THE Director-General of the Hong Kong Economic and Trade Office in London was yesterday in Nicosia for a 24-hour visit with the aim of, “increasing mutual understanding and to explore the possibility of future opportunities and co-operation between Cyprus and Hong Kong.”
During the whirlwind visit, Carrie Lam met up with the Head of the Asia and Africa Department at the Foreign Ministry, the Director of Trade at the Ministry of Commerce, Industry and Tourism and the General Secretary of the Chamber of Commerce and Industry.
“We exchanged views on a bilateral trade relationship between the two countries,” Lam said. “Last year, the total trade between Cyprus and Honk Kong was $38 million, with Honk Kong exporting clothing, toys, telecommunication equipment and jewellery, which include re-exports originating from China. Cyprus’ main exports are citrus, nuts, pharmaceutical products, alcohol and tobacco.
“This compares to $12 billion total trade between Hong Kong and the UK.”
The Director-general, who took up her position last September, added that, “we are not aware of any Cypriot companies currently investing in Hong Kong and vice versa.
“In our meeting with Panayiotis Loizides, the General Secretary of the Chamber of Commerce and Industry, we discussed whether there’s any scope for co-operation, perhaps in the form of a business seminar. The Chamber has 8,000 members in Cyprus so it’s a good database to tap into.”
The Hong Kong Trade and Economic Office has a total of 11 branches worldwide, with the London office covering 17 European countries. The aim is to promote trade and economic interests. “Our aim is to continue to put Hong Kong on the international map and to raise its profile and visibility in the countries we cover,” Yam said.
“Our office came to Cyprus back in July 2001, so I felt it was important for us to renew our ties with another very useful visit.”
Hong Kong has recovered from recession to resume its position as a leading financial and business hub in Asia. It has one of the most open, externally-oriented economies in the world built on free enterprise and free trade and has been voted the world’s freest economy by the Heritage Foundation for the 11th year in a row.
“Hong Kong companies are good partners for foreign firms wanting to access the growing Chinese market. In fact, as China goes global, Hong Kong is acting not only as a bridge for foreign firms entering the mainland market but also helping Chinese enterprises expand into world markets.”
