Hong Kong is a vibrant city of 7 million people and is known as an international business, trade, tourist and financial centre.
Hong Kong’s economy is characterised by limited import restrictions, free trade, a low and simple taxation system, and a robust legal system similar to Australia’s.
Hong Kong is heavily reliant on imports, with over 90% of food and beverages sourced from other countries.
Major food import opportunities include:
- meat and meat products
- fresh/chilled beef
- lamb and offal
- fresh fruit and vegetables
- dairy products
Hong Kong is also a significant entry port for re-exporting to mainland China.
Hong Kong is a top 5 source market for foreign direct investment (FDI) into Queensland. Hong Kong is also a hub for outbound FDI from mainland China. Increasingly, investors based in Hong Kong are partnering or forming consortiums/alliances with mainland China entities for offshore investment projects. Investors are increasingly sophisticated, and competition is fierce from other international markets seeking investment from Hong Kong.
Hong Kong has long played a role in facilitating mainland Chinese Government and private-sector offshore investments and is a key financial centre. Recent restrictions on capital flows out of mainland China imposed by China’s Central Government have had some impact on funds flowing through Hong Kong. However, the market maintains its position as a key hub for RMB (Chinese currency) exchange and connecting with Chinese capital.
Hong Kong opportunities
- 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