InvestHK sets sights on Latin America

Ayra Wang

Invest Hong Kong is set to visit Colombia, Peru and Argentina this year, co-organizing investment promotion activities with local chambers of commerce to strengthen outreach in Latin America, says Secretary for Commerce and Economic Development Algernon Yau Ying-wah.

Yau told lawmakers yesterday that the government has been actively expanding its economic and trade network in emerging markets as merchandise trade between Hong Kong and Latin America reached about HK$124.3 billion last year, a 17-percent increase from 2023.

Services trade also grew by 24 percent year-on-year to HK$7.8 billion in 2023.

The city has signed free-trade agreements with Chile, Mexico and Peru, with additional agreements under negotiation.

Under the updated Hong Kong-Chile FTA, which took effect in 2023, over 50 new service sectors - including professional services, technical testing and business consulting - now enjoy preferential treatment in Chile.

The Hong Kong-Peru FTA, signed last November, grants Hong Kong service providers in 150 sectors, such as legal and financial services, improved market access and national treatment.

To promote these opportunities, Yau said InvestHK and the Trade and Industry Department co-hosted a reception for Ibero-American businesses on March 13, highlighting trade and investment benefits.

The department provides market intelligence, hotline services and online resources to help Hong Kong firms navigate Latin American markets.

Yau said the government BUD Fund supporting market expansion now covers 40 economies, including Chile, Mexico and Peru.