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
  • and beverages.

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

Investment

The Hong Kong Government is also investing HK$55 billion (A$9.8 billion) to build two new hospitals and redevelop four existing ones, 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 other ones.

From a financial perspective, Hong Kong is a world leader in equity funding and according to the 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

CurrentMid termLong term

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

Mid term

  • 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

Long term

  • 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 food and hospitality industry.

There is a trend towards organic food and healthy snacks to supplement the increasing awareness of health and wellbeing.

Infrastructure

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

To meet growing demand for healthcare services, A$9.8 billion has been allocated for hospital and medical facilities. Infrastructure developments include the Hong KongZhuhai-Macau Bridge, and the GuangzhouShenzhen-Hong Kong Express Rail Link.

$A9.8 billion will be allocated to build 2 new Hong Kong hospitals and upgrade medical facilities.

Technology and Innovation

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

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

There are opportunities for join R&D collaboration and commercialisation of inventions.

Relevant library resources Complete library

Hong Kong Market Overview

Hong Kong Market Overview

February 10, 2017

Export market overview and commissioner profile for Hong Kong

View this resource

Geoff Goh’s intel: How to take your business to Hong Kong

View the videos below, and hear from TIQ’s former Trade and Investment Commissioner Geoff Goh as he speaks of the opportunities in Hong Kong.

Geoff Goh: Business trends in Hong Kong: Emerging opportunities in the market

Geoff Goh: Practical tips: Hands on advice for doing business in Hong Kong

Geoff Goh: Doing business with Hong Kong? Learn how TIQ can assist