First domestically produced timepiece could be 3 years away
More than $100 million will be invested to develop a watch component industry, paving the way for the first wholly 'Made in Hong Kong' wristwatch that could be ready in three years.
'The hope is that, within three to five years, Hong Kong can have its own brand of watches, where all the components are manufactured locally. I really do feel that there is a place here for this kind of business,' said Stanley Lau Chin-ho, deputy chairman of the Federation of Hong Kong Industries.
The plan would also allow domestic watch manufacturers to export their wares to the mainland tariff-free under the Closer Economic Partnership Arrangement.
Under the free-trade deal, at least 30 per cent of a watch's total cost must originate in Hong Kong to avoid paying 12.5 per cent in mainland tariffs.
Some Hong Kong watchmakers pay tariffs on their exports to the mainland. But a watch made with materials originating from Hong Kong would be exempt.
