The highest ranking Hong Kong official in the United States encouraged Iowans looking to do business overseas to work with the former British colony and view it as a bridge between mainland China and the West.
Donald Tong, Hong Kong?s commissioner for Economic and Trade Affairs in the U.S., reminded a group of Iowa business leaders Tuesday that the coastal enclave still uses British common law and English remains one of its two primary languages. That makes it an easier place for Westerners to do business than mainland China.
The modern banking and commercial center became a special administrative region of the People?s Republic of China in 1997.
?Hong Kong?s economy and future is closely tied with mainland China and one of its roles is to serve as a two-way gateway between China and the West,? Tong said. ?We are the bridge and we are an important business and marketing center in our own right.?
China is the No. 5 export market for Iowa, and Hong Kong ranks No. 15, according to the Iowa Economic Development Authority. Hong Kong has about 7 million people.
Iowa companies like Des Moines-based Principal Financial Group are looking to China as a growth market as the world?s most populous nation and its 1.3 billion people continue to modernize. Iowa has exported $480 million worth of manufactured and value-added goods to China so far this year, according to the Iowa Economic Development Authority. That figure does not include crops such as corn and soybeans.
China spent $12 billion in 2010 to purchase 26.5 percent of all U.S. soybean exports, according to the Iowa Soybean Association. It accounted for 13 percent of U.S. corn exports during the 12 months ended Aug. 31, according to U.S. Grains Council data.
?Iowa and Gov. Branstad have a very close relationship with Chinese Vice President Xi Jinping and this relationship helps make our relationship stronger with Hong Kong as well,? said Kathy Hill of the Iowa Economic Development Authority.
Xi, who is expected to be China?s next leader, visited Iowa in February. He is also in charge of managing relations with Hong Kong.
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