Indian banking sector investment is in demand in Hong Kong’s special administrative region (SRA). While few Indian banks have already started their operations in Hong Kong, a number of other Indian banks are planning to have their presence there.
Speaking to FE in on Thursday, Simon Galpin, associate director-general of Invest Hong Kong (InvestHK), said, “While Indian banks like ICICI, Axis, Allahabad Bank have already opened their full-fledged branches in Hong Kong, Canara Bank has recently converted its already existing representative office to a full-fledged one”.
Punjab National Bank is another Indian bank that is likely to open its branch by middle of next year, said Galpin adding that Hong Kong was having 72-73 of the world top banks.
Other sectors identified by SRA for FDIs include business & professional services, consumer, retail and sourcing, IT, special projects, tourism & entertainment, technology, telecommunications, media & multi-media and transportation, said Galpin.
InvestHK offers solution-oriented investment promotion and support services in a straightforward, one-stop shop to the foreign companies anchoring their base in the city. With a view to lure more and more Indian companies on its soil, InvestHK has hired AF Ferguson & Co as its consultant in India.
Apart from companies, InvestHK is also looking at Indian professionals in various fields of management,accounting and law, informed Galpin. The facilities that we promise to provide them in Hong Kong include location, business service providers and support in the recruitment of staff, said Galpin.
Total trade between Hong Kong and India amounted to some USD 67 billion in 2006. Indian exports to Hong Kong reached USD 4.72 billion during the same year. India’s major exports include engineering goods, gems & jewellery, chemicals and others.