Record Number of Businesses Expand or Set Up in Hong Kong

Invest Hong Kong (InvestHK) has announced that for the first half of 2013 the department has assisted a record 213 overseas and Mainland Chinese companies to set up or expand in Hong Kong.

 

InvestHK's mission is to attract and retain foreign direct investment which is of strategic importance to the economic development of Hong Kong.

 

The Director-General of Investment Promotion, Simon Galpin, said he was encouraged by the interim results, noting that they showed continued strength in inward investment into Hong Kong despite challenging global conditions.

 

“Although global uncertainties remain, we are optimistic that we will be able to meet our annual target of 330 projects this year as several markets are showing good growth,” Galpin said.

 

The 213 completed projects came from 33 countries. Mainland China was the largest single source of investment into Hong Kong with a total of 51 completed projects, followed by Japan (26), the US and the UK (24 projects each) and France (13).

 

For the first time, InvestHK helped a Greek company to set up a business in Hong Kong. In terms of jobs created, the 213 companies planned to employ 1 576 people in Hong Kong for their first year of setting up or expansion.

 

By region, Asia was the biggest market source with 89 projects completed compared to 73 a year ago, followed by Europe and North America. By sub-sector, Hong Kong’s opportunities in the first half of 2013 proved most attractive to companies in asset management, digital marketing, medical and health care, and restaurant and wine-related businesses.

 

Looking forward
Galpin sounded a note of cautious optimism for the department’s portfolio for the remainder of 2013. “Our pipeline of prospects is strong, in particular from companies in Mainland China and the US which have signalled their intent to set up or expand in Hong Kong,” he said.

 

He said that Hong Kong’s international business hub status and its geographical location make it an ideal place for a broad spectrum of overseas companies to set up or expand their business. Mainland companies, for example, use Hong Kong as their springboard to “go global”.

 

Multinationals are choosing Hong Kong as the centre for their global operations, and the city is also attracting a rising number of entrepreneurs from around the world to tap into the opportunities it has to offer. Galpin notes that InvestHK will this month roll out a global marketing programme (startmeup.hk), to encourage entrepreneur-led businesses to consider Hong Kong as the platform from which they can expand globally.

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