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Hong Kong Key Business Sectors
Basic facts and information on Hong Kong's key business sectors to profile the present situation of the HK Business Prospects.
 
Business and Professional Services
Hong Kong is well established as the leading service and business capital for the Asian region, with some 88% of GDP derived from service industries. Hong Kong is a net exporter of services. In 2005, the value of services exported amounted to US$61.5 billion or 34.7% of GDP.Hong Kong's business and professional services include accountancy, law, management consultancy, engineering, architecture, education, design, quality inspection and testing, with much of the sector growth fuelled by the strong presence of the world's leading financial institutions and multinational corporations.Hong Kong is currently home to 7,289 practicing solicitors and barristers, 25,629 certified public accountants, 10,908 registered engineers and over 2,350 registered architects.In addition to the cluster of experts at hand, the quality and high standard of Hong Kong's professional services is also what attracts increasing commerce from the region and beyond. Professional and government bodies ensure that international standards are adhered to and corporate governance rigorously enforced.
Information Technology
Hong Kong's role as Asia's leading logistics, communications and financial hub has made it a natural location for the development of a sophisticated IT infrastructure. Today it is home to most of the world's leading IT companies.A Sophisticated MarketHong Kong is among the world's most advanced users of IT. PC, Internet and mobile phone penetration rates are high. The broadband network now reaches all commercial buildings and virtually all-residential buildings. Hong Kong ranked fifth globally in Digital Opportunity Index (ITU, 2006).Over 12 million smart payment cards are in use in a city with a tech-savvy population of around 6.99 million. The smart ID card with multiple-application capability was rolled out in June 2003.
Telecommunications
Telecommunications is a key pillar industry in Hong Kong's economy and business environment. Hong Kong is ideally positioned to serve as the telecommunications hub of Asia. We are one of the most open markets in the world with no foreign ownership restrictions resulting in a large number of leading international carriers, vendors and equipment manufacturers to set up their regional offices in Hong Kong.TechnologyHong Kong serves as the key electronics parts sourcing and distribution hub for Asia. Hong Kong has over 10,000 overseas and indigenous electronics companies. Hong Kong's electronics industry is the largest merchandise export earner, accounting for 45% of Hong Kong's total exports.There are over 200 pharmaceutical manufacturers of which more than 60 are licensed to produce Western drugs in Hong Kong.
 
Tourism and Entertainment
Hong Kong is one of the world's great tourism and entertainment destinations, attracting more visitors than any other city in Asia. In 2006, the city welcomed more than 25 million visitors. Few destinations offer such a richly compact cultural experience, with the ability to move quickly between different worlds -- East and West, old and new. Certainly no other city is as well placed to capture industry growth, located in the heart of a region that by 2020 has been forecast by the World Tourism Organisation to attract 57 million visitors per year.
 
Consumer Retail and Sourcing
Already home to many of the world's favourite retail brands, Hong Kong has long been acknowledged as a shopper's paradise. Uniquely appealing to shoppers, Hong Kong attracts retail spending like no other Asian city, creating a highly complementary environment for retailers - of all sizes, products and services. Hong Kong enjoys a free flow of goods, people, information, capital and a close proximity to Mainland China. Coupled with its central location in Asia and international accessibility, Hong Kong is an attractive and logical base for trading businesses looking to benefit from trading opportunities in the region.
 
Trade Fairs, Conventions and Exhibitions
The business of trade fairs, conventions and exhibitions has shown unusually strong growth of late because of Hong Kong's vast experience organising international events, its strategic location next to China's Guangdong Province, the world's manufacturing capital, and its ability to draw in exhibitors and buyers from around the world. Consider this:
In 2003, Hong Kong hosted 42 international exhibitions and 130 international conventions that drew 295,261 and 17,535 overseas visitors respectively, according to the Hong Kong Tourism Board.
In 2002, Hong Kong was voted “Best Exhibition City” in the annual survey conducted by CEI Asia Pacific magazine.
In 2003, Hong Kong hosted the Gifts & Premium and Houseware Fair, one of the three largest gift and houseware trade fairs in the world, with a total of 3,790 exhibitors from 31 nations and 62,365 visitors from 128 countries or regions.
In 2003, Hong Kong hosted the bi-annual Asia Pacific Leather Fair, one of the world's largest, attracting 3,092 exhibitors from around the world.
In 2003, Hong Kong hosted the Electronics Fair, second largest in the world, with a total of 1,950 exhibitors and 48,291 visitors from around the world.
In 2003, Hong Kong hosted the Jewellery & Watch Fair, one of the three largest jewellery fairs, biggest pearl fair and second biggest diamond & gemstone fair in the world, attracting 1,852 exhibitors and 35,890 visitors from around the world.
The Hong Kong Government is working with the International Telecommunication Union (ITU) on hosting the 2006 ITU Telecom World show–the most prestigious telecommunication event-in Hong Kong. If successful, this will be the first-ever ITU World show to be held outside Geneva.
 
Transportation
 
Following mainland China's continuous economic growth, Hong Kong's transportation and logistics industry increasingly serves its rapidly developing hinterland. The Pearl River Delta (PRD) - with the commercial centres of Shenzhen, Guangzhou and Dongguan -is one of the most robust manufacturing centres in the world and a major portion of the PRD's export cargo flows through Hong Kong.Hong Kong's airport is the largest international air cargo handler in the world with a throughput of 3.4 million tonnes in 2005. Hong Kong serves 75 scheduled airlines, providing more than 5,000 flights per week to more than 140 destinations. Half of the world's population live within five hours' flight time.
(Source from InvestHK)
 
DM-Asia Association serves as your strategic consultant to find new potential partners in Hong Kong. China. Asia.
 
Should you have any inquiry, please feel free to contact our DM-Asia Association’s expertise at (852) 2880 5918 or email to us.
 
 



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