Algernon Yau to lead trade mission to Turkey and Egypt next Jan

Secretary for Commerce and Economic Development Algernon Yau Ying-wah revealed that he plans to lead a business delegation to Turkey and Egypt in January next year, aiming to unlock critical trade networks across Africa and the Middle East.

Speaking on a radio program, Yau highlighted the strategic importance of both nations, noting that Turkey connects Europe with Arab states at the edge of Central Asia, while Egypt serves as a vital gateway into the African continent.

He expressed hope that the mission will pave the way for broader cooperation with emerging markets, including the six member states of the Gulf Cooperation Council (GCC), by securing Free Trade Agreements. 

Yau also shared updates on the ongoing efforts to establish a new Economic and Trade Office (ETO) in Riyadh, Saudi Arabia, although geopolitical tensions have slightly slowed progress. Additionally, authorities are exploring the feasibility of establishing an ETO in Kazakhstan to cover the wider Central Asian network.

Despite global geopolitical challenges, Yau emphasized that Hong Kong remains an attractive destination for foreign business, as the number of foreign companies establishing regional offices or branches in the city has consistently risen, now exceeding 10,000.

Mainland companies make up the largest group with over 3,000 firms, followed by United States and Japanese companies with approximately 1,600 each.

Furthermore, Yau noted that Hong Kong's import and export trade has experienced robust momentum recently, recording a strong growth rate of more than 40 percent.

He added that the widespread application of artificial intelligence (AI) has significantly enhanced overall trade and logistics performance.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