Middle East trade soaring with Hong Kong, but there's room for more, says trade expert

Everyone knows there are major business opportunities in China, but knowing how and where to start is the challenge, Fred Lam, Executive Director, Hong Kong Trade Development Council (HKTDC) told reporters at a briefing held today in Dubai.

Speaking on the sidelines of 'Hong Kong in Style', the largest exposition of Hong Kong products in the Middle East, Lam said, "China is expanding rapidly, both as a manufacturer and exporter and increasingly as a new market for Middle East products and services."

"For Middle East companies interested in China, Hong Kong offers an easy way in," said Lam. "Famed for being the world's freest economy, Hong Kong offers the best of both worlds. It speaks the international language of business, while being at the heart of China business."

Lam explained that Hong Kong's familiar business, legal and financial environment helped reduce the risk and increase the reliability of exporting from, or importing to, China.

"Hong Kong companies own factories across China producing quality, stylish products for thousands of international clients," said Lam. "The combination of a factory on the Chinese mainland and a front-office in Hong Kong offers Middle East companies China prices, coupled with reliable delivery and transparent legal and financial protection."

Lam highlighted the Pearl River Delta region of the Chinese mainland, an easy one-hour drive north of Hong Kong. "This region is China's best kept secret. It is growing faster than Shanghai or Beijing, is China's largest  export region and is home to China's wealthiest consumer," he said.

"Hong Kong companies dominate this region, operating 70,000 factories and employing more than 10 million people," said Lam. "Thousands of international companies have already discovered that Hong Kong together with the Pearl River Delta region offers an easy way to do business in China."

Lam also spoke about the recent developments that have added to Hong Kong's international competitiveness. "We have the first free trade agreement with China, we're welcoming almost 20 million tourists a year and Chinese companies are being encouraged to set up in Hong Kong to upgrade their business skills, raise capital and meet international partners," he said.

"Hong Kong has truly become the location in Asia where international, Mainland and Hong Kong companies meet to do business," he added.

Speaking on Hong Kong's status as one of Asia's leading logistics centres, Philip Herbert, Country Manager, UAE and Oman, Cathay Pacific said, "Middle East companies could benefit from Hong Kong's world-leading airport to manage time-sensitive shipments in and out of China and the Asia region".

"Hong Kong has been voted the world's best airport for the past two years. As both a hub for passengers and cargo it is exceptional," he said. "As China continues to open up, Hong Kong's role will develop still further. The airport services 140 cities around the world, as well as 40 cities in China."

Herbert said Cathay Pacific was keen to develop further aviation links with the Middle East and adding further routes between Hong Kong and the Gulf States.

"These new routes demonstrate the increased interest in business between Hong Kong and the Middle East and we're delighted to help business people and cargo travel more easily between our regions," he said.