becoming its gateway, and a maritime and aviation logistics hub, into Latin America. Panama has been unable to rescind its FTA with Taiwan.

Sources: WTO Regional Trade Agreements database, United States Trade Representative, European Commission, Ministry of Commerce and Industry, Ministry of Commerce People's Republic of China, LSE

7. Investment Policy

7.1 Foreign Direct Investment

Graph: Panama FDI stock
Graph: Panama FDI stock
Graph: Panama FDI flow
Graph: Panama FDI flow

Source: UNCTAD
Date last reviewed: June 15, 2019

7.2 Foreign Direct Investment Policy

  1. In a move designed to facilitate foreign investment, the Panamanian government has set up Proinvex, a new trade and investment agency operating under the auspices of the Ministry of Commerce and Industries. Its remit means that it promotes investment in a number of strategic sectors, including agriculture (particularly fresh fruits such as pineapples, cantaloupes and watermelons), logistics, tourism and financial services. It also oversees the operation of a 'one-stop shop' integrated information system, which allows would-be investors to identify all of the investment instruments and incentives on offer across Panama, while also assisting with due diligence procedures.

  2. Proinvex has identified the main sectors of opportunity for foreign investment as being: Multimodal Logistics, Maritime Services, Headquarters and Services, Tourism, Renewable Energy, Light Manufacturing, and Development of Infrastructure Projects.

  3. Panama makes no distinction between domestic and foreign companies for investment purposes. The office of Panama's Vice Minister of International Trade within the Ministry of Commerce and Industry is the principal entity responsible for promoting and facilitating foreign investment and exports.

  4. The Panamanian government imposes some limitations on foreign ownership in the retail and media sectors where, in most cases, ownership must be Panamanian. However, foreign investors can continue to use franchise arrangements to own retail within the confines of Panamanian law.

  5. With the exceptions of retail trade, the media and several professions, foreign and domestic entities have the right to establish, own and dispose of business interests in virtually all forms of remunerative activity. Foreigners need not be legally resident or physically present in Panama to establish corporations or to obtain local operating licences for a foreign corporation.

  6. In order to remain competitive and to be able to accommodate large modern container ships, work on a USD5.25 billion expansion of the manmade waterway began on September 3, 2007. Just under nine years later, the expanded canal went into commercial operation on June 26, 2016, with the new locks in place at both its Atlantic and Pacific access points facilitating the passage of vessels carrying up to 13,000 containers for the first time.

  7. The principal users of the canal are the cargo ships travelling between Asia and the East Coast of the United States. There is also considerable traffic between the United States East Coast and the West Coast of Central and South America, much of which had originated in West Asia before passing through the Suez Canal. The expanded Panama Canal is expected to have a significant impact on the freight flow between Asia, the United States and Central and South America, becoming an increasingly attractive alternative to the ports on either of the United States coasts for any Asian traders looking to distribute across Latin America.

  8. In addition to the expansion of the canal, the Panamanian government is also looking to enlarge the 70-year-old Colón Free Zone (CFZ). Home to more than 2,300 companies and with an annual level of trade in excess of USD30 billion, the CFZ is arguably the most important free zone in the western hemisphere.

  9. The government is also looking to further develop the Panama Pacifico Special Economic Area (PPSEA), keen to establish it as a primary hub for high-tech manufacturing and high added value services. Taken together, these moves will reinforce Panama’s standing as one of the most efficient logistic platforms in the western hemisphere in terms of regional cargo storage and distribution.

  10. In addition to enhancing its logistics facilities, Panama has consolidated its standing as an international banking centre with nearly 100 local and international banks, confirming its leading regional role in the financial services sector. Typically, the country's banks offer a wide variety of first-world-style financial products, together with competitive rates and advantageous terms. Given the country's success in both the consumer and corporate banking sectors, it clearly has considerable scope to further develop its financial services sector, particularly with regard to savings instruments, targeted small- and medium-sized enterprises' products, transactional banking, corporate loans and trade financing.

  11. Panama has rapidly developing private banking and insurance industries, two sectors that value both the confidentiality afforded by the country and its monetary stability, a consequence of its currency peg with the United States dollar at a 1:1 exchange rate.

