Flaunts its business-friendly visage
Hong Kong (HK), which is promoting itself as the springboard to China, is wooing Indian companies with its image as a ‘laissez faire’ economy.
The special administrative region (SAR) of China, hosts some 1,500 Indian companies, is wooing others who would like to have a global presence, as well as a presence in China.
Indian companies can not only make HK a base for promoting their products in the Asia Pacific markets, but also as a platform for sourcing from these markets and for global expansion, said Charles Ng, associate director general, InvestHK. InvestHK is the department of the HK government responsible for assisting companies abroad to set up and develop business in HK. The trade between India and Hong Kong was about $14.15 billion in 2008.
HK is promoting itself as a centre for tourism and trade, and related businesses like retail, restaurants and hotels. The SAR has embarked on a mode of development it believes it can achieve through six areas. HK has been concentrating on testing and certification, innovation and technology, IP, environment and renewable energy, creative industries, health services and education.
Ng said, “With increasing globalisation and international competition, Indian companies have to expand globally. To reach China and other South East Asian markets, the progressive Indian companies must have a foothold in Hong Kong itself to be close to the customers and to develop markets for its products and services in the short term and long term.”
HK, known as Asia’s business capital and the best place in APAC region to have a business base because of the advantages — its location which makes it a gateway to Chinese and Asia-Pacific markets, its low and simple taxation, several tax exemptions, it’s infrastructure, telecommunications and transportation, its pro-business international environment, availability of skilled English-speaking workforce, high quality of life, education, healthcare and cosmopolitan culture.”
HK is ranked the freest economy, second best competitive location and the second best financial centre according to a list brought out by Cato Institute, a US-based non-profit public policy research foundation.
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