The Hong Kong Trade Development Council (HKTDC) was established in 1966, and serves as a statutory body dedicated to promoting Hong Kong trade. Its mission is to create opportunities for Hong Kong companies, especially small and medium-sized enterprises, by promoting trade in goods and services globally. With more than 40 overseas offices, including 12 on the Chinese mainland, the HKTDC promotes Hong Kong as a comprehensive business platform that is increasingly recognised as Asias central business district. Through a spectrum of promotional activities, the HKTDC offers a variety of platforms and business-matching services, connecting small and medium-sized enterprises in Hong Kong with business partners from all over the world.
Hong Kong has a special link with India in many areas of trade. In order to give a boost, it has taken special initiatives. Benjamin Chau, Deputy Executive Director of HKTDC was in India recently. He is highly optimistic about the future growth in trade between the two countries. He says India has a special place in his mind & heart.
Benjamin Chau spoke to Samuel Joseph, Editor of The Indian Textile Journal, in an exclusive interview.
Excerpts:
SJ: How do you look at the business between Hong Kong & India in the coming years? Which are the product segments that are likely to play a key role in the trade boost between the two countries?
Benjamin Chau: India has been one of the Hong Kongs major sources of imports as well our important export market. Amid the global economic uncertainty, we are glad to see a strong bilateral trade remain between two economies. In 2013, India was the fourth largest export market for Hong Kong. Hong Kongs total exports to India rose 7.9 per cent to US $10.7 billion for that period. Major export items included pearls, precious & semi-precious stones (40.5% share), telecom equipment & parts (29.1%), silver & platinum (9.3%), computers (3.5%) and electrical apparatus for electrical circuits (1.5%).
On the other hand, India was Hong Kongs eighth largest source of imports in 2013. Hong Kongs imports from India rose 6.7 per cent to US $11.2 billion for the period. Major import items included pearls, precious & semi-precious stones (76.3% share), jewellery (10.2%), leather (3.3%), textile yarn (1.3%) and telecom equipment & parts (1.1%).
We are also glad to see that India has been growing to one of Asias most significant countries. Indias middle class is expanding with increasing spending power which generates tremendous trade opportunities and poses great impact on the regional economy.
Hong Kong is the regions trade fair capital. In 2013, HKTDC organised more than 30 fairs, nine of which are the largest of their kinds in Asia and three are the largest of their kinds in the world. Those three are the Hong Kong Gifts & Premium Fair, Hong Kong Watch & Clock Fair, and Hong Kong Electronics Fair (Autumn Edition).
The 30 fairs organised by HKTDC have attracted some 32,500 exhibitors (%) from 82 countries and regions and around 680,000 international buyers (%) from 189 countries and regions. The figures not only speak for themselves of their scales but also imply immense trading opportunities.
In addition, the numbers of overseas and emerging buyers recorded a year-on-year increase of 5.3 per cent and 8 per cent respectively. Notably, buyers coming from emerging markets to HKTDC fairs for product sourcing are increasing, 8,475 buyers of which came from India, representing a 5 per cent growth. Likewise, for exhibitors, there was also an increase in the number of exhibitors coming from India to tap into the opportunities. In 2013