HK business group encourages more BRI investment

The Hong Kong Chamber of Commerce in China said it will encourage more Hong Kong companies to invest in Serbia, Romania, and other countries and regions involved in the Belt and Road Initiative.

HKCCC said it will urge Hong Kong enterprises to invest in the of tourism, catering services, resorts, finance, clothing and e-commerce sectors in those Eastern European countries, as it sees a huge demand from the area.

The chamber earlier signed letters of intent with the local chambers of commerce and industry, and it will serve as a bridge between Belt and Road markets and over 1,000 member enterprises of the chamber from Hong Kong.

"We would like to take advantage of the opportunities created by the central authorities' opening-up moves. The Belt and Road Initiative is a great policy," said Amy Siu, chairwoman of the Hong Kong Chamber of Commerce in China.

"Hong Kong has its advantages in services, finance, management, professional talents and languages, and it will complement advantages in production and technology of the Chinese mainland enterprises, in terms of investments in the BRI economies," she said.

Siu added that currently, some State-owned enterprises make investments in Eastern Europe, and only a very small number of medium- and small-size companies in China do business there.

Eastern European countries have stable economies, but they lack the investments in the infrastructure and services sectors, and they are willing to attract more foreign investment. For example, there is a demand for more Chinese food restaurants, and they offer favorable tax policies, she said.

Next year, the Hong Kong Chamber of Commere in China said it plans to visit and inspect the investment environments of more BRI economies, including Ukraine, Croatia and Macedonia, to see if there are new business opportunities.

"Under the context of US-China trade disputes and the United Kingdom exiting from the EU, Hong Kong has been affected by the fluctuations as well, and it needs to develop new overseas markets," Siu said.

Meanwhile, the group said it would promote more Hong Kong enterprises to cooperate with companies from Macao and South China's Guangdong province, and grab business opportunities emerging from the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.