Small and Medium-sized Enterprises in Hong Kong and India are to benefit from a Memorandum of Understanding (MoU) signed between the Hong Kong Trade Development Council (HKTDC) and the India Trade Promotion Organisation (ITPO).

“This MoU reflects the growing desire for deeper business links between India and Hong Kong, with our city serving as the gateway to the Chinese mainland and Asia for Indian companies. At the same time, Hong Kong enterprises see huge opportunities in India,” said Margaret Fong, Executive Director, HKTDC. “Closer cooperation between the HKTDC and ITPO will produce a win-win result for our business communities.”

Fong and LC Goyal, Chairman and Managing Director, ITPO, signed the MoU in Hong Kong. The agreement fosters cooperation in areas of mutual interest, including providing each other with information related to trade promotion activities, encouraging businesses to join events organised by the HKTDC and ITPO and identifying potential products and markets.

“Both organisations reaffirmed their resolve to identify and promote key sectors under the ambitious ‘Make in India’ flagship initiative of the Government of India,” said Goyal. “The partnership will also open new areas of growth for trade with ASEAN countries.”

Hong Kong and India enjoy close and strong bilateral ties formed over more than 150 years of business and cultural links. In 2015, India was Hong Kong’s fourth-largest export market with total exports to India expanding 8.1 per cent year-on-year to US$13.1 billion. On the other hand, India was Hong Kong’s ninth-largest source of imports in 2015, amounting to US$10.6 billion. India is Hong Kong’s seventh-largest trading partner globally with bilateral trade of US$23.7 billion last year.

Source: SMB World- Asia