It might look strange but Hong Kong, the world’s eighth-largest trading economy, eyes importing consumer electronic components from India.
The country will also “encourage” local companies to set assembly plants in India to boost economic ties.
According to Hong Kong Trade Development Council (HKTDC) Deputy Executive Director, Raymond Yip, Hong Kong is the largest exporter of telephones, mobiles in world, so they need parts for finished products.
According to HKTDC, Hong Kong does not produce components itself and imports the same from China, the US, Japan, Korea, Taiwan, Malaysia. And this is where India can fit in, Raymond noted.
According to Raymond, due to good R&D work, India excels in making good quality telecom components, and there is good demand for electronics in Hong Kong.
“We could import that from India because you produce some good components because we need components and parts to make products for exports,”
However, on the bilateral trade front, Hong Kong expects a growth in exports to India, but sees imports from India to stay flat.
HKTDC, established in 1966, is a statutory body dedicated to promoting Hong Kongs trade in goods and services.