DESPITE the global economic crisis, trade between Egypt and Hong Kong grew by three per cent in 2009. Good news? Absolutely. But is it anywhere near the actual potential? Not at all. According to Hassan El-Shafei, trade between Egypt and Hong Kong reached $62 million in 2009, with the balance of trade shifting heavily in favour of Hong Kong's exports to Egypt, estimated at $55 million. "Hong Kong is one of the fastest growing economies. We need to consolidate more economic cooperation and to see more joint-ventures between us," said El-Shafei during a seminar organised by the Egyptian Businessmen's Association on Sunday during which a large delegation from Hong Kong representing officials and private sector companies came to Egypt to negotiate business relations. "Businessmen from Hong Kong came because they are interested in doing business in Egypt. In the meantime, Hong Kong can be Egypt's gateway to China and other Asian markets," said Raymond Yip, assistant executive director in the Hong Kong Trade Development Council (HKTDC). Yip said the council could play a vital role in business match-making between Egyptian businessmen and their Asian counterparts. According to Neville Shroff of Shroff & Co, as important as it may be, China is still a very complicated market. "Nevertheless, having a business partner in Hong Kong would make it much easier to venture into the Chinese market," said Shroff who added that being present in China and Hong Kong has become a matter of crucial importance for international companies and institutions. In an attempt to have a permanent presence of Egyptian products in Asian markets, Egyptian businessmen were encouraged to participate in international trade fairs hosted in Hong Kong as a means to introduce Egyptian products to these markets and to further increase the volume of trade relations between the two countries.
