Winds of change in Hong Kong creating a steep learning curve

Hong Kong’s political transition has resulted in a steep societal change which is continuing to influence industry development, media, talent, and growth, yet business practices remain fairly unchanged. Being physically present in Hong Kong is critical for our team because the landscape is evolving, and we can help on the ground to understand all the nuances of the market and filter this information to our Swedish companies. And they can make more informed business decisions. This new era is both exciting and challenging.

Sweden and Hong Kong have an interesting history; the subway in Stockholm is run by MTR, a company from Hong Kong, as well as investment in infrastructure in the areas of healthcare and property development. This means the two-way flow between the countries and the wider Nordics is already well established. Part of my role is looking at both trade and invest opportunities, so we anticipate a lot of growth in the coming years.

Hong Kong has always been a strong and relatively modern player in the APAC region and has acted as a gateway between Europe and many other countries in East Asia. Hong Kong has always had such strong ties to Europe and in many ways, the culture and people are a mix between European and Asian and provide a bridge between China, Taiwan, and other cultures in the region. While this has not changed and the strength is still there, the key shift we are seeing now is the focus to feeding into mainland China. Which is something that Swedish companies need to be aware of – even if they have been in the market for many years.

And for those companies who are looking at moving into Asia, Hong Kong can provide a soft landing – because it is so open and friendly, and it is easy to connect with people in both a business and social setting. And now with the open channels into mainland China, it is a market that should be on the radar for any company looking to launch or expand into China. Hong Kong also has a very business friendly environment with low taxation on companies – and an agent for capitalising companies.

Because the government’s focus is on the transition, the issue of sustainability hasn’t been the top priority. What Swedish companies should be aware of is that the sustainability agenda is being pushed by the private sector who are demanding innovative solutions across the spectrum. There are basic environmental actions that we take for granted in Sweden, like recycling, that hasn’t been implemented here – which means the scope for Swedish companies to really make a mark is enormous. We are working closely with the General Consulate who are trying to push the agenda, so we are meeting with them a lot, along with other government bodies and also private sector businesses to start partnerships with Swedish companies that can really benefit the city and the wider region.

A major appeal of my work is that it is multifaced, one day you are talking about marine technology, the next it is how to develop sustainable cities, and then how to launch a fashion brand. It is very diverse. Then I am also working across trade and invest, so both sides of the customer segmentation. For me, I have the ambition to contribute to a greater good by utilising the platform that I have to promote both Sweden and the potential in areas like the fashion and lifestyle industry. There are so many possibilities for Swedish companies coming to Hong Kong, but also the other way with retail and finance solutions going back to Sweden.

The Swedish brand is received well here, with some of the bigger companies like Volvo setting the standard in quality and trustworthiness. But many smaller companies are not known to be Swedish, for example Spotify and Oatly. While these emerging brands are making a huge impact, it is not widely known that they are Swedish.

There is a really good foundation for building on the brand and we see that when local stakeholders realise just how many Swedish companies there are, they are surprised, but it reinforces the understanding that when they partner with Sweden or Swedish companies, they will get good quality, a reliable product and service, and it will also play a role in accelerating the sustainability agenda.

This applies also to Scandinavia and the wider Nordics, and in some ways, when we group ourselves together with or neighbours, it makes Sweden even stronger. This reinforces the perception, and reality, that it comes with clean nature, a green agenda, and the focus on reaching carbon neutral. Because we have learned lessons early on, we can potentially help others along with the same journey

The one thing that I would take from Sweden to Hong Kong would be the green agenda – as a Swede we are positively taught to take care of nature, not to throw things in nature or pollute. This deep appreciation of nature drives meaningful connection and why we should do everything we can to preserve the natural world.

From Hong Kong I think Sweden could learn about their action orientated approach to business. If you have a meeting and discuss something, action happens fast. In Sweden we would say, ok, let’s meet in a month, but in Hong Kong, it is really quick, and people want to action things at high speed. It is a good high speed, because it is motivated by people wanting to do something good.

On a personal note, the thing I want the most is to have my family with me. When I first came to Hong Kong, I was by myself for some months, and I realised that life is not life without family. We have shipped our belongings but when you live without them for a while, you realise that it is just stuff, and you don’t miss most of it.

For food, I would bring nice bread, with a nice crunchy crust and soft in the middle. The bread in Hong Kong is mainly very soft. So, a nice loaf of bread and some good cheese.