HK$17-billion Tech Investment Set to Revolutionize Hong Kong’s Job Market
August 08, 2023
In a significant boost to Hong Kong’s burgeoning tech sector, over 25 leading tech firms have committed to invest more than HK$17 billion in the city, according to finance chief Paul Chan. This massive investment is predicted to generate a minimum of 4000 jobs.
Chan revealed in his weekly blog post that the government, in close collaboration with the Innovation, Technology and Industry Bureau (ITIB) and Office for Attracting Strategic Enterprises (OASES), has engaged with over 3000 firms. More than an eighth of these companies have already established a presence or are planning to expand their operations in Hong Kong.
The companies, many of which are valued over 10 billion Hong Kong dollars, include prominent tech giants such as Biren Technology, Horizon Robotics, Dmall and Yuan Hua Tech. Other firms, such as Huawei, Meituan, and JD.com, are also developing new businesses in the city. According to Chan, this trend is likely to attract other overseas tech companies.
Chan emphasized that recent government efforts to develop the innovation and tech sector have seen nearly HK$200 billion invested. He believes that the momentum for tech growth in Hong Kong must be accelerated to foster economic development and create more and better job opportunities.
By attracting high-potential companies, the city can further stimulate industry development, attracting yet more companies and talents to Hong Kong and creating a virtuous cycle for the innovation and technology ecosystem.
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