Setting up shop: Associate Director-General of Investment Promotion Simon Galpin presents a souvenir to METRO's Stefan Feuerstein at its new Hong Kong office.

Germany's largest retailer and one of the world's top four, METRO AG, has set up its global sourcing headquarters in Hong Kong, covering all markets outside the European Union.

According to the company's management board member Stefan Feuerstein, Hong Kong offers ideal conditions with its long tradition as a trading and import location and its excellent strategic position at the centre of the important East Asian procurement markets.

METRO's Hong Kong operation, Gemex Trading Ltd, was integrated into the Group and will use the name MGB METRO Group Buying Hong Kong Ltd from November 1.  It will be responsible for all buying activities from Asia and non-EU countries.

Mr Feuerstein said the Hong Kong office will further expand its important position as the interface of METRO's imports.

Regional offices have been set up to report directly to the Hong Kong office.

HK's position as trading capital reinforced

Associate Director-General of Investment Promotion Simon Galpin said METRO's investment reinforces Hong Kong's position as the trading and sourcing capital of Asia.

"Our excellent business infrastructure and convenient location enables overseas companies to coordinate their buying activities not only from China and Asia, but also from other parts of the world," he said.

Proximity to manufacturing bases in the Mainland is also an asset.

About 20% of Hong Kong's workforce is engaged in trading, sourcing and distribution.

METRO AG is a trading and retailing group with more than 2,300 locations in 27 countries.  It employs more than 235,000 people and generated sales of almost EUR52 billion last year, of which more than 46% are from abroad.