Mitsui & Co, the largest general trading company in Japan, cites joint ventures with local companies as the strategy behind its continued success in Hong Kong and the Chinese mainland.

The chairman and managing director of Mitsui & Co (HK) Ltd, Hiroshi Ito said: "We are constantly looking for local joint venture partners to do business with. For the China trade, we would again partner with Hong Kong companies to reap full knowledge of the market and culture."

Mitsui & Co, established 125 years, has been trading with Hong Kong since 1878. Its Hong Kong office was set up in 1976.

A true global player, Mr Ito has served Mitsui & Co in London, Antwerp, Los Angeles area and Tokyo since 1969. Once a student at The University of Hong Kong, he returned to the SAR in 1998 to be president of Mitsui Hong Kong and within a year had led the company to recovery from the Asian economic crisis. He believes the reasons for its success include a good product mix, marketing power and new investments.

“Hong Kong provides the freedom to do business. The legal system, taxation system and the international financial facilities make Hong Kong an ideal business centre. The workforce is very hardworking, serious and has great productivity."

Looking ahead, Mr Ito sees more opportunities for trade when China enters the World Trade Organisation. “There will be more plants set up in China by Japanese companies to enjoy the low labour costs as well as to penetrate the China market. More Japanese companies are also looking at setting up research companies in China.”

Hong Kong, with its sound institutional strengths, economic and tax structures, will remain an important business centre for the region, Mr Ito said.