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The Hong Kong Economic and Trade Office, Brussels (Brussels ETO) and the Hong Kong Trade Development Council (HKTDC) held a seminar in Sofia, Bulgaria, today (March 20, Bulgaria time). The seminar aimed to encourage more Bulgarian companies to explore business potential in the region and take advantage of Hong Kong's excellent business services and expertise. Over 120 representatives of the local business community attended.
In her opening remarks, the Deputy Representative of Brussels ETO, Ms Hinny Lam, noted that the unique principle of "One Country, Two Systems" has been operating well in Hong Kong since 1997. Hong Kong will celebrate its 15th anniversary as a Special Administrative Region of the People's Republic of China this year. It continues to enjoy a high degree of autonomy and freedom, and it continues to practice free trade, with a free market, a free flow of capital and information and a freely convertible currency.
Many foreign companies are using Hong Kong as the stepping stone to expand their business in Asia. Foreign companies that operate in Hong Kong can compete with local companies on an equal footing, and benefit from the Mainland and Hong Kong Closer Economic Partnership Arrangement under the same conditions.
Bulgarian wine-related companies are among those who are already seizing the opportunities offered by Hong Kong's development as a wine-trading hub in Asia. They have raised the profile of their wines in Asia's world city by taking part in the International Wine and Spirits Fair as well as the International Wine and Dine Festival held in Hong Kong last November.
"We look forward to another round of active participation in these events by the Bulgarian wine producing and trading community again next November," Ms Lam said.
She underlined that beyond wine trading, there are also good business opportunities for Bulgarian companies in the six economic sectors that Hong Kong is actively promoting, namely testing and certification services, medical services, innovation and technology, cultural and creative industries, environmental industry and educational services.
"Hong Kong ranks alongside London and New York as a global financial centre and serves as the premier gateway for business into, and out of, Mainland China and as an international asset management and capital centre," she said.
"In 2011, Hong Kong retained its number one status for funds raised through initial public offerings for the third year in a row. Another significant development was the meteoric rise of our offshore Renminbi business."
The HKTDC's Director for Germany and Central Europe, Mr Wing Sham, said, "Trade between Hong Kong and Bulgaria showed a promising trend in 2011. Last year total trade increased by 19 per cent to US$113 million. The exports from Bulgaria to Hong Kong amounted to US$66 million, up by 28 per cent. Exports from Hong Kong to Bulgaria have increased by 8.4 per cent and reached US$47 million last year. Exports from Bulgaria to Hong Kong have exceeded those from Hong Kong to Bulgaria since 2010. Main product groups have been telecommunications equipment and parts as well as electrical apparatus for electrical circuits."
Mr Sham then explained the services the HKTDC can offer to the Bulgarian entrepreneurs. He invited them to make use of Hong Kong trade fairs, a number of which are the biggest in Asia or the world. "Hong Kong is not only an ideal place for sourcing. It also is a platform to step into the promising Asian market with its fast growing middle class. At the fairground you can easily find out if your products suit the needs and style of the Asian consumers." In addition to business matching and networking opportunities and the information services, the HKTDC will provide in 2012 a new "Small Order Zone" at several fairs in April and October in combination with a "Small Order Zone" available at the HKTDC website during the whole year. The new zone concept allows ordering in small quantities, between 50 and 1,000 pieces, to open up new business opportunities for buyers and sellers alike.
Other speakers included the Director of International Co-operation and International Organisations of the Bulgarian Chamber of Commerce and Industry, Ms Gabriela Dimitrova; the Head of International Co-operation, Development and Internationalisation of SMEs Department of the Bulgarian Small and Medium Enterprises Promotion Agency, Ms Boryana Mincheva; and the Senior Investment Promotion Executive of Invest Hong Kong, Mr Siegfried Verstappen. Representatives of two Bulgarian companies which had conducted business with Hong Kong also shared their experiences with other participants.
Ends/Tuesday, March 20, 2012
Issued at HKT 19:04
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