HK picks Illinois as partner
HKTDC says missions will enhance two-way trade and investment, writes John Cremer
In looking to boost productive business exchanges with US-based enterprises, the Hong Kong Trade Development Council (HKTDC) has chosen the state of Illinois as a key strategic partner.
The aim is to build on existing ties and complementary strengths, giving established companies the advice they need to break into new markets and opening doors for others keen to innovate and expand.
"We have been working closely with the Illinois Department of Commerce, helping them to take full advantage of our trade fairs to market the state's products and services in and through Hong Kong," says Winchell Cheung, the HKTDC's Chicago-based director for the US Midwest. "We already have more than a thousand buyers from Illinois visiting our fairs every year, and we are working on multiple missions for the coming months, which will enhance two-way trade and investment."
One direct result of these efforts will see Chicago as a partner city at the Business of Design Week (BODW) and InnoDesignTech (IDT) Expo in December. This will provide great opportunities to promote the city's design industry in Hong Kong and for local attendees to catch the eye of potential clients and collaborators.
It follows a successful template from last year when a special Illinois pavilion at the Hong Kong Medical Fair generated much positive feedback. It will also tie in with a planned outward-bound investment mission to Chicago and other North American cities which should take place in the fourth quarter.
Organised jointly by the HKTDC and the mainland's Ministry of Commerce (MOFCOM), two similar initiatives in the past couple of years proved a big hit with participants and created all kinds of new business interest at the selected stops along the way.
In particular, the "Think Asia, Think Hong Kong" mission, which saw a high-powered 150-strong delegation visiting Chicago in June last year, highlighted the importance of Asia's role in driving global economic growth and Hong Kong's hub status in terms of trade and financial activity.
It also served as a forum to introduce the range of "match-making" and support services offered by the HKTDC to help in identifying useful counterparts and getting new ventures off the ground.
During the visit, major symposiums and networking events attracted top business leaders and entrepreneurs. More than 40 high-profile speakers from Hong Kong and mainland China delivered their message about economic opportunity and, quite clearly, it hit home.
Indeed, speaking at the main symposium in Chicago, Stefan Selig, the undersecretary of commerce for international trade at the US Department of Commerce, even referred to Hong Kong as a "partnership engine" for promoting bilateral ties and mutual respect.
"That, of course, includes deepening our commercial partnership with China," Selig said. "Obviously, Hong Kong's role as a trade and investment partner to the US and as a gateway to China reinforces its ability to deepen that very partnership."
Reflecting on the success of the "Think Asia, Think Hong Kong" mission and what may result, Victor Lo, chairman of the HKTDC, stressed the plus points that come with being a long-established and efficiently functioning commercial hub.
"That gives us a natural and strategic advantage as a springboard for international companies entering Asia and China," Lo said.
While in Chicago, he also reminded audiences that the world's economic centre of gravity is shifting to the east. The Asean region alone includes approximately 620 million increasingly affluent consumers. And China's so-called "one belt, one road" strategic plan to enhance trade, finance and infrastructure with 65 countries stretching between Asia and Europe could touch more than 60 per cent of the world's population.
With other major developments taking place in parallel, such as the internationalisation of the renminbi, the rapid evolution of hi-tech systems and China's growing interest in outbound investment and overseas acquisitions, Lo emphasised there could be new opportunities for everyone, with spin-off benefits for Hong Kong's professional service providers including lawyers, accountants, brand and marketing consultants, and logistics experts.
"This year, we want to develop different industry sectors by helping North American companies explore new business opportunities and work with partners in Hong Kong," says Cheung of the HKTDC's Chicago office. "We are there to assist them in their search for success."
