Hong Kong woos industry from region at CII seminar

By 1 2 1 News Reporter

Chandigarh, 03^rd August:-- Showcasing Hong Kong as a launching pad for Indian markets, at the Seminar on "Fast Track to Expand Business with China and International Markets via Hong Kong" jointly organised by Confederation of Indian Industry (CII) and Hong Kong Trade Development Council (HKTDC) here today. HKTDC Regional Office, Bangkok Marketing Manager ,Sunny Chau, , shared that Hong Kong is the perfect launch pad for Indian companies that are keen to tap into the growing Southeast Asian market. In a bid to boost investment flows and strengthen inter-regional ties, Hong Kong authorities are giving incentives and encouraging Indian companies to use Hong Kong as a catalyst for their regional and international expansion plans. He added that currently, there are about 1,500 Indians companies operating in Hong Kong and their numbers are expected to rise tremendously in the coming months. Trade between India and Hong Kong during 2012 totaled to about US$ 20,300 million, comprising 9895 million US $ as exports from Hong Kong to India and 10,491million US $ as imports from India to Hong Kong. This trade has huge potential to grow. Highlighting the capital and investment flow in Hong Kong Markets, he said, "Foreign Direct Investment to India from Hong Kong has been increasing in recent years. Hong Kong is also a major sourcing centre for Indian companies and it has emerged as a major re-exported to Mainland China of items it imports from India. Hong Kong is also the largest recipient of capital from the Chinese mainland and accounted for 61.6% of China's total cumulative outward direct investment up to 2011. Deliberating upon the Mainland and HK Closer Economic Partnership Arrangement (CEPA), Mr Chau said, "There's tariff-free access to the mainland for virtually all HK-originated products and preferential treatment on the mainland for HK services sectors, including banking, legal, construction, information technology, convention and exhibition, audiovisual, distribution, tourism, air transport, road transport, and individually owned stores. Hong Kong is also the natural gateway for trade and investment to the vast market in Mainland China. Its advantage as a launching pad to markets in India can be seen from its position as the world's 11th largest trading economy. CII Chandigarh Council Chairman, Man Mohan Singh, said that India's relationship with Hong Kong is mutually beneficial and wide ranging; covering- development, trade and investment, climate change, counter terrorism and reform of the global international systems. The Hong Kong - India development partnership is about sharing knowledge and expertise, exchange of best practices, supporting innovation and building capacity and skills. Pikender Pal Singh, Regional Director, CII NR mentioned that "It has always been CII's constant endeavour to bring the best global and domestic opportunities to the Indian industry for their expansion and diversification plans. Today' seminar was one such initiative highlighting the key advantages of Hong Kong as a business destination".