HK commerce chief confident HK can lure global tech enterprises by end of year

Hong Kong's commerce chief Algernon Yau has said that 186 overseas companies have set foot in Hong Kong in the first half of the year. Meanwhile, he is confident that the city can lure strategic tech and innovative enterprises by end of the year.

Speaking on a TVB programme yesterday (16 July), Yau said that among the 186 companies, most were from the innovation and technology sector and creative industry, with the majority being small-and medium-sized enterprises.

Yau also said that the newly launched Office for Attracting Strategic Enterprises (引進重點企業辦公室) has reached out to over 150 strategic enterprises. He said the authority aims to meet with about 300 strategic enterprises by the end of this year and he is confident the overseas tech and innovative businesses will set foot in Hong Kong.

When asked about the effectiveness if only a few enterprises agree to expand into Hong Kong, Yau said: “It depends on the structure of the leading enterprises. Sometimes it doesn't mean that a large number of leading enterprises coming to Hong Kong will have a high benefit. Hong Kong is now taking the route of innovation and technology as a whole. If leading companies create technology for Hong Kong's future, it can bring new opportunities, which is also very important."

However, Yau admitted that some foreign companies are not entirely sure about the situation in Hong Kong due to inaccurate foreign media reports on Hong Kong. “ASEAN countries and business communities in Thailand are extremely interested in opportunities in the Greater Bay Area (GBA). However, they may not know well of where they can get a foothold and what enterprises they can cooperate with,” Yau said.

Yau added that he had briefed local companies on Hong Kong's post-epidemic recovery and the opportunities in the GBA during his overseas visits, and was confident in attracting enough leading enterprises to set foot in Hong Kong.

Previously, Hong Kong's chief executive John Lee laid out the government's plan in attracting 1,130 businesses to the city by the end of 2025. The policies include launching new talent schemes targeting top graduates and high-earners, as well as the setup of the Office for Attracting Strategic Enterprises to lure companies to the city. 

Related articles:

Hong Kong’s GDP sees 2.7% growth in the first quarter of 2023
Hong Kong introduces measures to attract 200 family offices by 2025
Hong Kong retail sales up 18.4% in May as tourism revives