Hong Kong Mulls Maritime Cooperation with Iran
Closer business ties with Iran would enable Hong Kong to tackle the downturn in the seaborne sector, reports Tasnim quoting Stephen Wong of Hong Kong Trade Development Council (HKTDC).
"Hong Kong's crucial shipping trade is hoping China's overseas infrastructure plan and closer business ties with Iran will enable the city to tackle the downturn in the seaborne sector and tougher competition," Stephen said.
"A lot of people have been dealing with Iran through third parties," said Stephen Wong of the HKTDC. Now that sanctions are taken away, Hong Kong will benefit ... I'm sure that the trade will grow,” he added.
According to a report in Reuters, the global container sector, which transports everything from bananas to iPhones, as well as the dry bulk shipping market hauling commodities including iron ore and coal, is struggling with a glut of ships, a faltering global economy and weaker consumer demand - pressuring freight companies as well as ports that handle the volumes.
Hong Kong handled over 20 million TEUs (20-foot equivalent container units) last year.
Hong Kong, one of the world's biggest container ports, expects to benefit from China's new Silk Road initiative aimed at developing trade and transport links across Asia and beyond.