ASEAN market decoded: HKTDC offers assistance to SMEs in need

HKTDC offers Hong Kong businesses an extensive range of enhanced SME support programmes, now making access to the fast-growing ASEAN market easier than ever

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Published: 12:00am, 5 May 2021

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The global economy is recovering from the coronavirus pandemic with the vaccination. While outliner China is noted for being the only G20 country in the world to project a positive growth last year; the Association of Southeast Asian Nations (ASEAN) also compares favourably against most major economies, according to IMF’s World Economic Outlook Update in January 2021.

ASEAN is a key destination for foreign direct investment (FDI). Against the pandemic backdrop, and overall decline in FDI worldwide, Mainland China and ASEAN’s incoming FDI and trading volume remain resilient, as noted by international consulting firm McKinsey & Company.

However, entering a new market can be a challenge for any business in need of local knowledge. Compound this with the matter of cultural differences, language barriers and local laws, it can be tough for any business new to the region, notes the Hong Kong Trade Development Council (HKTDC).

But now, more than ever, Hong Kong businesses can find themselves better prepared to enter the ASEAN market—if they know where to look for a helping hand.

As the city’s lead promoter of trade, the HKTDC offers an extensive range of services to help Hong Kong business break down the trade barrier, so to speak. Their SME support programme T-box (short for Transformation Sandbox) offers a combination of information, guidance, opportunities and contacts. This three-month programme gives companies a chance to prepare themselves with knowledge and skills, while helping them open doors. Best of all, the programme is free.

For companies looking for international expansion, a selection of third-party e-commerce solutions can help companies take advantage of the digital new normal. The T-box x Shopline eCommerce Special allows SMEs to expand their online market reach from Hong Kong to Southeast Asia and beyond; while the Shopify SME eCommerce Solution for businesses is excellent for those who wish to have a truly international reach. For those wishing to enter Mainland China, the T-box x Tencent SME solution would be ideal.

The free HKTDC T-box is an SME support programme offering companies planning to open up the ASEAN market a much needed helping hand.

In an increasingly connected and digital world, HKTDC makes the best of technologies to help Hong Kong businesses to explore new markets even at the times of international travel restrictions.

While T-box is a relatively recent HKTDC programme designed to offer timely assistance to Hong Kong companies, HKTDC has a range of other tools designed to help Hong Kong businesses to ease their entry into the world market.

One exciting tool is the Design Gallery. As a free service created to help Hong Kong product-designers gain exposure, Design Gallery operates stores in Hong Kong and has 45 outlets across Mainland China. In addition, Hong Kong-designed products can also display their wares at some retail outlets in Thailand and Malaysia. This year the online offerings will be available in Indonesia to enable more Hong Kong products access ASEAN markets.

Of course, the HKTDC has earned a reputation for mounting large international trade fairs and conferences which are perfect platforms for companies to reach international buyers and partners. These unusual times of limited international travel has not stopped HKTDC from being a source of innovative solutions. A range of online exhibitions and AI-enabled business matching systems with global audiences, e-conferences featuring top speakers and their online sourcing portal offering reliable Hong Kong suppliers have been up-and-running for a good part of the last year during the pandemic, connecting Hong Kong SMEs with over 330,000 global buyers and contacts 24/7.

At the times of international travel restrictions, HKTDC employs innovative solutions to make a one-stop online sourcing platform available for various industries.

ASEAN has long been a major destination for Hong Kong businesses. A HKTDC trade survey conducted in June 2020 found that 25 per cent of the surveyed companies had already established a presence in ASEAN, with Malaysia, Thailand and Singapore among the most popular markets. With the economic rebound of Mainland China, and ASEAN being its largest trading partner last year, Hong Kong is the ideal place to connect businesses between the two.

If you are a business in Hong Kong keen to explore the opportunities ASEAN can offer, see how the HKTDC can help.

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