Oakland County is home to hundreds of internationally headquartered businesses, with over 100 Chinese companies located in Troy, Michigan. Recently, the Oakland Press reported that close to $900 million in foreign investment has occurred in the past three years.
This prompted the Hong Kong Trade Development Council to reach out to Troy Chamber of Commerce to host a meeting in order to invite interested companies to hear about investment opportunities in Hong Kong. This event took place at one of Troy’s crown gems, The Kresge Foundation on April 5th.
Mr. Winchell Cheung, Director Midwest, of the Hong Kong Trade Development Council in Chicago provided a great overview of the current economic conditions in Hong Kong by presenting on the topic of The Silk Road Economic Belt and 21st Century Maritime Silk Road. Mr. Cheung also discussed the opportunities for U.S. companies along the new Silk Roads, and the economic impacts of this bold initiative by the China Government as it relates to U.S. interests.
Over thirty attendees that included members from Troy Chamber, Detroit Chinese Business Association, and local economic development partners from City of Troy, Oakland County, DTE Energy and others.
Mr. Cheung offered the following information:
- The opportunity is great in China as the gross domestic product (GDP) from 2003-2014 has grown 10% along with actual trade increasing by 18%. In 2015 GDP growth: 6.9% (much higher than global growth of 3.1%)
- China has a growing consumer market, middle class increase of around $230 million.
- Tax ranking in Hong Kong is very low (see graphic for comparison)
- Many top international brands are listed in Hong Kong, eg: Prada, L’Occitane, Coach, Samsonite.
Special thanks to The Kresge Foundation for hosting this seminar. For more information about the Hong Kong Trade Business Council, please contact Winchell Cheung – Director, Midwest Tel: (312) 726-4515 Email: firstname.lastname@example.org