  12. Over recent years, many overseas corporations – approximately 130 established multinationals –have set up their regional headquarters in Panama, largely on account of the tax benefits on offer, which include a service income tax exemption for any such entity. In addition, a number of legislative changes, such as the 2012 amendment to Law 45, have created an environment that is more conducive for the development of new businesses. This has resulted in the introduction of specific tax incentives relating to all such regional headquarters, as well as advantageous tax and immigration terms for all overseas executives operating within such establishments.

  13. Panama has a National Energy Plan 2015-2050 that calls for USD2 billion government investment to diversify the energy mix and ensure that a target of 70% renewables is reached, with an emphasis on the development of solar and wind energy.

  14. Panama has bilateral investment treaties (BITs) with the following 20 countries: Argentina, Canada, Chile, Cuba, Czech Republic, Dominican Republic, Finland, France, Germany, Italy, the Netherlands, South Korea, Spain, Sweden, Switzerland, Taiwan, Ukraine, the United Kingdom, the United States and Uruguay. BITs are signed but not yet in force with Belgium-Luxembourg Economic Union (BLEU), Haiti, Qatar and the United Arab Emirates. Such treaties ensure that, with some exceptions, investors from countries such as the United States receive fair, equitable and non-discriminatory treatment, and that both parties abide by international law standards, such as for expropriation and compensation and free transfers.

Sources: WTO – Trade Policy Review, UNCTAD, Proinvex, International Trade Administration, US Department of Commerce, Fitch Solutions

7.3 Free Trade Zones and Investment Incentives

Free Trade Zone/Incentive ProgrammeMain Incentives Available
Panama has multiple locations offering special tax and other incentives for manufacturers, back office operations and call centres- CFZ is a multimodal logistics redistribution centre that has been in existence for more than 60 years. Companies in the CFZ pay basic user fees and a 5% dividend tax (or 2% of net profits if there are no dividends). There is 0% tax on the import and re-export of merchandise and 0% capital gains tax for operations abroad.

- Panama Pacifico Special Economic Area is dedicated to high-value services, technology, industry and logistics. More than 250 companies and an international airport are located there, attracted by special labour regulations/immigration privileges and direct/indirect tax exemptions for specific incentivised activities, from the movie industry to data processing services.

- Ciudad del Saber/City of Knowledge is a non-profit private foundation intended to support sustainable development by providing a place where international agencies, research centres, high-technology companies, advanced academic programmes and entrepreneurs can network and collaborate. Around 200 institutions and companies have become established, attracted by special visas and permits for foreign personnel and income tax, real estate tax and import tax exemptions for incentivised activities, from information and communication technologies to biosciences and the environment.

- Free Trade Zones Panama consists of 19 'free zones' with more than 100 established companies and over USD900 million of accumulated inward investment, attracted by income, licence and custom tax exemptions provided the business activity being conducted is in one of 10 incentivised areas, from manufacturing to added-value services.

- Banks and individuals in Panama pay no tax on interest or other income earned outside of Panama.

- No taxes are withheld on savings or fixed time deposits in Panama.

- Investment incentives offered by the Panamanian government apply equally to Panamanian and foreign investors.

Sources: Proinvex, Ministerio de Comercio e Industrias, Fitch Solutions

8. Taxation – 2019

  • Value Added Tax: 7%
  • Corporate Income Tax: 25% of net taxable income or 1.17% of gross income

Source: Direccion General de Ingresos Ministerio de Economia y Finanzas

8.1 Important Updates to Taxation Information

Value-added tax (VAT) is charged on the supply of goods and services at a standard rate of 7%, although some goods are subject to higher rates and others are exempted.

8.2 Business Taxes

Type of TaxTax Rate and Base
Corporate Income Tax25% of net taxable income or 1.17% of gross income, whichever is the greater
Capital Gains TaxA capital gain from the sale of securities and negotiable instruments is subject to a 10% tax. The purchaser must withhold 5% of the sales price as an advance payment of income tax. A gain from the sale or transfer of property is deemed a capital gain treatable in one of two ways:

- If the gain arises as part of the taxpayer’s ordinary business activities, the gain is subject to the corporate tax rate

