Hong Kong. The world’s biggest publicly listed jewelry company by market value, Chow Tai Fook Jewelry, has expressed interest in investing in Indonesia, hoping to tap into South East Asia’s largest economy, a company official said on Monday.
Kent Wong, managing director of Chow Tai Fook, said the listed company is keen to sink its money into the archipelago following the free trade agreement between Association of South East Asian Nations member states and Hong Kong, which is expected to be completed this year.
He said the company planned to go to Indonesia to find a local partnership through the In Style Hong Kong industry and trade exhibition to be held in Jakarta on Sept. 14-18.
“Similar to the Chinese and people from Hong Kong, Indonesians love to buy gold because they can use it as jewelry, gifts and as an investment,” he told reporters in Hong Kong on Monday.
Listed on the Hong Kong Stock Exchange, Chow Tai Fook Jewelry sells high-end jewelry and watches in China, Hong Kong, Macau, Taiwan, Malaysia and Singapore.
Wong considers Hong Kong a global jewelry trade hub as it imposes no import tax on the luxury items. He said many importers from countries across the world buy jewelry in Hong Kong to be resold in their home countries.
Chow Tai Fook, he added, operates its business in the upstream, midstream and downstream sectors of the jewelry industry.
“In the upstream sector, we are the world’s third biggest diamond supplier, and in the midstream, we have 10 jewelry factories; nine in China and one in Hong Kong,” he said.
Meanwhile, Jolly Choi, senior information officer of the Hong Kong Special Administrative Region, said that a slew of top local companies will join In Style Hong Kong exhibition in Jakarta.
“Indonesia was chosen as the venue for the exhibition because of its growing economy and big population, which is the fourth largest country in the world,” Choi said.
Hong Kong Trade Development Council communication officer Vony Soesanto, describes In Style Hong Kong as a large-scale promotional event of Hong Kong companies that will cover a variety sectors for Indonesian business people, traders and consumers.
The exhibition is expected to showcase the products of some 100 Hong Kong-based brands in four lifestyle zones: fashion, jewelery and watches, home appliances and electronic.
According to Vony, trade between the two countries reached $5.13 billion in 2014. Hong Kong and China invested $657 million in Indonesia last year.
“The In Style Hong Kong exhibition will be an ideal platform for traders to find the latest trend from Hong Kong and meet the demand of [Indonesia's] growing middle class,” she said.
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