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Hong Kong eyes trade with Australia beyond lobsters and wine
Paul Chan Mo-po, Hong Kong’s financial secretary, has said he wants to expand trade and investment with Australia beyond staples including lobsters and wine.
Hong Kong’s financial secretary makes his first official visit to Australia in six years this month. His goal is to build on an already healthy trading partnership between the region and Australia by encouraging investment in a wider range of industries in Hong Kong.
In 2023, Hong Kong imported HK$14.8 billion worth of Australian merchandise, most of which was related to agricultural produce, seafood and beverages.
Australian wine accounted for HK$1.4 billion of these imports, according to South China Morning Post, where this story was first reported.
The country was also the second-largest source of Hong Kong’s imports in terms of value and the largest in terms of volume last year.
Chan highlighted the significance of the wine industry in building a positive trade relationship with Australia. “We have connected a huge market to the Australian wine industry, which has also cemented Hong Kong’s position as one of the world’s major wine trading and auction centres,” he said.
Hong Kong aims to expand its trade and investment with Australia to include emerging biomedical technology, green energy and fintech.
His official visit to Australia, with meetings in Sydney and Melbourne, will allow Chan to promote Hong Kong as a trading partner.
“Through face-to-face meetings and exchanges, we hope to further deepen their understanding and interest in Hong Kong, which will help them make decisions about settling or expanding their operations in the city,” he said.
Hong Kong was a “standout” destination for Australian wine in 2023, with value exports up 74% year-on-year. Earlier this year, Peter Bailey, Wine Australia’s market insights manager, called Hong Kong an “interesting market” — much like Singapore, it is used as a “trading hub” with wine imports often on-shipped to other destinations.
Chan has said the market is uniquely positioned as a connection point between China and the rest of the world. He said: “With the uniqueness and flexibility endowed by ‘one country, two systems’, Hong Kong is one of the best places for mainland companies to go abroad and international companies to park their investments and base their talent.”
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