Hong Kong Attracts HK$30b in Investments, Projected to Create 10,000 Jobs

Around 30 overseas and mainland Chinese companies have committed to investing approximately HK$30 billion in Hong Kong, signalling a significant boost to the city’s economy. This investment drive is expected to generate around 10,000 job opportunities across various sectors, including scientific research and management roles.

Recently, 20 out of the 30 companies that have already established of plan to expand their operation in Hong Kong signed an agreement with the newly formed Office for Attracting Strategic Enterprises (OASES). Hong Kong’s leader, John Lee, expressed his enthusiasm at the launch ceremony, emphasising that these strategic enterprise partnerships will contribute to Hong Kong’s rise as a global innovation and technology hub.

Hong Kong’s financial secretary, Paul Chan, highlighted that the investment aims to diversify the local industry structure, with a particular focus on the innovation and technology sector. The specific areas of interest for these companies include artificial intelligence and big data analytics, health and life sciences, fintech, as well as new materials, and new energy. The majority of the companies in this batch are concentrated in the health and life sciences sector, followed by AI and fintech.

Notably, around 80% of the 30 enterprises are from mainland China, including prominent names like Huawei, JD, and Meituan. Foreign companies such as AstraZeneca, a US science-led biopharmaceutical business, and Sirnaomics, a biomedical company, have also signed the agreement, demonstrating the international interest in Hong Kong’s business landscape.

Apart from the infusion of investments and job creation, these enterprises are expected to foster the development of Hong Kong’s innovation and technology ecosystem by attracting upstream, midstream, and downstream enterprises. This collaborative approach aims to create a vibrant and interconnected business environment.

The OASES, announced in October last year, plays a vital role in attracting high-potential and representative strategic enterprises from around the world. It facilitates negotiations, formulate incentives covering land, tax, and financing, and helps secure work visas for staff.

This significant investment drive in Hong Kong holds the promise of bolstering economic growth, fostering innovation, and creating new opportunities for both local and international professionals.