Textile manufacturers adopt common purpose
THE Chinese Manufacturers' Association of Hong Kong has signed a co-operation agreement with its Korean counterpart, the Korea Federation of Textile Industries.
The two bodies agreed to exchange data and economic information with the aim of keeping the textile industry in both countries competitive.
Association chairman Herbert Liang Hin-ying said Hong Kong and Korea faced many of the same difficulties in their textile industries.
These included rising operating and labour costs and protective trade practices in the European Union and the United States.
To tackle those problems, the bodies needed to become more interdependent in order to keep their economies flourishing, Mr Liang said.
Both the association and the federation plan to organise trade missions to study investment opportunities, provide advice and assistance to individual member companies, and to promote trade affairs.
Mr Liang said the association's first activity would be a trade mission to Korea to study the investment envirnoment there.
'We would also like to invite the manufacturers in the mainland to come with us to see the chance for co-operation,' he said.
Korean Federation of Textile Industries executive vice-chairman Yu Deuk-hwan said the Korean industry had about 500 textile manufacturing factories in China and would like to find future investment opportunities.
China planned to move some of its factories from the coastal region to the central area to reduce the cost of production, and his federation had the same plan, Mr Yu said.
'We hope we can co-operate to boost the industry.' Mr Liang said the industry in Hong Kong could be badly affected by the conflict over import quotas between China and Japan, because many of China's manufacturers were from the territory.