Export prospect of jewellery, cut diamond bright in HK market

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FE Report
Bangladesh has tremendous potential for export of jewellery and cut diamond to the market of Hong Kong, said a senior official from the apex trade body of the island city.
"Hong Kong is the world's premier financial and business hub, which receives 30 million tourists from all over the world each year and at the same time it is a gateway to the mainland China," Raymond Yip, Assistant Executive Director of Hong Kong Trade Development Council, said at a press conference held at a city hotel Wednesday.
"Until now, Bangladesh's annual exports to Hong Kong account for around US$ 120 million, the bulk of which comprises export of leather. Therefore, there is obviously a greater opportunity for export diversification on Bangladesh's part," Raymond said.
"With the huge pool of low-wage workforce Bangladesh has, we think jewelry and cut diamond, in particular, are in substantial demand in Hong Kong and we are already working with the Export Promotion Bureau with that end in view," he said.
"On the other hand, Hong Kong has investments worth around US$ 360 million in Bangladesh, mostly in the textile sector, which makes Hong Kong the sixth largest foreign direct investor in Bangladesh," Reymond informed.
"However, this amount may sound rather ignorable, given the total sum of Hong Kong's investment all around the world in 2007 that alone amounts to US$ 53 billion," he said.
"Therefore, there still lies an enormous scope for Hong Kong's investment in Bangladesh, especially in jewelry and infrastructure; but for that, Bangladeshi entrepreneurs first need to interact directly with their Hong Kong counterparts," Reymond said.
He also expressed hope that participating in the upcoming major international trade fairs in Hong Kong this month would provide a wonderful opportunity for the local business people to interact with the overseas entrepreneurs.
HKTDC is going to stage six major international trade fairs in April, namely, Hong Kong Electronics Fair, International ICT Expo, Hong Kong International Lighting Fair, Houseware Fair, Hong Kong Gifts and Premium Fair and Hong Kong International Printing and Packaging Fair.
"We have also got a $ 10.3 million (HK$ 80 million) package for the SME sector in Bangladesh, which offers various subsidised packages including air ticket and hotel stay to international buyers for visiting the trade fair organised by HKTDC in Hong Kong throughout 2009," Reymond announced.
"At least one of these six events- Hong Kong Gifts and Premium Fair which is to be held from April 27 to 30, is the largest of its kind on the earth, while 10 Bangladeshi companies are going to participate in Asia's largest houseware event- Hong Kong Houseware Fair from April 20 to 23," he informed.