Hong Kong takes active role to assist U.S. business expansion in Asia through the Pacific Bridge Initiative Partnership Agreement
New York, Oct 21, 2011 (ACN Newswire via COMTEX) -- November marks the first anniversary of the Pacific Bridge Initiative (PBI), a cooperative venture between the U.S. and Hong Kong, which has been helping American businesses grow in Asia by utilizing the Hong Kong business platform to access markets in Mainland China and across the region. The program's success is evidenced by the U.S. acknowledgement of Fred Lam, Executive Director of the Hong Kong Trade Development Council (HKTDC) who was awarded the prestigious Peace Through Commerce Medal yesterday in Hong Kong by U.S. Under Secretary of Commerce for International Trade Francisco Sanchez.
The award recognizes the substantial increase in activity under the PBI program that assists American companies to identify new Asian business opportunities. Since November 2010, the number of U.S. companies participating in Hong Kong-related seminars in the U.S. has reached 2,576, up more than 130% from the previous year. This has helped 297 U.S. companies to exhibit at Hong Kong trade fairs, and enabled 368 of them to participate in Asian-related missions or conferences, a 65.8% increase over the previous year. Most importantly, within the PBI program, the HKTDC organized 359 business matching meetings between U.S. companies and potential Asian clients, a 191.9% increase over the previous year before the PBI was in place.
To view a webcast that provides an overview of the PBI program, including an interview with Under Secretary Sanchez on October 18, 2011, please go to: http://youtu.be/1cjrCYBgTSU
The HKTDC was the first foreign statutory body to actively support President Obama's National Export Initiative (NEI) that aims to double U.S. exports in five years' time. The PBI targets nine specific industries that are based on American strengths so that companies can use their competitive edge (quality and specialized products and services) to expand their international reach. Moreover, these industries are growing in demand in Mainland China.
U.S. exports to both Mainland China and Hong Kong are significant. For example, the NY/NJ/PA area exported nearly $40 billion in first half of 2010, representing 6.5% of U.S. exports to China. NY/NJ/PA exports to Hong Kong were the largest in the U.S., worth nearly $2 billion in the first half of 2010.
Under the PBI, the HKTDC works with the U.S. government to help American businesses participate in its trade fairs. For example, New York State was recently awarded a STEP state grant for its "Go East to Export New York, US!" initiative. This program is designed to diversify and increase NYS small business enterprises' exports to the dynamic, challenging and increasingly competitive Chinese market, while protecting SME intellectual property and overcoming regulatory and other market barriers. An immediate result of the STEP grant is that a half a dozen New York wine producers are participating in HKTDC's International Wine & Spirits Fair on November 3-5. The HKTDC also has created a web portal to bring together importers, exporters, service providers and investors from across the Pacific.
Utilizing Hong Kong as a regional platform eases the challenge for American companies' lack of understanding of the Mainland market, including its business culture, market conditions of potential clients, and consumer preferences. While Mainland China is relatively new to global trade practices, Hong Kong has been the region's business hub for a century. Hong Kong speaks the language of business and speaks the same language as Americans. Being culturally Chinese, the people of Hong Kong understand and work easily and efficiently in the Mainland market.
Not only is Hong Kong the natural gateway to China, but it has the expertise and experience to facilitate business and trade between China and companies from other countries. Hong Kong, a city of seven million people, is the world's 10th largest trading economy. Its airport is the world's busiest for international cargo. Its container port is the third busiest in the world. The IMD ranked Hong Kong first in its 2011 World Competitiveness Yearbook.
The Peace Through Commerce Medal honors an individual, group or organization (either domestic or abroad) whose actions have significantly promoted and developed U.S. export initiatives, encouraged innovative approaches, and improved overall U.S. trade, thereby advancing the National Export Initiative.
At the award ceremony Tuesday in Hong Kong, Under Secretary Sanchez said, "The PBI has been a win-win collaboration. It's helped us exceed our NEI goals. And, it's supported Hong Kong's efforts to be the pre-eminent commercial platform for this dynamic part of the world. Consider that in 2011, the PBI helped triple the number of export transactions done by new-to-market U.S. firms. This is a significant achievement. Export growth means job growth."
Mr. Lam responded upon receiving the award, "Hong Kong would be happy to continue to help U.S. companies find new markets, and more export business, in Hong Kong, on the Chinese Mainland and throughout Asia. Hong Kong is uniquely positioned to be of service to American companies."
Mr. Lam will be coming to New York and Washington in early December. In New York he will preside over a seminar highlighting how the US and Hong Kong are benefiting from mutual strengths in financial services and technology. In Washington, Mr. Lam will meet with Assistant Secretary of Commerce Suresh Kumar, the co-signer of the Pacific Bridge Initiative. Mr. Lam will be available for interviews. For more information, contact Elaine Mancini at mancini@parterinternational.com.
About HKTDC
A statutory body established in 1966, the Hong Kong Trade Development Council (HKTDC) is the international marketing arm for Hong Kong-based traders, manufacturers and service providers. With more than 40 global offices, including 11 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China and throughout Asia. The HKTDC also organises trade fairs and business missions to connect companies with opportunities in Hong Kong and on the mainland, while providing information via trade publications, research reports and online. For more information, please visit: www.hktdc.com