This year marks the 20th Anniversary of Hong Kong's return to China and the establishment of the Hong Kong Special Administrative Region (HKSAR). Since 1997, the enduring success of the "one country, two systems" formula has been instrumental in cementing Hong Kong's position as the "super-connector" between mainland China and the rest of the world.
Hong Kong and Japan have enjoyed a stable and mature relationship for many years. There are currently about 1,400 Japanese businesses operating in Hong Kong, forming the largest group of international companies in the city. The number exceeds even those from the U.S. and mainland China. Japan is a global economic leader and has a lot to offer the international market. It is not limited to Japanese products; Japan's technology and infrastructure solutions are also in high demand around the world. With a range of comprehensive and quality business services, Hong Kong is the springboard that can help bring the best of Japan to mainland China and the rest of the world. We have the know-how, experience and talent to help Japanese companies to penetrate into overseas markets more effectively and extensively.
Bilateral trade between Hong Kong and Japan is also active, with Hong Kong being Japan's eighth-largest trading partner and fifth-largest export market in 2016. Reciprocally, Japan was Hong Kong's fourth-largest trading partner, with bilateral trade of $46.8 billion in 2016. Remarkably, for a city of some 7.3 million people, Hong Kong has been the largest overseas market for Japanese food and agricultural products since 2006, currently accounting for about 25 percent of those exports, according to Japan's Ministry of Agriculture, Forestry and Fisheries. Apart from the numerous Japanese restaurants in Hong Kong, much of the food produce is re-exported to markets across Asia. So it is hardly a surprise that Japanese exhibitors are among the largest contingent at the annual Food Expo in Hong Kong, showcasing products to more than 490,000 public visitors and close to 21,000 trade buyers at the fair last year.