Doing Business in Hong Kong, the Gateway to Asia
Kansas Global Trade Services and the Hong Kong Trade Development Council recently hosted a webinar discussing the opportunities for U.S. companies in Hong Kong. Hong Kong, Kansas’ 12th largest export market, offers considerable opportunities for Kansas businesses in both Hong Kong and in other key Asian markets. Panelists including Dr. Aidan O. Dunleavy, Senior Vice President and Managing Director for International Trade Operations at BG Products, Inc., April Chiang, International Project Manager at the Kansas Department of Commerce, and Winchell Cheung, Director at the Hong Kong Trade Development Council, shared their experiences and recommendations regarding doing business in the region.
Why Hong Kong?
Hong Kong is a highly dynamic, business-friendly city that serves as a platform into mainland China and Asia. Hong Kong’s location fewer than four hours from Asia’s key markets makes it a strategic choice as a base for operations and it is a great place for companies to build their brand, extend their network and learn from a developed country, says Dr. Dunleavy.
Strategic Business Advantages in Hong Kong
Hong Kong has long been the region’s leading financial hub, providing numerous benefits to small and mid-sized businesses with limited resources. It offers a highly transparent and robust regulatory regime for financial services industries and is currently third in the World Bank’s Ease of Doing Business rankings. Chinese and English are the official languages, which facilitates communication with Hong Kong counterparts. Hong Kong is one of the world’s most competitive economies, with its own currency, legal framework, and taxation system. Culturally, it can feel like a more approachable environment for businesses from Kansas and the U.S. to begin engaging with Asian markets.
Hong Kong is a future-driven city with exciting new projects to facilitate business operations. The Belt and Road Initiative is set to link mainland China with countries across Asia, Europe, and the Middle East, helping businesses gain access to new markets. The economic integration from the Guangdong-Hong Kong-Macao Bay Area (GBA) will combine the expertise of more than ten cities throughout the region to create a world-class city cluster. The city’s free port status and easy customs procedures are other benefits of setting up business in Hong Kong.
Bringing Your Kansas Business to Hong Kong
Kansas companies can access many opportunities by doing business in Hong Kong. It is a future-driven, financial hub with a convenient location that provides access to the major Asian markets. While there are many advantages to doing business in Hong Kong, companies must perform necessary research and consider Hong Kong’s place in their import/export plan. The Kansas Department of Commerce, the Hong Kong Trade Development Council, and Kansas Global Trade Services can facilitate doing business with Hong Kong.