Hong Kong businesses urged to tap new markets amid US-China conflict
Businesses in Hong Kong must be prepared to make changes and explore opportunities in new markets amid the drawn-out conflict between the US and China, Hong Kong Trade Development Council (HKTDC) chairman Peter Lam said on Friday.
Lam, with HKTDC executive director Margaret Fong and Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region Edward Yau, met with members of the media on Friday to introduce measures to support local businesses, especially small and medium-sized enterprises (SMEs), to tackle challenges resulting from current economic uncertainties and the Sino-US trade conflict.
"There will be a long drawn-out trade technology rivalry and continued trade conflicts between the United States and China, creating a fundamental change in the global economic order in terms of production and trade patterns. Hong Kong businesses must be prepared to make changes,” Lam said. “The further opening up in the mainland, Asia and other emerging economies will provide fresh opportunities for Hong Kong companies.”
He added that the HKTDC has been supporting the development of local SMEs for more than 50 years. “We will utilise our international network of 50 offices to comprehensively assist Hong Kong businesses to diversify and find new opportunities amid the challenges.”
Lam said the HKTDC's priority in the coming year is to help Hong Kong businesses explore new markets and seek out new manufacturing investment partnerships and different supply chain models that can enhance their capabilities and competitiveness.