Hong Kong investment assistance boosts business, HK$61.6 billion investment total recorded

Hong Kong
Photo: WAM

The number of the Chinese mainland and overseas companies that received assistance from the government’s investment wing to set up or expand their business in Hong Kong reached 382 in 2023, representing about 27 percent of year-on-year increase, WAM reports. 

The total investment brought to Hong Kong's economy reached HK$61.6 billion and created more than 4,100 job opportunities during their first year of operation, Invest Hong Kong said in a statement on Friday.

According to a report by China Daily, the special administrative region government's department responsible for foreign direct investment, InvestHK, has revealed that out of the 382 companies surveyed, 136 are from the mainland, making it the leading economy. Following closely are the United Kingdom (48), the United States (34), Singapore (27), and Australia (13).

In terms of sectors, the portfolio covered a broad spectrum ranging from financial services and financial technology (90), followed by innovation and technology (82), business and professional services (45), tourism and hospitality (42) and consumer products (34), it added.

Delighted that the department's portfolio is regaining momentum after the city fully reopened following three years of COVID-enforced curbs, Director-General of Investment Promotion Alpha Lau said, "Notwithstanding global economic uncertainties, we believe our portfolio growth is gaining good momentum.”

As companies were able to resume their Asian strategies after the pandemic, Hong Kong is “a natural first choice as a business base” for many global multinationals and entrepreneurs alike, she said.

Lau stressed that InvestHK will continue to strive to promote the city's strengths in line with its targets.

“Financial services, innovation and technology and family offices are among some of the priority sectors, while geographically InvestHK will enhance our promotion drive in strategic markets, including the Middle East and the Association of Southeast Asian Nations economies, maximising Hong Kong's advantages as a 'super-connector' and 'super value-adder'," she said.

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