Hong Kong should look to Africa, South America for new markets: trade body head

Hong Kong should develop new markets in Africa and South America as it faces obstacles in its traditional ones in Europe and North America, the head of the city’s trade promotion body has said.

Trade Development Council chairman Frederick Ma Si-hang also said on Saturday that the city had to increase the size of its exhibition venues, noting that a “lack of space” was Hong Kong’s biggest disadvantage compared with different regions.

Ma said that he expected Hong Kong’s exports in the second half of the year to be weaker than in the first six months amid the ongoing Sino-US trade war.

He said the council would focus on exploring new markets by visiting Asean countries, notably Indonesia while also looking at expanding African ones

“Right now we are facing a lot of resistance from our traditional markets in Europe and North America, so we must develop new markets,” he said.

Ma, who took office on June 1, said Hong Kong was quite familiar with Africa, even though it might seem like a new market.