The Hong Kong Trade Development Council (HKTDC) today signed a Memorandum of Understanding (MoU) with its counterpart in India, the India Trade Promotion Organisation (ITPO) to strengthen economic partnership between Hong Kong and India and increase bilateral commercial activity, especially for small and medium-sized enterprises from both places.
Win-win for Hong Kong and India
“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.”
Ms 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 Mr Goyal. “The partnership will also open new areas of growth for trade with ASEAN countries.”
Long and strong business links
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.
HKTDC & ITPO: a mutual mission to promote trade
Established in 1966, the HKTDC is a statutory body in Hong Kong dedicated to promoting Hong Kong’s trade in goods and services. The HKTDC organises more than 30 major international trade fairs in Hong Kong each year. ITPO is the trade promotion agency of the Ministry of Commerce and Industry of India. ITPO provides a wide spectrum of services to trade and industry and acts as a catalyst for growth of India’s trade.
