China's Silk Road scheme brings opportunities to Hong Kong: HKTDC
HONG KONG expects to benefit from China's new "silk road" initiative aimed at developing trade links in Asia and beyond, reports Reuters.
"You have a lot of building materials that will need to be transported. That will have demand for shipping," said Jenny Koo, service promotion director for the Hong Kong Trade Development Council (HKTDC).
"For Hong Kong, our priority markets will be Asia and the Middle East," she told Reuters during Greece's Posidonia shipping week in Athens.
The plan to build land, sea and air routes also known as the "One Belt, One Road" was announced by Chinese President Xi Jinping in 2013 with the aim of boosting trade by US$2.5 trillion in the next decade.
As China's economic growth slows, Beijing is encouraging its companies to win new markets overseas.
"There are a lot of new projects especially in the context that there is the 'One Belt, One Road' initiative being pushed out," said David Cheng, of the Hong Kong Maritime and Port Board.
"We have a very strong shipping cluster and we have to attract more people in the industry to make Hong Kong as one of their operating bases."
Ms Koo said global container throughput via Hong Kong was estimated to grow this year by 4.1 per cent and intra-Asia trade by 4.4 per cent, said Reuters.
Trading and logistics account for 23 per cent of Hong Kong's gross domestic product and the city is targeting more shipping trade with Middle Eastern countries including Iran after international sanctions on Tehran were lifted earlier this year.
Hong Kong officials said freight activity with Iran was expected to include multiple areas such as food products and consumer goods.
"A lot of people have been dealing with Iran through third parties," said HKTDC European regional director Stephen Wong.
"Now that sanctions are taken away, Hong Kong will benefit ... I'm sure that the trade will grow," he said.
HONG KONG expects to benefit from China's new "silk road" initiative aimed at developing trade links in Asia and beyond, reports Reuters.
"You have a lot of building materials that will need to be transported. That will have demand for shipping," said Jenny Koo, service promotion director for the Hong Kong Trade Development Council (HKTDC).
"For Hong Kong, our priority markets will be Asia and the Middle East," she told Reuters during Greece's Posidonia shipping week in Athens.
The plan to build land, sea and air routes also known as the "One Belt, One Road" was announced by Chinese President Xi Jinping in 2013 with the aim of boosting trade by US$2.5 trillion in the next decade.
As China's economic growth slows, Beijing is encouraging its companies to win new markets overseas.
"There are a lot of new projects especially in the context that there is the 'One Belt, One Road' initiative being pushed out," said David Cheng, of the Hong Kong Maritime and Port Board.
"We have a very strong shipping cluster and we have to attract more people in the industry to make Hong Kong as one of their operating bases."
Ms Koo said global container throughput via Hong Kong was estimated to grow this year by 4.1 per cent and intra-Asia trade by 4.4 per cent, said Reuters.
Trading and logistics account for 23 per cent of Hong Kong's gross domestic product and the city is targeting more shipping trade with Middle Eastern countries including Iran after international sanctions on Tehran were lifted earlier this year.
Hong Kong officials said freight activity with Iran was expected to include multiple areas such as food products and consumer goods.
"A lot of people have been dealing with Iran through third parties," said HKTDC European regional director Stephen Wong.
"Now that sanctions are taken away, Hong Kong will benefit ... I'm sure that the trade will grow," he said.