Hong Kong trade with Russia booming

Has risen 150% in since 2007.

In 2012 alone, two-way trade amounted to US$3 billion or 50% higher than the US$2 billion in 2011.

The increase in trade with Hong Kong is being driven by Russia's growing economic ties with Asia, especially China. Trade between China and Russia is expected to reach US$90 billion this year.

The bulk of Russia's trade with Hong Kong is exports of raw materials. The implementation of a visa-free regime in 2010 and a spike in the number of Russian tourists to 200,000 in 2012, however, laid the groundwork for the diversification of Russian exports.

Vneshekonombank, Russia’s development bank, is due to open an office in Hong Kong this year. This bank supports and develops the Russian economy, manages Russian state debts and pension funds and is part of the government’s plan to diversify the Russian economy.

Russian-owned companies such as aluminum maker RusAl and IRC, an iron ore mining firm, are listed in Hong Kong.

Erica Ng, director of the London Hong Kong Economic and Trade Office that oversees Russia, first visited Moscow this week for a gathering of Russian businessmen and Hong Kong officials. She told Russian businessmen Hong Kong is their ideal platform.