Hong Kong and mainland Chinese companies that are part of an official delegation to the Middle East are planning to deepen their understanding of the regulatory landscape and cultural differences in the Gulf countries as the firms seek new markets amid the US trade war.
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Charles Shen Chengang, founder and CEO of Shanghai-based digital marketing company Meetsocial, said that he saw huge potential in the Middle East market ahead of the departure of the delegation to Qatar and Kuwait later this week.
“Amid the trade war, our clients seek to diversify their markets instead of focusing on the US in terms of sales, supply chain and investment, and the Middle East has strong potential because of the high GDP per capita … creating a high demand for all kinds of products ranging from apparel to electronics,” he said.
The delegation will be led by Chief Executive John Lee Ka-chiu.
Among the six Gulf Cooperation Council (GCC) countries, Qatar has the highest per capita gross domestic product with US$69,500 in 2023. Kuwait ranked fourth with US$33,300.
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“The key infrastructure for e-commerce in the Middle East, such as digital payment and logistics, has also improved a lot, with many of our partners involved in the building of those networks to lower the operation cost,” Shen said.