Hong Kong Week: Open the gateway to Asia opportunities

WITH its historic links with the UK and similar legal and financial systems, Hong Kong has long been seen as a perfect platform for British companies who want to trade with China.

The Hong Kong Trade Development Council is holding three days of events across the UK next month, including Leeds, to promote its message to UK firms.

David Parkin travelled to Hong Kong to hear about the Think Asia Think Hong Kong initiative and to meet some of those already operating in this dynamic territory.

TheBusinessDesk.com’s Hong Kong Week is in association with international law firm DLA Piper.

ASIA represents a huge opportunity for UK firms and Raymond Yip of Hong Kong Trade Development Council (HKTDC) is confident he and his partners can help unlock the door for them.

“The centre of gravity is moving towards Asia and we know that more and more Western companies are moving towards Asia,” said Mr Yip, assistant executive director of HKTDC.

Asia’s contribution to world GDP has grown from 15% in 1990 to 29% last year and is predicted to reach 45% in 2030.

Mr Yip says this clearly shows the shifting of economic gravity to Asia and Hong Kong and Singapore are now just behind London and New York as the top four financial centres in the world.

“The environment is more conducive, tariffs are coming down. The good thing about Hong Kong is that it’s an open platform. Migration of business to Asia is gaining further momentum. With the UK you have this long constitutional link.”

Those links will be underlined at the Think Asia Think Hong Kong events being held in London and Leeds plus Cambridge and Edinburgh between September 13 and 15.

“It’s the largest ever Hong Kong promotion in the UK. We believe that the time is right and we look forward to some fruitful exchanges,” said Mr Yip.

It will focus on key sectors including:

*financial and professional services
*technology
*creative industries
*logistics and maritime services
*sourcing and marketing in Asia

It will also include cultural activities and a film premiere and in total more than 1,000 people will be taking part in the various events.

With 17 partners from Hong Kong involved in the event, Mr Yip says it highlights the message that “leveraging is the key to success”.

“Hong Kong is the most popular destination for UK investments in Asia,” but it is not just traditional sectors where Hong Kong is looking to work with UK firms.

“Soft infrastructure like entertainment, films, access to books and all these things will bring immense opportunities and in those areas the UK has advantages such as film and music.

“China is in dire need of upgrading its infrastructure. 18% of GDP in China goes to distribution services  – in a developed economy it’s about half that.

Mr Yip says his team will be ready and waiting at the Think Asia Think Hong Kong events “to help facilitate Western companies to use the Hong Kong platform when thinking about investment in Asia”.

For more information go to: www.thinkasiathinkhk.com