2016 will see Indian and Honk Kong increase bilateral trade
Posted on March 21, 2016
Hong Kong has called for solidification of trade ties with India and increasing bilateral trade by pushing for investment agreements. Executive Director of the Hong Kong Trade Development Council (HKTDC) Margaret Fong opines that, “India is Hong Kong’s seventh-largest trading partner globally, with bilateral trade of $ 23.7 billion last year. We are looking at strengthening business ties with India and increase trade manifold.” She adds that India and Hong Kong SAR has enjoyed strong ties, which were formed over 150 years of cultural and business links with the once British territory.
Ms. Fong also explained that in 2015, India was Hong Kong’s 4th largest export market with logistical trade increasing 8.1 percent to US$ 13.1 billion. On the opposite hand, India was Hong Kong’s ninth-largest supply of imports in 2015, amounting to US$ 10.6 billion. Ms. Fong was leading a business delegation to India. HKTDC, the worldwide promotional arm for Hong Kong based service providers, manufacturers and international traders, which has a long history of serving business makers between Indian and Honk Kong businesses, expanding into new markets and making use of its Special Administrative Region’s (SAR, China) platform.
In the last few years, many Indian firms have established business centers in urban areas of Honk Kong. As of June 2015, there have been twelve Indian firms with local headquarters in Hong Kong business districts, fifteen with regional and thirty seven with local offices. The majority of businesses include, Information Technology, banking, shipping & logistics and trade of commodities.
C Y Leung, Chief Executive of Hong Kong SAR had said earlier that the setting up of technology and innovation ventures that aims at investment in technology start-ups and local innovation and research platforms is additionally on the table; which technology, innovation and education are alternative areas where each country can enhance business collaborations.
Mr. Leung said that, “India is a world leader in IT and I know about their ambitious expansion plans for the sector, through the ‘Make in India’ programme.” This plan spells quite highly for the above mentioned industries between the two countries, which will increase investment and other immigration opportunities for citizens & firms of both countries.
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