Switzerland to be more aggressive in Hong Kong

Switzerland is opening a new business promotion office in Hong Kong to help its small and medium enterprises do business in the city and on the mainland.

The Swiss Business Hub (SBH) will assist export-oriented Swiss SMEs establish themselves in Hong Kong and make Switzerland better known as an attractive business location for Hong Kong investors. It will be based at the Swiss Consulate General.

Swiss trade with Hong Kong remains strong despite the Eurozone crisis. Swiss exports to Hong Kong rose 20% during the first eight months of this year after a full year of 30% growth in 2011, said Daniel Kng, CEO of Osec, a Swiss organization for promoting foreign trade.

Swiss firms also have a strong presence in Hong Kong. There are currently some 190 Swiss companies operating in the city, bringing in direct investments amounting to some US$5.34 billion.

Swiss companies primarily sell luxury items such as fine watches and jewelries, which account for 52% of total export value followed by machinery, pharmaceuticals and basic chemical products.

Hong Kong is Switzerland's third most important trading partner in Asia. With the Free Trade Agreement between Hong Kong and Member States of the European Free Trade Association (EFTA) entering into force this month, trade and economic relations between Switzerland and the city are expected to strengthen further.