Israel is looking to accelerate its information technology and telecommunications business with Hong Kong after posting a banner year of trade and investment, a senior diplomatic official says.
Israel's consul-general for Hong Kong and Macau Eli Avidar said high-technology firms led by Nasdaq-listed Check Point Software Technologies and the state-run Israel Aircraft Industries (IAI) helped lift bilateral trade between the SAR and Israel to a record high this year despite the economic slowdown.
'This has been the most active year for growing our IT and telecoms business here as many Israeli companies consider Hong Kong to be their principal hub for doing business inside China and across the Asia-Pacific region,' he said.
Hong Kong was Israel's largest trading partner in Asia and Israel was the SAR's second-largest export market in the Middle East, he said.
During the first nine months of this year, Israel's exports to Hong Kong increased 16.7 per cent from the same period last year to US$795 million. Leading Israeli export items included precious and semi-precious stones, telecoms gear and semiconductors.
Hong Kong goods imported by Israel from January to September this year were valued at US$769 million, a 12.8 per cent increase from the same period last year. Main imports from the SAR included industrial machinery, textiles, footwear and headgear.
Mr Avidar said Israel's commitment to the SAR's hi-tech market received a big boost early this year through US$350 million in combined deals signed by Hong Kong Satellite Technology Group (HKSTG) to build a satellite communications network that would serve China and parts of the Asia-Pacific.