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DUBAI / Emirates Business
The Lifestyle Expo in Dubai is being held to foster business collaboration between Hong Kong, the Chinese mainland and the UAE as well as the rest of the Middle East-Africa (MEA), region, helping companies seize the enormous business opportunities emerging from China’s Belt and Road Initiative and Expo 2020 Dubai.
Jointly organised by the Hong Kong Trade Development Council (HKTDC), and the Trade Development Bureau of the Ministry of Commerce of the People’s Republic of China, the fifth edition of the Lifestyle Expo opened on Monday at the Hyatt Regency Dubai.
The two-day event showcases a wide selection of products from about 110 Hong Kong and mainland companies to an expected 1,300 buyers from the UAE, Iran and Africa. Exhibits include consumer electronics, information and communications technology, ICT products, household products and electrical appliances, fashion and fashion accessories, gifts and premiums, as well as watches and clocks.
Speaking at the Opening Ceremony, HKTDC Assistant Executive Director, Stephen Liang, highlighted the cooperation between Hong Kong, the mainland and the UAE to unlock opportunities arising from the Belt and Road Initiative, a key global economic driver for the 21st century.
“The Lifestyle Expo in Dubai serves as an ideal platform for suppliers from Hong Kong and the Chinese mainland and buyers from the Middle East and Africa to forge business partnerships,” said Liang. “This cooperation between Hong Kong, the mainland and the UAE creates synergy to our mutual
benefit.”
He said such collaboration is especially important in view of the Belt and Road Initiative, which aims to connect markets in more than 60 countries spanning Asia, the Middle East, Africa and Europe, including Hong Kong and the UAE. These economies represent about 4.6 billion potential consumers and accounting for over 30 percent of global merchandise trade.
“Hong Kong is Asia’s business hub and the ideal gateway to the region, especially the Chinese mainland, a huge market with buoyant growth,” Liang explained.
“Meanwhile, we at the HKTDC have long recognised the importance of the UAE, not just as a market, but also as a springboard to the promising Middle East and Africa markets.
“Both Hong Kong and the UAE have what it takes to be a key commercial hub for the Belt and Road Initiative. Working together, we can build new business-to-business links along the Belt and Road and gain access to new markets” he added.
The Belt and Road, together with the upcoming Expo 2020 Dubai, is expected to boost demand for trade, logistics, infrastructure, real estate and financial services in the UAE. Hong Kong and mainland companies can help fill the
need by providing services and investment.
The UAE is Hong Kong’s largest trading partner and export market in the Middle East. Bilateral trade between the two places grew at an average annual rate of 14 percent from $4.80 billion in 2010 to $10.6 billion in 2016.
Hong Kong’s exports to UAE grew 13% to $6.8 billion last year, led by exports of pearls, precious and semi-precious stones (40.6% of total, up 32.1%), telecom equipment and parts (32.3% of total, up 23.8%), and jewellery (5% of total, up 36.5%).