Trade and business ties between Hong Kong and the Republic of Korea are set to strengthen with the launch of Hong Kong Trade Development Council’s (HKTDC) office in Seoul. The upgraded full-fledged office will further boost Hong Kong’s trade and business promotion in Korea. “Hong Kong and Korea share a long and close partnership,” said Margaret Fong, HKTDC Executive Director. New opportunities have emerged with the Belt and Road Initiative, the Guangdong-Hong Kong-Macau Bay Area development plan and Hong Kong’s recently signed a Free Trade Agreement (FTA) with ASEAN three more good reasons for Korean companies to expand their business in Hong Kong.
We welcome more Korean firms to use Hong Kong as a base to unlock the massive business opportunities that the Belt and Road Initiative and the Bay Area bring,” said Fong. “With the signing of the Hong Kong-ASEAN Free Trade Agreement earlier this month, Hong Kong can offer an additional platform for Korean companies to tap the ASEAN markets,” she added.
The Belt and Road Initiative launched in 2013 aims to reinforce infrastructural and financial links from Asia to Europe. Among the key financing bodies for Belt and Road projects is the Asia Infrastructure Investment Bank, of which Korea is a founding member and the fifth-largest shareholder. With its extensive international connections and world-class services, Hong Kong is a key connecting global businesses to opportunities on the Belt and Road and in the Bay Area.
The Seoul Office is among more than 40 HKTDC offices globally that help promote Hong Kong’s role as a platform for doing business with the Chinese mainland, Asia and the world. Major imports and exports between the two economies include semiconductors, electronic valves and tubes, as well as telecom equipment and parts. Korean companies in Hong Kong are involved in financial services, logistics, transportation and cosmetics, among other sectors.