Russia is Hong Kong’s largest trade partner in Central and Eastern Europe. To stimulate investment with an aim to diversify its economy, the Russian government is providing a wide array of incentives for investors developing new products, technology in the energy efficiency, nuclear engineering, space technology, medicine and IT industries. However in practice, the Russian government imposes some restrictions on trade flows and limits on foreign direct investment in certain sectors. More
Poland has reached high-income status over a relatively short period of time and this has translated into remarkable progress in poverty reduction and shared prosperity. Few middle-income countries have experienced such consistent broad-based growth, both fast and stable (on average 3.6% over the past decade). This transition benefited from increases in productivity, strengthened institutions, human capital investments, and sound macroeconomic management. More
Following a strong 2017, Czech real GDP growth will remain on a healthy trajectory, but decelerate over the next two years as the labour market nears full employment and external demand weakens. In the long-term, though the Czech Republic has a broad-based economy underpinned by strong manufacturing and steady domestic consumption, a key challenge will be to diversify away from manufacturing into a knowledge-based economy.
Since transitioning from a centrally planned to a market economy, Hungary has made significant economic progress. Investment and private consumption are now among the key drivers of growth supported by the recovery of credit to the private sector, while the brightening outlook in the global and European Union economies is lending strong support to Hungary's trade. Looking ahead, the increasingly tight labour market and subdued foreign direct investment inflows will weigh on output. More
Ozon.ru, Russia's largest and longest-established online retailer, is set to implement dramatic changes to its marketplace model, the facility that allows third-party businesses to access its nationwide sales and distribution platform. More
Hong Kong’s trading community will likely be aware that the EAEU is a political and economic union of states located in central and northern Eurasia. Members of the EAEU comprise Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia. The EAEU has an integrated single market of 183 million people and subscribes to the concept of the free movement of goods, capital, services and people. More
The U.S. State Department has announced the impending adoption of additional sanctions on Russia under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 following a determination that the Russian government has used chemical or biological weapons against international law or against their own nationals. The U.S. will consider a second tranche of sanctions if Russia does not meet a series of criteria within 90 days. More
To reduce its dependence on oil and gas and Western technology, Russia is striving to build an innovation-driven economy with a new management scheme and a vibrant start-up ecosystem. As Hong Kong moves from being a regional technology marketplace in Asia to a global innovation hub under the auspice of the Guangdong-Hong Kong-Macau Bay Area development, the potential of a Hong Kong-Russian technology partnership becomes ever stronger. More