Business Leaders Call for Stronger Partnership between Hong Kong and Korea

Business leaders from Hong Kong and Korea called for stronger partnership between the two business communities to tap the opportunities arising from China's accession to the World Trade Organisation (WTO) at a round table meeting held in Seoul this week.

The 6th meeting of the Korea/Hong Kong Business Round Table, jointly organised by the Trade Development Council (TDC) and the Korea International Trade Association (KITA), aimed at promoting co-operation between Hong Kong and Korea at the highest levels of private business.

At the meeting, Chief Executive of Hong Kong SAR, Mr. Tung Chee-Hwa delivered an opening address on current economic outlook in Hong Kong and he also outlined his vision of enhancing Hong Kong's position as a world city for the new millennium.

The meeting was co-chaired by TDC Chairman, Dr. Victor K. Fung and KITA Chairman, Mr. Kim Jae-Chul.
Top businessmen from Hong Kong and Korea exchanged ideas on four main topics:

• The recent economic trends and future policy in Korea
• Korea-Hong Kong business partnership
• Korea's strategy to expand in Chinese consumer market after China's accession to the WTO
• Hong Kong's evolving role as a gateway to China for Korean companies and partnership opportunities arising from China's accession to the WTO by the manufacturing and service sectors

"Recovery is well under way across the region, our respective economies are undergoing a process of adjustment and renewal to position themselves to meet the challenges of the new millennium," said Dr. Victor K. Fung.

"A new wave of opportunity is about to be unleashed by China's imminent accession to the WTO. This should further enhance Hong Kong as a global business hub, and strengthen our role as an entrepot in trade between Korea and the Chinese mainland," he said.

"Given Hong Kong's expertise and close relationship with the Chinese mainland, there are no doubt Hong Kong companies can play an active role in helping the Korean companies to develop the mainland's consumer market."

To follow up the business opportunities discussed at this meeting, KITA has agreed to hold the next meeting in Hong Kong in April, 2000.