Hong Kong upbeat on consumer electronic part imports from India
Hong Kong, the world's eighth-largest trading economy, sees "a good possibility" of importing consumer electronic components from India and will "encourage" local companies to set up assembly plants there with the aim of bolstering economic and business ties.
Terming the potential entry as "a win-win situation", It has stressed on stepping up the programme of exchange and understanding between the two countries and signing of the Double Taxation Agreement and Investment Protection Treaty for promotion of trade and investments.
However, on the bilateral trade front, Hong Kong expects a growth in exports to India, but sees imports from India to stay flat. "Yes, there is a good possibility (of imports) of parts and components for making consumer electronics products.
Because we are the largest exporter of telephones, mobiles in world. So, we need parts for finished products," Hong Kong Trade Development Council (HKTDC) Deputy Executive Director, Raymond Yip told Indian reporters here. "Because we also trade in products and we don't buy for our 7.3 million people here. We buy actually for 1.3 billion people in China, we buy for the world. We can buy worth $1.4 billion per day for the world."