HK finance chief: Another 17 firms to set up offices in the city

A total of 17 companies will establish local offices under Hong Kong’s government initiative to develop the innovation and technology sector, according to the city’s finance chief Paul Chan.  

In his weekly blog on Sunday (10 November), Chan said a signing ceremony for 17 new companies from the third batch of strategic enterprises of the Office for Attracting Strategic Enterprises (OASES) will take place today (11 November). These companies, which are from mainland China, US, and Europe, operate in sectors including AI and big data, life and health technology, fintech, and advanced manufacturing and renewable energy technology. Among them, 90% plan to establish their international or regional headquarters in Hong Kong.

“Together with the first two batches of corporate partners, these more than 60 key companies are expected to bring HK$42 billion in investment and create over 17,000 job opportunities,” Chan said.

Meanwhile, as of September this year, Invest Hong Kong has supported 470 companies in establishing or expanding their operations in the city, with anticipated direct investments surpassing HK$45 billion and the creation of over 5,700 jobs, according to Chan.

Chan said that both mainland and overseas companies that have recently established themselves in Hong Kong, along with those currently considering a presence here, are generally aware of the city’s challenges. However, they also recognise that Hong Kong offers both challenges and opportunities, and they appreciate the advantages that can create “golden opportunities” for them.

“These advantages include strong support from the central government, a transparent and business-friendly regulatory framework, a concentration of international financial institutions and capital, an extensive global business network, a rich talent pool, and a diverse culture. Additionally, government policies and an efficient capital market provide substantial support for their efforts to expand regionally and globally,” he added.

Hong Kong government has actively pursued investment and successfully attracted a number of companies to establish or expand their operations in Hong Kong, according to Chan. “For example, among the key corporate partners introduced in the first two batches, many have already begun operations locally, with 70% choosing to set up in Science Park or Cyberport. Some are also exploring additional business expansion opportunities through collaborations with other companies.”

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Announced in chief executive John Lee’s policy address in October 2022, OASES aims to attract high-potential and representative strategic enterprises from around the globe. It is tasked with drawing up a list of target enterprises, carrying out negotiations, formulating incentives covering land, tax and financing, as well as helping companies secure work visas for staff.

Back in March, OASES signed agreements with 25 strategic enterprises to set up or expand their businesses in Hong Kong. Most of them planned to set up research and development (R&D) centres or regional business headquarters in the city. In addition to investing in Hong Kong, they will actively bring in upstream, midstream and downstream partners from their industry chains to the city, thereby promoting a more vibrant development of the innovation and technology sector.

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