Secretary for Commerce & Economic Development Edward Yau today briefed the Indian Chamber of Commerce Hong Kong on the city's business outlook and initiatives in the 2021 Policy Address.

At a business luncheon organised by the chamber, Mr Yau pointed out that the local economy is on the track of recovery alongside the improving global economic conditions and the receding local epidemic.

For the first half of 2021, real gross domestic product grew by 7.8% year-on-year. In respect of trade, Hong Kong's global ranking in terms of total merchandise trade value rose to sixth place last year. The value of Hong Kong's total merchandise trade also hit a record high of $7.4337 trillion for the first nine months of this year, he explained.

According to the results of the two latest annual surveys conducted by Invest Hong Kong and the Census & Statistics Department, the number of business operations in Hong Kong with parent companies overseas or in the Mainland reached 9,049 and the number of startups in Hong Kong was 3,755 in 2021, both reaching record highs, demonstrating that Hong Kong's business outlook remains stable and vibrant.

Mr Yau noted that Hong Kong is a free and open economy with a robust legal system, a highly internationalised business environment and a superior geographic location, making it an ideal gateway for business and investment in the Mainland and the Asia-Pacific region.

He said Hong Kong will continue to strive to help businesses, both local and international, grasp the tremendous opportunities arising from the development of the Mainland as well as its integration with the region and the global market.

The Indian business community in Hong Kong can also make the best use of the city's international platform to open up markets, he added.

In 2020, India was Hong Kong's ninth largest trading partner, while the total merchandise trade between Hong Kong and India amounted to $154.8 billion.

Hong Kong is also an important entrepot for merchandise trade between India and the Mainland. Re-export trade between the two economies through Hong Kong amounted to $77.3 billion in 2020.