Trade and business ties between Hong Kong and South Korea are set to strengthen with the official launch Tuesday of the Hong Kong Trade Development Council’s office in Seoul.

The HKTDC has been operating a consultant office in the Korean capital since 1990. The upgraded presence will further boost Hong Kong’s trade and business promotion in Korea.
 
With a full-fledged HKTDC office in Seoul, run by staff from both Hong Kong and Korea, the HKTDC will provide more comprehensive services to connect companies from both places and help them gain new opportunities.

“Hong Kong and Korea share a long and close partnership,” said Margaret Fong, HKTDC executive director, during a cocktail reception at Four Seasons Hotel in Seoul to mark the occasion. “New opportunities have emerged with the Belt and Road Initiative, the Guangdong-Hong Kong-Macau Bay Area development plan, and Hong Kong’s recently signed free trade agreement with ASEAN -- three more good reasons for Korean companies to expand their business in Hong Kong.”

China’s Belt and Road Initiative was launched in 2013. It aims to reinforce infrastructural and financial links from Asia to Europe. Among key financing bodies for Belt and Road projects is the Asia Infrastructure Investment Bank, of which Korea is a founding member and the fifth-largest shareholder.

China’s Guangdong-Hong Kong-Macau Bay Area development plan covers nine Chinese mainland cities in Guangdong province, together with Hong Kong and Macau. It aims to combine each city’s expertise to create a global innovation hub, tapping the cities’ abundance of high-tech talent and competitive business environment. The plan opens more partnership opportunities for Korean companies, many of which are leaders in the technology sector.

With its extensive international connections and world-class services, Hong Kong is a key link that connects global businesses to opportunities related to the Belt and Road Initiative and in the Bay Area.

Hong Kong and ASEAN signed a free trade agreement and a related investment agreement on Nov. 12, further strengthening the city’s business ties with ASEAN markets.

“We welcome more Korean firms to use Hong Kong as a base to unlock the massive business opportunities that the Belt and Road Initiative and the Bay Area bring,” said Fong. “With the signing of the Hong Kong-ASEAN Free Trade Agreement earlier this month, Hong Kong can offer an additional platform for Korean companies to tap the ASEAN markets.”

(khnews@heraldcorp.com)