El Corte Ingles, the leading retailer in Spain, has set up a buying office in Hong Kong to capitalise on the growing opportunities arising from China’s imminent accession to the World Trade Organisation (WTO), said the director of the company’s Hong Kong office Alejo Rodriguez.

“Business prospects in Asia are growing every day,” said Mr Rodriguez. “Up to now, we had been working with agents but due to increased competition with WTO, now was the time to open a buying office in Asia. Hong Kong is an ideal location for a regional office in the Asia-Pacific due to its position as an international financial centre, its world-class logistics, rule of law, availability for design and information on the latest trends.

Mr Rodriguez added that El Corte Ingles has a reputation for high quality products. “We are sourcing textiles, household goods, sportswear and sports goods from China due to the availability of high quality, low-priced products.”

El Corte Ingles has 44 department stores throughout Spain.

Hong Kong’s total exports to Spain during the first eight months of this year amounted to HK$7.3 billion (US$942 million), with major export items including clothing, toys, games and sporting goods, as well as watches and clocks. Hong Kong purchased HK$2.3 billion (US$298 million) worth of Spanish products, the major items being fish products, telecommunications equipment, textiles and leather.

There are around 100 Spanish companies in Hong Kong, involving trading, banking and transportation.