Drop in US, UK trade could lead to weaker exports
Drop in US, UK trade could lead to weaker exports
Frederick Ma says Hong Kong has to look for new markets due to geopolitical tensions. Photo: RTHK
The chairman of the Hong Kong Trade Development Council (HKTDC) on Saturday said he expects the SAR's exports for the remaining months of the year will not be as good as the first half.
Speaking on an RTHK radio programme, Frederick Ma noted that there is a drop in the latest export figures to the UK and US of 52 percent and 18.4 percent respectively.
He said the two countries, along with the European Union are the SAR's traditional export markets.
But due to the geopolitical tensions brought by the US tariffs, the former commerce minister said the SAR has to look for new markets in places such as Asean.
"For sure, what the US government has done is not a good thing to the world. But for Hong Kong, I think crises can bring about opportunities," he told an RTHK programme.
"Hong Kong's position is very unique. We are a duty-free port and Under One Country, Two Systems, we are an international financial and international business centre. We can make use of the unique position to look for business opportunities in various areas."
He hopes that a forum for Middle East Gulf nations can be staged in Hong Kong next year to invite firms and business figures to visit the region as well as step up cooperation.
Separately, Ma said the HKTDC is looking at setting up a new convention and exhibition site, adding that it would take time.
Authorities have already decided to redevelop the Wan Chai site, currently occupied by three government buildings, Ma added.
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