By Sarah K. Winn
Gazette Staff writer

Hong Kong in market for state's business
Representative visits to drum it up

Margaret Fong, an economic development liaison between Hong Kong and the United States, has been traveling the nation, plugging the opportunity for business ventures with Hong Kong.

Margaret Fong, an economic development liaison between Hong Kong and the United States, has been traveling the nation, plugging the opportunity for business ventures with Hong Kong.

West Virginia was stop No. 25 for Fong, who visited Wednesday with state officials and business advocates.

"We are always reaching out to everybody, especially small and mid-sized firms," she told members of the Charleston Area Alliance. "When you are thinking about going into the Asia market, we are here to understand your needs and point you in the right direction."

Fong addressed three specific industries in which West Virginia could help Hong Kong.

s First is the development of clean coal technology, she said. Because Hong Kong is in the midst of Asia's manufacturing delta, air quality is of great concern, she said.

At Hong Kong's two power-generating companies, 52 percent of the produced energy is coal-powered, she said. Recently, the Hong Kong government allocated $12 million to fund environmental assessments for companies, she said.

"Thousands of firms will be looking for solutions," she said.

s Biomedical technology is also in high demand, as Hong Kong looks for ways to mass-produce and sell herbs used in Chinese medicine, she said.

s Finally, West Virginia should capitalize on its outdoor activities, of particular interest to Hong Kong's residents, she said.

"Hong Kong people love to travel," she said. "They are looking for something different, something they are not going to get at home."

Fong emphasized the work of the New York City-based office of Invest Hong Kong, which helps businesses interested in doing work in the country.

Because of the 150 years of British rule, the region is in the "Western mode" of business, with both Chinese and English as official languages, she said.

"We operate business just like you are used to," she said.

There are no sales taxes or tariffs, she said. Of the two taxes, businesses only pay when they turn a profit, she said.

Foreign-forged businesses also receive the same deductions as Hong Kong-developed ones, she said.

The Hong Kong government has worked hard to cut through governmental red tape, she said. The region has a committee, of which the American Chamber of Commerce is a member, to help reduce governmental procedures, she said.

Hong Kong's centralized location in Asia, along with its free-trade agreement with mainland China, eases entrance into the Asian market as well, she said.

Businesses of all kinds, from manufacturing to banking, are welcome in Hong Kong, especially if a business has a new product to sell, she said.

"We love to consume," she said. "If you have something to sell, we want it."

To contact staff writer Sarah K. Winn, use e-mail or call 348-5156.