Small businesses in the UK are increasingly looking towards Hong Kong and China for growth with Brexit on a horizon, a new study today suggests.
Some 36 per cent of UK small and medium-sized enterprises (SME) said that the Brexit debate has made the prospect of trading with Hong Kong or China more attractive, according to the Hong Kong Trade Development Council.
In addition, 45 per cent of the 1,000 small companies surveyed said they see Hong Kong as a gateway into the Chinese mainland and other Asian countries.
“It’s great to see that UK SMEs are identifying the benefits of launching into Hong Kong as part of their global growth strategy at this time of European uncertainty,” said William Chui, regional director in Europe for the Hong Kong Trade Development Council.
“And also, that they are valuing Hong Kong as a hugely well positioned launch pad for businesses wanting to ‘crack’ the lucrative but notoriously challenging to penetrate Chinese mainland market.
“What I think a lot of UK SMEs are failing to realise however, is how many UK businesses of their size are making a real success of launching into Hong Kong.”