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Hong Kong’s business community is bridging India and China along the “Belt and Road”, Beijing’s aim to connect Asia and Europe via the Middle East and Africa.
This was expressed by a high-power business delegation which visited New Delhi February 2-4, organized by the Hong Kong Trade Development Council (HKTDC).
A key theme of the business mission 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, said HKTDC.
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. By improving infrastructure and facilities in Central Asia and Eastern Europe, South Asia and Southeast Asia, and the Middle East, the Belt and Road Initiative will boost financial integration, trade and cultural bonds. India, being a key country along the Belt and Road, can play a crucial role in linking markets together.
The Hong Kong delegation received a valuable insight into India’s infrastructure development by visiting the Delhi Mumbai Industrial Corridor Development Corporation Ltd yesterday. The US$1 billion Delhi-Mumbai Industrial Corridor (DMIC) is billed as the world’s largest infrastructure project aiming to develop new industrial “smart” cities and converge next generation technologies across different sectors.
With technology collaboration regarded as an area of great potential for future investment and business partnership opportunities between India and Hong Kong, the delegation also visited the Indian Institute of Technology Delhi.
More than 200 business leaders from Hong Kong and India interacted during the four-day visits. CY Leung, Chief Executive of the Hong Kong Special Administrative Region and Amitabh Kant, Secretary of the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, led the series of meetings.
“The Prime Minister and I agreed to take our cooperation to new levels and also to broaden the scope of our cooperation,” said Mr Leung of his meeting with Prime Minister Narendra Modi. Technology cooperation was an area of great potential, he added.
“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.”
Margaret Fong, Executive Director of the HKTDC, urged Indian companies to take full advantage of the Council’s business promotion platform.
Fong 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,” said she said.
Hong Kong and India enjoy close and strong bilateral ties formed over more than 150 years of business and cultural links.
In 2015, India was Hong Kong’s fourth-largest export market with total exports to India expanding 8.1 per cent year-on-year to US$13.1 billion. Major export items included telecom equipment & parts (US$5.1 billion, 39.3% share) and pearls, precious & semi-precious stones (US$4.7 billion, 36.3%).
On the other hand, India was Hong Kong’s ninth-largest source of imports in 2015, amounting to US$10.6 billion. India is Hong Kong’s seventh-largest trading partner globally with bilateral trade of US$23.7 billion last year. fii-news.com
