Government of India emphasizes on role of Hong Kong to bridge India and China business relations

rd3_7848hkg01WNew Delhi: Coinciding with the Hong Kong Spring Fair, Confederation of Indian Industry (CII) in association with the Ministry of Commerce & Industry, Government of India, Indian Consulate in Hong Kong and with the support of Indian Chamber of Commerce Hong Kong, organized the “India Show” in Hong Kong from 27-30 April 2014. As part of various activities being organized on occasion of “India Show” a business seminar was also organized on 28 April 2014 in Hong Kong. This seminar focused on highlighting the potential areas of promoting trade and investment between India and Hong Kong.

India – Hong Kong bilateral trade in 2012-13 stood at $ 20.186 billion. Exports to Hong Kong during this period were worth $ 12.28 billion and imports to India were worth $7.91 billion. India has been having trade surplus with Hong Kong. In 2012-13, surplus reached $4.37 billion. Presently the investment from Hong Kong into India is $ 1.2 billion which is quite low given the business potential of Hong Kong and the investment opportunities in India.

The seminar was attended by over 100 delegates who represented leading business enterprises, business chambers and buying houses of Hong Kong. Focusing on the wide business opportunities available in India, address and presentations were made by senior officials of Indian Ministry of Commerce.

Keynote Address at the seminar was delivered by Mr Asit Tripathy, Joint Secretary, Ministry of Commerce, Govt. of India. He said that India Show has been organized in various countries for the last four years to showcase India’s products, culture and heritage. He emphasized that the Special Economic Zone (SEZ) scheme implemented by Ministry of Commerce and Industry provides opportunity for foreign companies to develop multiproduct manufacturing. To further promote trade and investment relations between India and Hong Kong for mutual benefit, Mr Tripathy said that Hong Kong, with close business relations with China, can be a bridge to link the two leading economies of Asia – India and China, which have a huge consumer base.

In his Welcome Address, Mr Prashant Agrawal, Consul General of India in Hong Kong, highlighted that India’s Look East Policy and focus on Asian region, East Asia region with Japan, China and an FTA with Singapore, Japan and South Korea has helped boost trade linkages. He further added that Hong Kong has traditionally played an important role as a gateway for Indian products into other economies including Mainland China.

Addressing the audience, Mr Sanjeet Singh, Director, Ministry of Commerce, Govt. of India, called upon the business enterprises of Hong Kong to invest in India as it provides a large and diverse market. He focused specially on the large young population in India.

Mr N Ravindranathan, Joint Director Texprocil in his presentation highlighted the opportunities that India has to offer in the textiles sector.

Speaking at the seminar Mr M Arunachalam, Chairman, Indian Chamber of Commerce Hong Kong urged the panelists that India needs to help facilitate foreign investors by providing them a single window for their investments. This would give greater confidence to foreign investors.

Mr Deepak Sood, Executive Director, Confederation of Indian Industry concluded the Seminar by thanking the Ministry of Commerce, Consulate General of India in Hong Kong and the Indian Chamber of Commerce Hong Kong for their support in making the India Show and the seminar a success. He also acknowledged the presence of media and large number of participants from Hong Kong.

The seminar was organized on occasion of “India Show” being held concurrently with Hong Kong Spring Fair 2014, Asia’s Largest Spring Fair organized by the Global Sources and held at the Asia World Expo from 27 -30 April, 2014. The Fair has over 2700 booths and buyers from over 114 countries. The “India Show” attracted participation from over 100 Indian companies and 200 participants from Industry, Government, Art and Culture stream, showcasing Indian Innovations focused at enhancing business opportunities between India and China.

The other highlights of the “India Show” in Hong Kong include one-on-one business meetings, Wine Festival by Agricultural & Processed Food Products Export Development Authority (APEDA), India Evening with a Fashion Show, performance by Prince Dance Troupe form Odisha and Food Festival.

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OdishaInc Bureau