HK firms bet on main­land chances

Trade show ex­hibitors hop­ing to build closer ties

Global Times US Edition - - BIZUPDATE -

More en­trepreneur­s and trade de­part­ments in the Hong Kong Spe­cial Ad­min­is­tra­tive Re­gion (HKSAR) will find op­por­tu­ni­ties in the Chi­nese main­land, seek co­op­er­a­tion with lo­cal com­pa­nies and jointly ex­pand into over­seas mar­kets given the huge main­land market and com­ple­men­tary ad­van­tages, Hong Kong busi­ness rep­re­sen­ta­tives say.

Hong Kong industry play­ers be­lieve that with Hong Kong’s su­pe­rior geo­graph­i­cal lo­ca­tion, in­ter­na­tional market ex­pe­ri­ence and the ad­van­tages un­der the “one coun­try, two sys­tems” prin­ci­ple, HKSAR is set to use its ad­van­tages to serve the needs of the coun­try and make a unique con­tri­bu­tion to the Belt and Road Ini­tia­tive, ac­cord­ing to a file the Global Times ac­quired on Mon­day.

“Hong Kong is a bridge for many main­land en­ter­prises which aim at global mar­kets. Hong Kong could be a fi­nanc­ing plat­form for them, and in­dus­tries on both sides are highly com­ple­men­tary,” Lu Rongzhi, per­ma­nent hon­orary president of the Hong Kong Com­merce and Industry As­so­ci­a­tion, told the Global Times.

The com­ments came amid the China In­ter­na­tional Fair for In­vest­ment and Trade 2019 (CIFIT), held in Xi­a­men, East China’s Fu­jian Prov­ince, which runs from Sun­day to Tues­day. The Hong Kong booth, cov­er­ing an area of 126 square kilo­me­ters, is ea­ger to show­case its strengths – in­clud­ing fi­nan­cial ser­vices and lo­gis­tics ser­vices – to at­tract the at­ten­tion of main­land en­ter­prises.

“We have all the time been keep­ing close con­tact [with main­land com­pa­nies], and the CIFIT gives us a good plat­form where we can show en­ter­prises from Fu­jian and even across China our ad­van­tages in the ser­vices sector,” a Hong Kong-based industry player who spoke on con­di­tion of anonymity told the Global Times.

Ac­cord­ing to media re­ports, one of the big deals se­cured dur­ing the fair in­volves Yuankang In­ter­face Tech­nol­ogy Co, an elec­tron­ics com­pany from Hong Kong, which is ex­pected to build an elec­tronic com­po­nent man­u­fac­tur­ing project worth $500 mil­lion in Xi­a­men.

Ac­cord­ing to a re­port from the Xin­hua News Agency, 36 Hong Kong firms took part in the expo to dis­play their high-qual­ity prod­ucts and to ex­pand into North­east Asian mar­kets.

Zhou Zhuang, a sales direc­tor at Vtech, a Hong Kong-based toy maker, which was also an ex­hibitor at the expo, said that the com­pany at­taches great im­por­tance to the main­land market and puts a lot of ef­fort into it.

“Over the re­cent years, the main­land market has de­vel­oped rapidly, and the su­per­mar­kets in the ma­jor cities of North­east China have seen more Vtech prod­ucts. The com­pany’s year-on-year growth rate in the re­gion has reached more than 20 per­cent so far this year,” said Zhou.

The Greater Bay Area, en­com­pass­ing Hong Kong, Macao and nine cities in the Chi­nese main­land in­clud­ing Shen­zhen, is part of a cen­tral gov­ern­ment plan to make the re­gion an in­no­va­tion and fi­nan­cial pow­er­house.

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