The opening of an HKTDC Israel office could lead to more Israeli retailers, tech companies and other businesses entering Hong Kong.
The Hong Kong Trade Development Council said Thursday it has strengthened its global network by opening a Consultant Office in Israel, expanding the council’s footprint to 47 offices around the world. A reception was held in Tel Aviv, Israel attended by more than 200 businesspeople from Hong Kong and Israel.
The HKTDC has provided support and assistance to a wide range of retail businesses from many countries to open in the city, often as a springboard into the Mainland China market.
CY Leung, CEO of the Hong Kong SAR Government, and Yitzhak Cohen, deputy minister of finance of Israel were guests of honour at the reception held at the Crowne Plaza, Tel Aviv. Margaret Fong, executive director of the HKTDC, said that in 2014, bilateral trade between Israel and Hong Kong reached US$5.7 billion, a year-on-year increase of over 16 per cent.
“This is an impressive trend and, through our Tel Aviv office, the HKTDC will be able to help lift our bilateral trade links to the next level.”
Israel is Hong Kong’s second-largest export market in the region, with exports valued at US$2.447 billion in 2014. In the first seven months of 2015, Hong Kong’s exports to Israel increased 1.8 per cent year-on-year to US$1.395 million. Major export items included pearls, precious & semi-precious stones (75.5 per cent), telecom equipment & parts (5.9 per cent) and computers (2.6 per cent). On the other hand, Hong Kong’s imports from Israel amounted to US$1.705 billion in the same period, with the category of pearls, precious & semi-precious stones accounting for 86.7 per cent of the total.
Fong outlined Hong Kong’s competitive advantages, including the city’s proximity to the Chinese mainland and close cross-border business, financial, cultural and linguistic links with the mainland. Hong Kong is also ranked as the world’s freest economy by the US-based Heritage Foundation. These characteristics, Fong said, made Hong Kong an ideal place for Israeli companies to connect with markets on the Chinese mainland and across Asia.