Hong Kong is a vibrant city of 7 million people known as an international business, trade, tourist and financial centre.

Economy

The economy is characterised by limited import restrictions, free trade, a low and simple taxation system and a robust legal system similar to Australia’s.

Trade

Hong Kong is heavily reliant on imports, with over 90% of food and beverages sourced from other countries.

Over 90% of Hong Kong’s food and beverages are sourced from other countries.

Major food import opportunities include:

  • seafood
  • meat and meat products
  • fresh/chilled beef
  • lamb and offal
  • fresh fruit and vegetables
  • dairy products
  • beverages

Hong Kong is also a significant entry port for re-exporting to mainland China.

Investment

The Hong Kong Government has allocated HK$200 billion (A$32.9 billion) for hospital and medical facilities over the next 10 years, providing opportunities for firms in the healthcare design and services sector.

Hong Kong Government will invest HK$55 billion (A$9.8 billion) to build two new hospitals and redevelop four others.

Hong Kong Government will invest HK$55 billion (A$9.8 billion) to build two new hospitals and redevelop four other ones.

From a financial perspective, Hong Kong is a world leader in equity funding and according to China’s Ministry of Commerce, over 50% of China’s outward investment of US$550 billion in 2014 was directed to and through Hong Kong, making it an ideal location to attract funds for investment projects in Queensland.

Over 50% of China’s outward investment is directed to and through Hong Kong.

Hong Kong Skyline

Hong Kong opportunities

CurrentFuture

Current

  • Healthy, functional, fresh and organic food
  • Premium organic meat and seafood
  • Student recruitment into higher education
  • Consumer products in health and wellbeing such as essential oils, natural skincare products
  • Infant care – baby food, skincare products
  • Investment into agriculture and infrastructure into Queensland

Future

  • Packaged premium food and health drinks
  • Green building products and technology
  • Student recruitment into schools and higher education
  • Investment in aged care facilities in Queensland
  • Advanced health and aged care products and services
  • Research and commercialisation in innovation technologies

Sector opportunities in Hong Kong

90% of produce and protein food imported.

Food and agribusiness

Hong Kong imports 90% of its produce and protein food including processed meat, horticulture produce, premium seafood and organic food, making it an ideal market for promoting Queensland fresh food and value-added products.

Over 90% of Hong Kong’s food and beverages are sourced from other countries.

Hong Kong is also a target market for agri-investment in Queensland’s food and hospitality industry.

There is a trend towards organic food and healthy snacks as awareness about health and wellbeing increases.

A$32.9 billion has been allocated for hospital and medical facilities

Infrastructure

The A$4 billion West Kowloon Cultural District project is scheduled for completion by 2020, with seven out of 17 planned cultural venues now in the planning and construction phase.

To meet growing demand for healthcare services, A$32.9 billion has been allocated for hospital and medical facilities over the next 10 years.

Infrastructure developments include the Hong Kong-Zhuhai-Macau Bridge, and the Guangzhou-Shenzhen-Hong Kong Express Rail Link.

Technology and Innovation

The Hong Kong Government has committed HK$2 billion (A$360 million) to boosting innovation and technology programs, including university-industry collaboration and commercialisation, application, and industrial engineering in areas such as biotechnology and traditional Chinese medicine.

Hong Kong Government has committed $A360m for an Innovation and Technology fund.

There are opportunities for collaboration in research and development and the commercialisation of inventions.