UK sectors show strong interest in Hainan FTP

Representatives from the United Kingdom business and cultural sectors have shown great enthusiasm for the Hainan Trade Port, or FTP, in South China following a promotional event to showcase the region's investment opportunities which was held recently in London.

More than 200 representatives from groups across the Chinese and British political and business communities attended, with several UK companies already securing cooperation agreements with the event organizer, the Hainan provincial government, across a range of industries.

In 2018 China decided to transform the island province into one of the world's largest free-trade ports, with attractions such as low taxes and simplified approval processes for foreign investors being rolled out over subsequent years. The aim is that by 2025, there should be an independent customs operation in place.

Anette von Kohorn, founder of a British luxury accessories brand AvK, said she cannot wait to take her products to Hainan. As she will soon be launching a skincare store, the deals that the FTP offered, in particular the faster regulatory approval, were enticing.

"You are now able to bring the products in without having to jump through the high hurdles. Getting approval is wonderful. You test the market in Hainan, prove the market, and then you can slowly move up to the rest of China," she said. "The conference today has proven the potential of Hainan and I already felt the weight of the FTP."

Nigel Grant, a British consultant at the UK Hainan Culture and Chamber, said the conference shows that Hainan also wishes to develop as a destination for international tourism and cultural exchanges, in addition to focusing on the economic side.

"They took care of the whole spectrum, and I think they really want it to happen, so I expect things in the next few years to really take off," he said.

Munsur Ali, chairman of the Culture, Heritage, and Libraries Committee at the City of London Corporation, said he especially looks forward to the cultural offerings from Hainan.

"Yes, there are lots of economic opportunities there, and I think this given where the global situation is economically, as well as moving more and more culturally. In my cultural capacity, I am very interested in seeing how exchanges of cultures between the UK and other countries can be made available in Hainan," he said.

Zhang Yuxia, chairman of the UK Hainan Culture and Chamber said the chamber will be responsible for further guiding UK businesses to make deals in Hainan, and she would love to act as a bridge between China and the UK.

Zhang hoped that more talents in the UK can seize the opportunities presented by Hainan, and this masterplan to build up the province, which represents China's new experiment in opening up, can boost China-UK cooperation in diverse areas.

"People in Hainan value inclusivity. No matter where you originally come from, as long as you visit the city, you are a part of us," she said.

Zheng Wanyin contributed to this story.