Businesses in the West Country could be missing out on massive trading opportunities with Hong Kong.
That’s according to the Bristol and West of England China Bureau, which believes recent upbeat economic forecasts from the Special Administrative Region may have gone ‘under the radar’ due to pressing concerns over the future of the UK economy.
Bureau Director of Business Initiatives Richard Lowe said businesses must be alert to Hong Kong’s rapidly diversifying economy – and the potential to strengthen connections there.
“It is an exciting time for the Special Administrative Region as it is simultaneously redefines its role as a high tech hub, supporting ground breaking innovation and start-ups.
“The billions of HK$ the Government is investing into infrastructure development projects, coupled with upgrading I&T capabilities will secure its relevance and continued growth.”
He added: “Hong Kong continues to have a surplus and solid growth and will continue to play a significant role in the region. Its strength as a global connector and financial centre makes it a great place to start your China export journey.”
The Bristol and West of England China Bureau is forging closer partnerships with Hong Kong, helping connect businesses where they’re able.
As Director of Business initiatives, Richard Lowe of Hewlett Rand has been travelling between the UK and Hong Kong over the last five years, exporting training expertise and establishing partnership on behalf of the China Bureau.
Richard Lowe said: “I attended the Hong Kong Dinner, London held by the Hong Kong Trade Development Council, where Chief Executive Carrie Lam underlined the special trading relationship the UK had enjoyed with Hong Kong.
“This month the Department of International Trade will take a range of leading UK businesses to Hong Kong’s Great Festival of Innovation to exhibit the very best of what Great Britain can offer to Hong Kong, China and the wider region.”
Richard Lowe’s comments follow the latest upbeat Budget forecasts from Hong Kong Financial Secretary Paul Chan.
Mr Chan announced a range of new measures to diversify the economy covering both regional and global opportunities to promote innovation and technology.
Hong Kong’s GDP per capita has reached US$46,000 – amongst the highest in the world.
Mr Chan said the transformation of the Chinese economy from rapid growth to high-quality development had created enormous opportunities both regionally and globally.
Richard Lowe concluded: “Hong Kong’s increasingly diversified economic base offers a range of opportunities to West-based businesses and also acts as a stepping stone into the enormous Chinese economies.
“The Bristol and West of England China Bureau exists to provide the links, introductions and advice on how businesses can access these exciting new markets – which will become increasingly vital to our economic as BREXIT negotiations unfold.”