- If the transaction is not part of the taxpayer’s ordinary business activities, the gain is taxed at a reduced rate of 10%, although in order to make an advance payment of tax the purchaser must withhold 3% of whichever is the higher amount between the purchase price or the ratable value of the property
Annual Licence Tax2% of the company’s net worth
Withholding TaxesThe rate for non-residents is 10% on dividend income distributed out of domestic profits (5% on dividends distributed out of foreign-sourced or export profits) and 12.5% on both royalties and interest
VAT- Standard rate of 7%
- A zero rating applies to  food, medicine and medical services; A higher rate of 10% applies to alcohol and hotel accomodation, while tobacco and tobacco-related products are taxed at a rate of 15%
Social security contributionsEmployers must make a contribution of 13.5% of the employee's total remuneration
Payroll taxEmployers must pay an educational insurance tax of 1.5% of an employee's remuneration and a compensation insurance premium of 0.56%-5.67% depending on the risks associated with the employee's occupation
Real Estate Transfer Tax2% levied on the acquisition of real estate

Source: Direccion General de Ingresos Ministerio de Economia y Finanzas
Date last reviewed: June 15, 2019

9. Foreign Worker Requirements

9.1 Localisation Requirements

Companies are required to ensure that 90% of their workforce is made up of Panamanian employees. There are exceptions to this policy, but the government must approve these on a case-by-case basis. Fields dominated by strong unions, such as construction, have opposed issuing work permits to foreign labourers and some investors have struggled to staff large projects fully as a consequence.

9.2 Worker Quotas

In addition to limitations on company ownership, approximately 55 professions are reserved for Panamanian citizens, including medical practitioners, lawyers, accountants and customs brokers. The Panamanian government also requires foreigners in some sectors to obtain explicit permission to work.

Sources: International Trade Administration, Fitch Solutions

10. Risks

10.1 Sovereign Credit Ratings


Rating (Outlook)Rating Date
Moody's
Baa1 (Stable)08/03/2019
Standard & Poor'sBBB+ (Stable)29/04/2018
Fitch Ratings
BBB (Stable)13/02/2019

Sources: Moody's, Standard & Poor's, Fitch Ratings

10.2 Competitiveness and Efficiency Indicators


World Ranking
201720182019
Ease of Doing Business Index
70/19079/19079/190
Ease of Paying Taxes Index
170/190180/190174/190
Logistics Performance Index
N/A38/160N/A
Corruption Perception Index
96/18093/180N/A
IMD World CompetitivenessN/AN/AN/A

Sources: World Bank,Transparency International

10.3 Fitch Solutions Risk Indices


World Ranking
201720182019
Economic Risk Index RankN/A41/20247/202
Short-Term Economic Risk Score
62.362.362.9
Long-Term Economic Risk Score66.667.067.3
Political Risk Index RankN/A76/20278/202
Short-Term Political Risk Score
69.869.868.5
Long-Term Political Risk Score6969.069.0
Operational Risk Index RankN/A73/20180/201
Operational Risk Score56.254.354.0

Source: Fitch Solutions
Date last reviewed: June 15, 2019

10.4 Fitch Solutions Risk Summary

ECONOMIC RISK
Panama has a high level of security, stability and policy continuity, and the country's household consumption will remain the primary driver of growth in the years ahead, averaging approximately 49.4% of GDP over the next decade. A 2013 fiscal responsibility law will continue to constrain government expenditure at least through to 2021. The Panama Canal's increased capacity and a strengthening global economy will increase shipping volume, underpinning economic activity in Panama. Construction and infrastructure investment will support growth as several big-ticket projects continue in 2019. Increased diplomatic ties with Mainland China offer upside potential for foreign investment.

OPERATIONAL RISK
As the home of the Panama Canal, the world's second-largest free trade zone, and sophisticated logistics and finance operations, Panama attracts one of the highest levels of foreign direct investment from the region and from around the world. Panama boasts one of the western hemisphere's fastest growing economies, good credit, a strategic location and a stable, democratically elected government. Panama's ease of doing business and dollarisation continue to make it attractive to international investors.

Source: Fitch Solutions
Date last reviewed: June 15, 2019

10.5 Fitch Solutions Political and Economic Risk Indices

Graph: Panama short term political risk index
Graph: Panama short term political risk index
Graph: Panama long term political risk index
Graph: Panama long term political risk index
Graph: Panama short term economic risk index
Graph: Panama short term economic risk index
Graph: Panama long term economic risk index
Graph: Panama long term economic risk index

100 = Lowest risk; 0 = Highest risk
Source: Fitch Solutions Economic and Political Risk Indices
Date last reviewed: June 15, 2019

