Hong Kong’s trade promotion body will set up a new office in Egypt within the next nine months to expand its footprint in Africa, while recalibrating resources for Nordic countries through its European bases as traditional markets face slower growth.
Hong Kong Trade Development Council chairman Frederick Ma Si-hang said on Friday that the organisation had revamped its corporate structure to better help companies in six new industry clusters develop promotional strategies.
Ma, a former commerce chief, said that while growth had been low in traditional markets, including the United States, because of geopolitics, emerging markets in Africa offered huge potential, particularly after China expanded its zero-tariff treatment in May to cover 53 African nations. Eswatini, the only country to recognise Taiwan, was excluded.
“China has scrapped its import tariffs for Africa, and its imports are no longer taxed. Although Hong Kong does not have a massive trade volume with them, we have seen its potential,” he said, noting that trade between Hong Kong and Africa reached US$6.53 billion last year.
“We hope our consultant office in Egypt can help open the African market. A textile industry delegation recently went to Egypt and told us about the country’s massive opportunities. Therefore, after our careful consideration, we will set up an office there in the coming six to nine months.”
Following the opening of the new office in Cairo, the council will have 52 non-local centres. Its two existing consultant offices in Africa are in South Africa and Kenya.
InvestHK, the city’s investment promotion agency, also opened an office in the Egyptian capital about 1½ years ago to strengthen efforts to connect with the Middle East and North Africa.