Spanish companies can take advantage of Hong Kong's service platform to capitalise on business opportunities in the Chinese mainland, according to director of the Valencian Worldwide Investment and Foreign Trade Agency (IVEX) Gustavo Fuentes.

"With China's World Trade Organisation accession, there will be more opportunities for Hong Kong companies. They are close to the mainland and have a first mover advantage there. As such, Spanish companies can create strategic partnerships with Hong Kong companies. This would minimise the risk of which Spanish companies may be afraid," Mr Fuentes said. "Business people can use Hong Kong to access southern China and the region.

"To me, I see China becoming like Europe, with many different financial centres and business hubs. This is what I eventually see for China, with each centre having its own strong points. People talk about competition for Hong Kong, but I don't think this will be the case. I am very optimistic for Hong Kong in the long term and I think it will remain the ideal location for accessing business opportunities in the mainland. It will be able to adjust to the current economic downturn as it has always been able to do."

IVEX is responsible for promoting the Spanish autonomous region of Valencia's economy. With 21 offices around the world, the agency offers tailor-made services for potential foreign investors, promotes local companies' products and services and helps set up joint ventures with foreign firms.

"Valencia located on Spain's Mediterranean coast is one of the most attractive and fastest-growing regions in the EU," Mr Fuentes said. "Local companies specialise in many different industries, particularly ceramic tiles, leather footwear, toys and electronics. Hong Kong companies make ideal partners, especially in these industries. There are huge opportunities in China, and Hong Kong companies have the knowledge and experience of doing business there. I think we will continue to see an increase in Spanish companies using Hong Kong as a base to tap this potential."