HKTDC sees a rise in the number of Indian buyers participating...

HKTDC sees a rise in the number of Indian buyers participating in Trade Fairs in Hong Kong

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Marking 52 years of trade ties between Hong Kong and India, Hong Kong Trade Development Council (HKTDC) released latest trade figures signalling robust bilateral trade relations between Hong Kong and India at a press briefing in New Delhi. Hong Kong Trade Development Council (HKTDC) has been playing an important role in boosting trade and strengthening bilateral relations between Hong Kong and India. India is Hong Kong’s 8th largest trading partner and till May 2019, the total trade value between the two countries reached USD 9.8 billion. In the recent years, HKTDC and Hong Kong have provided a great platform for Indian companies and start-ups to reach global and mature markets for their products and services. Indian imports from Hong Kong (2018) have been increasing in telecommunications & sound recording apparatus & equipment at US$ 5,551.2 million; non-metallic mineral manufactures at US$ 4,300.2 million; imports of electrical machinery, apparatus, appliances and electrical parts at US$ 3,095.6 million and office machines and automatic data processing machines at US$ 1,433.8 million. Growth in the imports of the above are due to the increasing demand for smart and mobile phones and parts of electronics & electrical appliances required to support the ‘Make in India’ programme as the Govt. of India’s ‘Phased Manufacturing Programme’ is moving manufactures towards complete assembly of products in India. Indian exports to Hong Kong (2018) include Non-metallic mineral manufactures to US$ 9,138.6 million and miscellaneous manufactured articles at US$ 1,124.7 million. Speaking on the occasion Rajesh Bhagat, South Asia Consultant at Hong Kong Trade Development Council (HKTDC) said “With a lot of concerns around the ongoing large-scale protest/unrest in Hong Kong and its possible impact on trade, we would like to assure that have not seen any downtrend in business. The city overall remains safe, and major functions are operating normally, such as the financial market, the flow of information and other business activities. I am happy to say that companies from India at the Indian pavilions participating at the HKTDC organised Food Expo and International Tea Fair had the opportunity to interact with some of the 18,000 business visitors from around the world who came to do business at these fairs.” He added “Hong Kong Trade Development Council (HKTDC) is delighted to give a hand to boost trade and strengthen the bilateral relation between India and Hong Kong. Over the last two years we have seen a rise of close to 10 percent in the number of Indian buyers participating in trade fairs in Hong Kong. We are confident that this year too will see a rise in trade between the two countries especially in the area of electronics and electrical parts & components.” For the first time ever, in association with ASSOCHAM, 40 Indian companies would be participating at the HKTDC Hong Kong Electronics Fair 2019 which is from 13-16 October 2019.