10.6 Fitch Solutions Operational Risk Index


Operational RiskLabour Market RiskTrade and Investment RiskLogistics RiskCrime and Security Risk
Panama Score54.047.656.467.244.9
Central and South America Average45.249.545.247.039.0
Central and South America Position (out of 20)4124
16
Latin America Average47.850.748.944.846.7
Latin America Position (out of 42)12
3012123
Global Average49.750.349.849.049.8
Global Position (out of 201)80
1198041112

100 = Lowest risk; 0 = Highest risk
Source: Fitch Solutions Operational Risk Index

Graph: Panama vs global and regional averages
Graph: Panama vs global and regional averages
Country
Operational Risk Index
Labour Market Risk Index
Trade and Investment Risk IndexLogistics Risk IndexCrime and Security Risk Index
Chile64.963.868.662.764.7
Uruguay54.951.152.155.4
61.1
Costa Rica54.253.660.353.249.7
Panama54.047.6
56.467.244.9
Mexico51.660.058.257.730.7
Colombia48.7
55.554.750.134.6
Peru48.357.851.547.136.8
Argentina48.152.842.450.646.7
Brazil47.446.748.450.743.6
Ecuador45.954.137.652.140.0
Suriname44.9
50.135.643.3
50.7
Belize42.651.938.142.4
38.2
El Salvador42.244.944.551.128.3
Paraguay39.942.644.036.636.3
Nicaragua39.441.639.137.139.9
Guatemala38.643.844.741.324.6
Honduras37.739.846.939.4
24.6
Guyana37.042.8

38.3

34.332.8
Bolivia
35.242.128.737.832.2
Venezuela27.547.7
13.130.019.2
Regional Averages45.249.545.247.039.0
Emerging Markets Averages46.048.146.547.444.8
Global Markets Averages49.750.349.8
49.049.8

100 = Lowest risk; 0 = Highest risk
Source: Fitch Solutions Operational Risk Index
Date last reviewed: June 15, 2019

11. Hong Kong Connection

11.1 Hong Kong’s Trade with Panama

Graph: Major export commodities to Panama (2018)
Graph: Major export commodities to Panama (2018)
Graph: Major import commodities from Panama (2018)
Graph: Major import commodities from Panama (2018)

Note: Graph shows the main Hong Kong exports to/imports from Panama (by consignment)
Date last reviewed: June 15, 2019

Graph: Merchandise exports to Panama
Graph: Merchandise exports to Panama
Graph: Merchandise imports from Panama
Graph: Merchandise imports from Panama

Note: Graph shows Hong Kong exports to/imports from Panama (by consignment)
Exchange Rate HK$/US$, average
7.75 (2014)
7.75 (2015)
7.76 (2016)
7.79 (2017)
7.83 (2018)
Source: Hong Kong Census and Statistics Department
Date last reviewed: June 15, 2019


2017
Growth rate (%)
Number of Panama residents visiting Hong Kong2,574
-4.8

Sources: Hong Kong Tourism Board, United Nations Population Division – Department of Economic and Social Affairs


2017
Growth rate (%)
Number of Latin American residents visiting Hong Kong195,854
1.8

Sources: United Nations Population Division – Department of Economic and Social Affairs
Date last reviewed: June 15, 2019

11.2 Commercial Presence in Hong Kong


2016
Growth rate (%)
Number of Panama companies in Hong KongN/A
N/A
- Regional headquarters
- Regional offices
- Local offices


11.3 Chamber of Commerce (or Related Organisations) in Hong Kong

Economic and Commercial Office of Panama
Address: Room 1008, Wing On Centre, 111 Connaught Road, Central, Hong Kong
Tel: (852) 2545 2166
Fax: (852) 2543 4614

Source: Economic and Commercial Office of Panama

Consulate General of Panama in Hong Kong
Address: Room 1008, Wing On Centre, 111 Connaught Road, Central, Hong Kong
Tel: (852) 2545 2166
Fax: (852) 2543 4614

Source: Consulate General of Panama in Hong Kong

11.4 Visa Requirements for Hong Kong Residents

Effective February 10, 2019 HKSAR passport holders can enter Panama without a visa for up to 30 days.

Source: Visa on Demand
Date last reviewed: June 15, 2019

 

Content provided by Picture: Fitch Solutions – BMI Research
Comments (0)
Shows local time in Hong Kong (GMT+8 hours)

HKTDC welcomes your views. Please stay on topic and be respectful of other readers.
Review our Comment Policy

*Add a comment (up to 5,000 characters)