HK to secure HK$40bn investment thanks to expansion of 20 more firms

Around 20 additional overseas and mainland Chinese companies will start setting up or expanding their businesses in Hong Kong this week.

This, along with the first batch of 30 major companies, is expected to invest over HK$40bn and provide 13,000 jobs in the city, including scientific research and management roles, Hong Kong's finance chief Paul Chan said in his blog.

“These companies will contribute to the clustering of related industries in the upstream, midstream, and downstream sectors in Hong Kong, driving the vibrant development of the entire innovation and technology ecosystem,” Chan said.

Don’t miss: Around 30 enterprises to invest HK$30bn in HK to 'spur city's rise' as I&T centre

Back in October last year, the government announced about around 30 overseas and mainland Chinese companies had pledged to invest about HK$30 billion in Hong Kong. Meanwhile, 80% of them were from mainland China. They include Huawei, eCommerce platform JD and food delivery platform Meituan. Foreign companies that signed an agreement with OASES include US science-led biopharmaceutical business AstraZeneca and biomedical company Sirnaomics. 

In fact, OASES was announced in chief executive John Lee’s policy address in October 2022. The initiative 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.

Attracting enterprises, capital and talent is one of the main goals for Hong Kong in the upcoming year as laid out in the latest Budget 2024. The government has put in place user‑friendly fund re-domiciliation mechanisms for open-ended fund companies and limited partnership funds, aiming to attract existing foreign funds to establish and operate in Hong Kong.

Furthermore, in the first half of 2024, the government will submit a legislative proposal enabling companies domiciled overseas, especially enterprises with a business focus in the Asia-Pacific region, to re-domicile in Hong Kong.

Join us this coming 26 June for Content360 Hong Kong, a one-day-two-streams extravaganza under the theme of "Content that captivates". Get together with our fellow marketers to learn about AI in content creation, integration of content with commerce and cross-border targeting, and find the recipe for success within the content marketing world! 

Related articles:

Around 30 enterprises to invest HK$30bn in HK to 'spur city's rise' as I&T centre
6 key takeaways for the HK marketing community from Budget 2024
'Monthly fireworks and drone shows may ramp up marketing budgets,' say HK adland leaders