Israel and Hong Kong forge fertile business bonds
The Head of Economic and Commercial Mission for the Consulate General of Israel says several of its companies are keen on entering the Hong Kong market.
Hong Kong is soon to be a safer place for health workers due to closed system transfer devices that minimise their exposure to hazardous drugs when administering medication.
This technology was developed by Simplivia, one of the many Israeli companies that have seen the advantage of doing business with Hong Kong. Other Israeli medtech companies looking to expand their businesses in Hong Kong include Libra@Home, which uses virtual reality technology in neurorehabilitation; and Newsight, whose SpectraLIT device can detect COVID-19 in saliva samples. The latter is even building a sub-office in Fragrant Harbour in the near future.
In an interview with Hong Kong Business, Yoav Haimi, Commercial Consul and Head of Economic and Trade Mission at the Consulate General of Israel in Hong Kong, said that several Israeli companies, particularly startups, are interested in capital raising and strategic investment in Hong Kong as well as partnering up with local firms.
“Israel is really well-known in terms of innovation and technology. There are many different startups with top-notch technologies that can be implemented within companies in Hong Kong. Israeli companies are relatively young and are looking to explore opportunities in the global market,” Haimi said.
What sets Israeli companies apart from their global counterparts? The answer is simplicity itself.
“We take a very simple idea which no one thought about, and think outside the box, and we can really change the ecosystem,” the consul said.
Medtech is amongst the fields that Israeli companies can greatly contribute to the Hong Kong economy. Another field is smart cities—in the areas of waste management, construction, and building assessment.
In fact, Percepto is an Israeli firm that’s doing just that, using drone technology to help inspect aging buildings in Hong Kong whilst lowering the risk to human life, providing accurate data, and lowering assessment time.
With online shopping gaining more traction in Asia, Haimi sees potential in Israeli firms like Glassbox, which provides analytics on consumer behaviour in e-commerce platforms. He noted that Hong Kong nationals are also showing more interest in Israeli food, with Halva Kingdom now exporting delectable Mediterranean sweets to the East Asian market.
These are just a few of the Israeli companies that have entered the Hong Kong market through the assistance of the Economic and Commercial Mission. Haimi said that there is a nigh unlimited number of tech providers from the Israeli market that are ready to partner with Hong Kong companies.
But there has also been increased interest in investing in Israel from Hong Kong and Mainland China.
“We see that investors are looking to be a part of the great success of the Israel ecosystem, looking for specific solutions. Typically, these are companies from Mainland China, for a strategic corporation. Another opportunity I see for Hong Kong companies is establishing research and development centres [in Israel], something that many multinational companies are doing in Israel,” Haimi said, adding that these companies recognise Israel’s expertise in innovation.
The Economic and Commercial Mission headed by Haimi helps connect Hong Kong and Israel businesses. All Hong Kong companies have to do is to contact the office, give them their specific needs, their budget, and their timeline—and they will help find their best match.
“I can do the work for them, bring them the best companies in terms of the catalog, videos, connect them to the co-founders and the relevant teams within these companies. That’s what we do on a daily basis,” Haimi explained.
Economic and Commercial Mission at The Consulate General of Israel in Hong Kong is located at the 701 Admiralty Centre Tower II, 18 Hardcourt Road. Its website is https://itrade.gov.il/hongkong