In a major effort to enhance trade relations and economic ties, the Hong Kong Trade Development Council (HKTDC) and Sri Lanka’s Export Development Board (EDB) recently joined forces for a significant event held at The Kingsbury Hotel in Colombo on October 11, 2024(Sri Lanka Exports). This collaboration marks a new chapter in the ongoing efforts to strengthen the partnership between Sri Lanka and Hong Kong, providing local businesses with opportunities to expand their global reach.
A Platform for Sri Lankan Businesses
The 2024 HKTDC roadshow attracted around 80 representatives from various Sri Lankan industries, including apparel, footwear, fashion accessories, food, ceramics, tea, spices, beauty and healthcare, electronics, ICT, gems and jewellery, and many more. This diverse attendance highlights the growing interest from Sri Lankan companies to tap into the Hong Kong market, which is known for its vibrant trade and financial sectors.
One of the key moments of the event was a presentation by two senior HKTDC officials, Vian Cheung, Consultant and Officer-in-Charge for Thailand and South Asia, and Samuel Cheng, Associate Director for Business Development, Exhibitions, and Digital Business. Their presentation gave the attendees an insightful overview of the numerous opportunities available for Sri Lankan exporters in Hong Kong.
The event offered a crucial platform for Sri Lankan businesses to explore new market possibilities, form strategic partnerships, and potentially expand their operations internationally. With Hong Kong’s status as one of Asia’s leading financial hubs, this roadshow was a prime opportunity for local companies to explore how they can enter and succeed in this competitive market.
HKTDC: A Key Player in Global Trade
The Hong Kong Trade Development Council (HKTDC) is an influential statutory body focused on promoting and developing Hong Kong’s trade connections globally. Operating through a network of 50 offices worldwide, HKTDC is well-known for organizing international exhibitions, conferences, and business missions that help businesses, especially Small and Medium-sized Enterprises (SMEs), to enter new markets.
Over the past decade, the collaboration between HKTDC and EDB has been crucial in opening doors for Sri Lankan companies. Various initiatives, such as trade fair participation and inbound buyer missions, have been instrumental in helping local exporters reach international markets, especially Hong Kong. The latest roadshow is yet another step in this productive partnership, offering Sri Lankan companies direct access to one of the most dynamic trading environments in Asia.
Sri Lanka’s Growing Trade with Hong Kong
Trade between Sri Lanka and Hong Kong continues to grow, reflecting the success of these collaborative initiatives. In 2023, Sri Lanka’s total exports to Hong Kong amounted to $163 million, with key export products including tea, apparel, diamonds, gems, and fishery products. This demonstrates the strong demand for Sri Lankan goods in Hong Kong’s market.
On the other hand, Sri Lanka’s imports from Hong Kong during the same year reached $190 million. The main imports were electrical machinery, mechanical appliances, and specialty fabrics. This two-way trade reflects the mutual benefits both countries gain from their economic relationship, and there is potential for even greater growth in the future.
Strengthening Collaboration for Future Growth
In addition to the roadshow, key discussions took place on October 9, 2024, between representatives of HKTDC and EDB to explore new avenues for collaboration. The meeting, attended by HKTDC’s senior representatives, including Consultant for South Asia Rajesh Bhagat and Senior Project Manager for South Asia Zahir Merchant, focused on enhancing trade relations and creating new business opportunities for both markets.
The meeting also identified several potential areas for future collaboration, including exhibitions and exporter development programs. These initiatives are expected to strengthen trade ties between Sri Lanka and Hong Kong and open up new opportunities for Sri Lankan companies to grow their exports.
New Opportunities for Sri Lankan Exporters
With a solid foundation of collaboration already in place, the EDB is optimistic that Sri Lankan exporters will continue to find success in the Hong Kong market. The opportunities go beyond traditional sectors such as tea and apparel; there are growing possibilities in other areas like IT, logistics, and professional services.
The ongoing partnership between HKTDC and EDB provides Sri Lankan companies with a valuable platform to thrive in one of the world’s most competitive markets. By leveraging this collaboration, businesses can not only expand their product offerings but also explore new growth avenues in sectors that are less explored.
Conclusion
The collaboration between the Hong Kong Trade Development Council and the Export Development Board is a pivotal moment for Sri Lankan exporters. By participating in the HKTDC roadshow and engaging in discussions with Hong Kong’s trade leaders, Sri Lankan businesses have the opportunity to expand their reach, form valuable partnerships, and explore new markets. With Hong Kong’s global trade network and expertise, combined with Sri Lanka’s unique export offerings, the future looks promising for both countries. As trade relations continue to strengthen, Sri Lankan companies stand to benefit from increased exposure and business opportunities in Hong Kong’s thriving economy.
This partnership is a vital step forward in helping Sri Lanka grow its exports, create jobs, and boost economic growth on an international scale. With the support of organizations like the HKTDC, Sri Lankan businesses are well-positioned to succeed in the global marketplace.
