FEATUREASEAN

The Hong Kong Trade Development Council (HKTDC) projects that Hong Kong’s exports will grow 5% in 2023 – a recovery from the 6% decline this year. HKTDC Director of Research Irina Fan said: “Hong Kong’s exports will gradually regain growth momentum amid the receding pandemic, easing of COVID-19 restrictions and resumption of cross-border land transportation.”

Kung Wo Tong has been a well-established business for more than 100 years in Hong Kong. The company uses secret recipes passed down from the Qing dynasty to produce a herbal jelly using Guiling paste. The founder's granddaughter started her own business in recent years with her own brand Gui Ling Yuan Fang, aiming to modernise Hong Kong’s herbal tea culture and promote the concept of health preservation to a younger consumer base.

Companies in Thailand, one of the largest Association of Southeast Asian Nations (ASEAN) economies, hope to expand both within ASEAN markets and across the world – and could turn to the active financial markets of Hong Kong to raise funds.

Hong Kong businesses are known for their flexibility and adaptability. A family-owned factory, now in its second generation, has faced constant challenges since the current owner took over the operation, so it took the decision to actively diversify.

China’s Dual Circulation Strategy, laid down in the 14th Five-Year Plan, aims to develop offshore trade and investment in parallel with the country’s domestic economy. The strategy presents a golden opportunity for Hong Kong, which has long served as one of China’s gateways to the world. At the same time, the city serves as a perfect platform for mainland investment firms, giving easy access to both the mainland and the world at large.

Technology investors usually expect rapid returns on their assets, but the life sciences, especially medicine, have notoriously long development times. Returns can take decades to eventuate and ventures often turn out to be unviable.