Hong Kong Exporters' Association Reveals Top Three Trends for Bilateral Trade between EU and Hong Kong

HONG KONG SAR - Media OutReach Newswire - 26 June 2024 - The Hong Kong Exporters' Association continues to call for the city's industry to focus on trade opportunities with EU countries. The Association today reveals three trends that Hong Kong exporters should plan ahead if they eye on opportunity in the European market :

1. Innovation Drives Growth - innovation is a new growth engine for trade
2. Globalised Innovation - Hong Kong Businesses, including SMEs and startups at early stages, are by nature exporters serving global customers. Thanks to the rapid development of e-commerce, European consumers and businesses can be their customers and business partners, too.
3. Institutionzied Innovation—Innovation is no longer the solo work of individual innovators or firms. Businesses and organisations need to explore partners, forming an ecosystem that enables stakeholders to fuel each other's innovation.

Less well-known in the European business community, the EU's economic ties with Hong Kong, a city on the other side of the planet under Chinese rule, are robust. According to the European Commission's trade figure, Hong Kong was ranked as the EU's 8th trading partner in Asia. EU is the city's second major trade partner after China.

Eric Sun, Chairman of the Hong Kong Exporters' Association, emphasized in a press event that the quality of Hong Kong goods has played a vital role in its past success. The reputation of "Made in Hong Kong" has empowered exporters in the city to go global for decades. However, innovation will be the key to success in the future.

"Innovation is the essence of Hong Kong entrepreneurship, yet less visible in the global market. We have already seen many exporters applying technologies such as artificial intelligence and big data to optimise supply chain management and e-commerce development," said Sun.

Sun highlighted that the Association is committed to connecting the technology sector and exporters in Hong Kong, fostering cross-sector collaboration, and exploring business opportunities together on the global stage. It provides various support to the industry, including helping exhibitors with marketing, matching buyers, and providing them with legal and financing advisory services.

One key project is their participation in the International Exhibition of Inventions. The association hosted a program, namely "the Hong Kong Innovation and Invention Exhibition", and it brings around 30 businesses from the city to showcase over 40 cutting-edge inventions and technologies in the exhibition in Geneva, Switzerland.

Considering the intensifying tension between the EU and China, Sun admitted trade disputes will undoubtedly shadow the development of Hong Kong's export industry. The key is to continue to bring more value to the brand of "Made in Hong Kong. "With excellent quality and service, consumers around the world will see the value of HK product". Hong Kong business should double down its efforts to strengthen their compeititvness, forming a mature innovation ecosystem for long term success.

"Hong Kong's dynamic spirit of invention is on full display through the region's innovators, who demonstrated creative solutions brimming with potential," commented Caroline Simonet, Director of the Geneva International Exhibition of Inventions, in April. "Looking ahead, we aim to foster increased opportunities for international exchange and learning to elevate promising ideas from diverse origins to broader audiences. By facilitating open collaboration, all regions may share in the benefits of innovation as knowledge circulates more freely, driving progress for the benefit of people worldwide."

Hashtag: #HongKongExportersAssociation

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