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UK-based technology company Magna Frequency Components officially announced today (January 20) the opening of its regional office in Hong Kong. The Cambridge company is an industry leader in design, manufacture and supply of RF Components.
The Hong Kong office will serve as the regional hub for the company, managing the sales and technical support functions for all of its current and potential Asian customers.
The company's Senior Vice-President (Operations), Mr Nev Rowbottom, said that by opening the Hong Kong office, Magna Frequency had recognised the need to be immediately available to customers and manufacturing partners in Asia. "Working closely together with our partners, we will be able to offer a dynamic delivery, quality and cost schedule, tailored to meet the increasing demands of the much more technically and financially aware end consumers," Mr Rowbottom said.
The office will be responsible for managing the suppliers across Asia to ensure that the components meet the cost, quality and delivery requirements of its customers. Serving as the central logistics hub, the Hong Kong office will also handle all shipping arrangements to its UK office and to customers in Asia.
"Now our company can leverage on the strategic location and well-established transportation infrastructure of Hong Kong. We will be able to respond to customers and supply partners in Asia immediately and arrange for our manufacturers to ship directly into Hong Kong, where delivery to customers can be as fast as within an hour."
Mr Rowbottom also shared the company's business development plans for Hong Kong and the region. "Since our company is expanding much faster than initially anticipated, we expect to take on more staff in Hong Kong in the near future. Setting up an office in Hong Kong has certainly seen a significant advancement in Magna Frequency's relationships with our Asian customers, all of which has been made mush easier with the help given by Invest HK both here and in the UK."
He pointed out that currently all purchase orders and invoice processes were managed through the UK headquarters, while customers in Asia received the components directly from the Hong Kong office. However in view of the growing volume of sales, Magna Frequency Components may need to set up a new function in Hong Kong to handle the region's sales and invoices. According to Mr Rowbottom, the company would also explore opportunities to set up R&D facilities in Hong Kong during the next two years.
The Associate Director-General of Investment Promotion, Mr John Rutherford, spoke at the opening ceremony of Magna Frequency Components today. "Invest Hong Kong warmly welcomes the company's decision to establish its regional headquarters in Hong Kong and we are particularly delighted that the management of the company is already thinking ahead about expanding the functions of the Hong Kong regional office, including covering R&D," he said. "Hong Kong offers one of Asia's best environments for high tech companies to grow and prosper. Our strong IP protection rigorously enforced by law; our world-class infrastructure including the Hong Kong Science and Technology Park; and our proximity to world-class manufacturing facilities in the Pearl River Delta are key location factors increasingly recognised by high tech companies from around the world."
"We at Invest Hong Kong will continue to work closely with Magna Frequency Components to facilitate its expansion here. I am confident that the company's success will encourage other technology firms to set up and expand their operations in Hong Kong," Mr Rutherford said.
Magna Frequency Components was established in 1988 to provide a high quality, reliable source of crystals and oscillators to the professional communications industry. With a manufacturing facility in the UK, the company now supplies its products to more than 30 countries worldwide. For more information, please visit the website at www.magnafrequency.com.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish a business presence here. For more information, please visit the website at www.investhk.gov.hk.
Ends/Friday, January 20, 2006
Issued at HKT 12:31
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