HONG KONG: Hong Kong and India are set to broaden trade cooperation and see technology corporation as an area of great potential, according to CY Leung, Chief Executive of the Hong Kong Special Administrative Region, who led the Hong Kong delegation to a business gathering hosted by the Hong Kong Trade Development Council (HKTDC) on Friday at the Shangri-La Eros Hotel in Delhi.
Leung and Amitabh Kant, Secretary of the Department of Industrial Policy and Promotion, India’s Ministry of Commerce and Industry, were the guest of honors during the event which gathered more than 200 business leaders from India and Hong Kong.
“We welcome, and indeed look forward to, Indian research institutions and businesses to work with Hong Kong, and make use of the platform provided by us to advance and promote science and technology. I look forward to seeing the results of our joint research efforts,” Leung said.
In his remarks, Kant described Hong Kong as one of the most innovative and creative cities in the world and said the decision to bring a large business delegation to India would help to boost ties between India and Hong Kong. “I am confident that this initiative will lead to great all-round and comprehensive development of bilateral relations,” he said.
Margaret Fong, Executive Director of the HKTDC, urged Indian companies to take full advantage of the Council’s business promotion platform. She highlighted the HKTDC’s presence in India including offices in Mumbai and Delhi and also urged more Indian companies to take part in more than 30 international conferences and trade fairs organised by the HKTDC in Hong Kong annually.
“Every year our trade fairs in Hong Kong attract some 800 Indian exhibitors to market their products and services to global buyers. And close to 14,000 Indian importers, traders and merchandisers come annually to source quality products for their customers,” she said.
The Hong Kong delegation to India led by Leung consists of 40 prominent businesspeople representing the city’s leading industries, such as financial services, professional services, logistics, shipping, telecommunications, construction and engineering.
The goal was to explore new opportunities brought about by stronger business links between India and Hong Kong, and Hong Kong’s role as a bridge connecting India to the Chinese mainland market, especially in light of the Belt and Road Initiative spearheaded by the Chinese government.
The Belt and Road Initiative aims to connect Asia and Europe via the Middle East and Africa by a series of transport and infrastructure developments to facilitate trade and cross-border connectivity.
In 2015, India was Hong Kong’s fourth-largest export market with total exports to India expanding 8.1 percent year-on-year to $13.1 billion. Major export items included telecom equipment & parts ($5.1 billion, 39.3 percent share) and pearls, precious and semi-precious stones ($4.7 billion, 36.3 percent).
On the other hand, India was Hong Kong’s ninth-largest source of imports in 2015, amounting to $10.6 billion. India is Hong Kong’s seventh-largest trading partner globally with bilateral trade of $23.7 billion last year.
