Hong Kong breakthrough

In a new breakthrough after a year from the first ever successful Hong Kong-Sri Lanka biz MoU in 2013, some Hong Kong based manufacturers are now looking to move factories to Sri Lanka-and a high powered biz delegation from HK is now scheduled for April. ”The first ever business development MoU between Hong Kong Trade Development Council (HKTDC) and the Export Development Board (EDB) was a tremendous success and some Hong Kong based manufacturers are looking to move factories to Sri Lanka. A delegation led by none other than the Deputy Executive Director of HKTDC Ms Margaret Fong is scheduled to arrive in early April for the next level in this process. Some HK manufacturers already expressed interest to set up production in Sri Lanka” revealed an optimistic Sunny Chau (Regional Manager, HKTDC Southeast Asia and India) on 21 January in Colombo.

HKTDC Regional Manager Chau was addressing Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka on 21 January in Colombo. Chau, who is currently on a three day visit to Colombo, is leading a three-member delegation for preparation-cum-awareness sessions for interested Sri Lankan business on the forthcoming early April B2B sessions between Hong Kong’s HKTDC delegation and Sri Lankan businesses.

“The first ever business development MoU between Hong Kong Trade Development Council (HKTDC) and the Export Development Board (EDB) in 2013 April was a success. A delegation led by none other than the Deputy Executive Director of HKTDC Ms Margaret Fong is scheduled to arrive in April for the next level in this process. Some HK manufacturers already expressed interest to move factories to Sri Lanka and set up production here- Specially in garment and food, as well as handicraft and sunshine industries. Tentatively, there will be 20 reps from 15 companies in the forthcoming delegation. We are also helping some Sri Lankan exporters to find HK markets and importers” said Manager Chau.

Chau’s HKTDC is empowered to promote both exports as well as imports to HK!

April’s delegation leader, HKTDC’s Ms Margaret Fong, has wide experience in international trade-from 1997 to 1999, she served as the Deputy Director-General in the Washington DC Economic & Trade Office of the Hong Kong Government.

“I am pleased of the success of MoU between our EDB and HKTDC. We extend a warm welcome to the manufacturers who want to set up here and we shall extend our fullest cooperation. We also look forward to your delegation” said Minister Bathiudeen, and added: “We believe there is more than mere trade with Hong Kong-for example the hub synergies that we still need to explore.”

Total Bilateral trade between China and Sri Lanka in 2012 stood at $2676 Mn of which $2568 Mn consisted of imports to Sri Lanka. FDIs (Private investment inflows, equity, profit and inter-corporates but excluding mega project funding and loans for them) from China to Sri Lanka in 2012 totalled $ 185 Mn. Hong Kong is ‘the most globalized economy’ in terms of trade, according to Earnst & Young. HK is also the gateway to the complex Chinese marketplace.