Trade opportunities with Hong Kong
Products and services originating in the UK are in high demand in Hong Kong:
With more than £30bn worth of trade between the UK and Hong Kong, and as the UK’s 9th largest export market, Hong Kong is already a thriving marketplace for UK companies – large and small.
Hong Kong presents a great opportunity for UK SMEs wanting to export their products and solutions. With a robust trading relationship, business benefits and support, as well as many cultural similarities. Products and solutions can include fintech, food and drink, medtech and education provision, experienced economy services, architecture and design.
Economic overview:
Hong Kong is bouncing back amidst a difficult global economic environment. The government forecast GDP to grow 4%-5% in 2023. It’s a beacon of opportunity for UK businesses looking to sidestep the UK/European economic downturn. Hong Kong gives UK businesses a foothold into China – its position as a gateway to China offers bigger and broader opportunities for many businesses. Chinese and English are the official languages of Hong Kong with English widely used in all professional sectors, making it easy for UK businesses to communicate. With few regulatory barriers, Hong Kong is a thriving ecosystem for any companies looking to establish there in the region. As a global financial hub, and Asia’s foremost Fintech hub, Hong Kong provides British businesses with systems, infrastructure and network connections that are mutually beneficial. Its competitive tax regime and free flow of capital helps businesses to thrive.
Opportunities:
Hong Kong is invested in becoming a cutting-edge, highly skilled Innovation & Technology hub for Asia, and the world. The Hong Kong government is committing over HK$100 billion (UK 10.2 billion) into funding for I&T development, which covers R&D, infrastructure, and talent schemes tailored for SMEs in particular. Hong Kong embraces innovative and emerging technologies including AI, GenAI, Web3 and blockchain, providing new opportunities for UK businesses in these sectors. At the same time, Hong Kong’s mature, common law legal system provides security for UK businesses with strong legal protection for IP which is the best in Asia and fully compliant with the World Trade Organization’s Agreement on Trade-Related Aspects of Intellectual Property Rights.
Hong Kong’s international outlook and vibrant culture and arts scene makes it a haven for UK creative services. Hong Kong has a vibrant cultural, art and creative scene with world-class venues like M+, global art shows (Art Basel) and is developing new venues (Kai Tak), which are on par with the standards and expectations of UK creative industries. It offers an international talent pool of designers, creatives, architects and other design companies as on-the-ground partners. High-profile events like Business Of Design Week bring together internationally renowned designers, thinkers and makers.
- Link to Hong Kong market guides https://www.great.gov.uk/markets/hong-kong-china/
- Link to DBT Hong Kong’s monthly newsletter https://www.events.great.gov.uk/ereg/newreg.php?eventid=200243976&
TPS Global Logistics are offering a fantastic opportunity to discuss export strategy directly with Corin Wilson, Director oF Trade and Investment for Hong Kong.
On 31st October 12-1pm we are facilitating a virtual round table discussion on Microsoft Teams in conjunction with the Department for Business and Trade.
At the event Corin will give an update on the Hong Kong market, then answer questions and discuss the export experience and how you can be involved with shipping your product or services.
If you are interested and would like to attend please email us contact@tps-global.com with your name, job title and company name.
Corin Wilson, Director of Trade and Investment for Hong Kong.
Corin is a career diplomat with nearly twenty years focussing on international trade for the UK Government.
Corin began his diplomatic career in China, based in Beijing, focussing on investment into the UK. Working with companies including China Mobile, Bank of China, Huawei from 2005 to 2009, he also led on Ministerial delegations to and from China including to the 2008 Beijing Olympics.
Upon returning from a posting to South Africa where he focused on the energy sector and supporting South African investment into the UK, Corin established the UK Government’s first commercial team on smart cities. Working globally to promote UK technological expertise in areas including intelligent transport systems, energy efficiency and data analytics, Corin also led trade missions to South East Asia and Europe as well as the UK’s presence at the Smart Cities Expo, Barcelona, from 2014 to 2016.
In 2016 Corin took up a posting in India, leading the UK’s advanced engineering interests. Promoting UK expertise in areas including aerospace, automotive and advanced manufacturing techniques, Corin worked closely with companies including Rolls-Royce, Airbus, Tata, Mahindra and Godrej. Before leaving India in 2020 he also led on UK/India collaboration in the space industry.
Corin has been Director, Trade & Investment in the Department for Business and Trade, based in the British Consulate General, Hong Kong since September 2020, leading teams focussing on industries including technology and innovation, financial services, infrastructure and creative.