Trade promotion body’s role evolving with Hong Kong’s economy
As the Trade Development Council marks its 60th anniversary, its remit now reflects closer ties with the mainland and changes in the global economy
The city’s economy has shifted from a focus on manufacturing when the TDC first launched to services and hi-tech fields. China has become the world’s second-largest economy. Today, the TDC’s biggest mission is in China while its biggest challenge is in the United States.
As the on-and-off trade war between the two superpowers drags on, some US politicians have called for the closure of the Hong Kong government’s three Economic and Trade Offices in the US. Seen as more neutral, the TDC needs to double down on promoting and explaining Hong Kong’s unique role to Washington.
Over the years, the TDC has become expert at fostering international trade through its network of offices, expos and business missions. Hong Kong is going global. Rather than focusing on big cities in developed economies, it is reaching out to fast-growing developing countries such as Kazakhstan and Uzbekistan in Central Asia and the rich Gulf states in the Middle East. The TDC is optimising its global office network to help Hong Kong and mainland firms better explore their business and commercial potential.
In a panel discussion marking the TDC’s 60th anniversary, former TDC chairman Peter Woo Kwong-ching said protecting Hong Kong’s core freedoms was paramount. He also cited the need to avoid future pandemic-style shutdowns. Draconian measures are warranted when faced with a catastrophic outbreak, but the authorities must ensure they are proportional to the risks. TDC chairman Frederick Ma Si-hang and former leaders of the trade promotion body were right when they said Hong Kong must remain an outward-looking free port. Our continuing prosperity depends on it.