A 20-member Chamber delegation, led by HKGCC CEO Dr Eden Woon, last month concluded an eight-day business mission to the Czech Republic, Poland and Hungary, paving the way for further business cooperation between Hong Kong and Central Europe.

Besides exploring new opportunities to help Hong Kong businesses penetrate these developing European markets, the mission also promoted Hong Kong as a bridge to connect these three countries with Mainland China.

Commenting on the mission upon returning to Hong Kong, Dr Woon said he believes many business opportunities worth exploring between Hong Kong and these three countries exist.

"Hungary, Poland and the Czech Republic will soon become members of the European Union. While markets in these countries will be further liberalised, new structures that resemble the financial systems in Western Europe are also emerging to cope with EU requirements," Dr Woon said. "These changes will not only represent more business opportunities but will also mean better protection for businessmen who are unfamiliar with the markets and the systems there."

The warm reception that delegates received from their hosts sent a clear signal that all three countries are looking forward to expanding their markets in China. With their vast experience and knowledge in doing business in China, Hong Kong businessmen can use this expertise to their advantage. On the other hand, these three central European countries offer attractive incentives for investors, and can serve as a base for Hong Kong businessmen to enter the bigger European market.

"Moreover, Hong Kong businessmen can cooperate with their business counterparts as investment partners, either in Europe or China," Dr Woon added.

The delegates, coming from industries ranging from trading, manufacturing, construction, machinery and cable to professional services, visited Prague, Warsaw and Budapest, and were met by senior government officials, major business organisations and local businessmen. During their meetings, they briefed delegates on the general economic climate, business environment, investment incentives and support provided to investors in their respective countries.