Hong Kong’s status as a global business hub is being increasingly solidified, demonstrated by the recent influx of US$3.8 billion from 30 “strategic” firms. This marks a promising success in the city’s efforts to attract foreign investment. The announcement was made by Financial Secretary Paul Chan at the annual forum of the Hong Kong Green Finance Association.
The city’s strategy of attracting globally representative, high-potential companies began with the launch of the Office for Attracting Strategic Enterprises (OASES) in late 2022. This initiative strove to showcase Hong Kong as a powerhouse for groundbreaking technologies and innovation, targeting industries such as artificial intelligence, data science, fintech, advanced manufacturing, life and health sciences, new materials, and new energy.
OASES’ efforts have proven fruitful, with an estimated investment of HK$30 billion expected from the welcomed enterprises, in turn, creating approximately 10,000 jobs. The majority of these opportunities will be located in the aptly named Northern Metropolis, which was strategically planned to bolster the local economy and cultivate a dynamic ecosystem for businesses.
The sister cities in the Greater Bay Area play a crucial role in this ambitious project by enhancing Hong Kong’s capabilities in innovation and technology. Amid a comprehensive financial and industrial ecosystem, the Greater Bay Area is projected to emerge as a pivotal center for green technology and finance.
Notably, the government’s commitment to crafting a favorable environment for foreign businesses is a testament to Hong Kong’s ambition to lead in technological advancements. These fresh investments are expected to diversify the economy, stimulate economic growth, and foster collaboration between local and global enterprises. This paves the way for robust growth across various sectors.
Key Highlights From Financial Secretary Paul Chan’s Speech
In a recent address, Financial Secretary Paul Chan provided critical updates on Hong Kong’s efforts to attract strategic enterprises and stimulate innovation. Here are the key points:
- Establishment of OASES: The Office for Attracting Strategic Enterprises (OASES) was established in late 2022, aiming to position Hong Kong as a global hub for cutting-edge technology and innovation.
- Targeted Industries: A wide range of industries, including artificial intelligence, data science, fintech, advanced manufacturing, and life and health sciences, were targeted by the OASES.
- Investment and Job Creation: Since its inception, the OASES has successfully attracted around 30 enterprises, with a combined investment of HK$30 billion, expected to create about 10,000 jobs.
- Greater Bay Area Collaboration: Collaboration between Hong Kong and its sister cities in the Greater Bay Area will further enhance the city’s technological capabilities, fostering a strong ecosystem for green technology and finance.
- Economic Diversification and Growth: The influx of foreign investment is anticipated to diversify Hong Kong’s economy and stimulate economic growth, fostering collaboration between local and global enterprises.
In conclusion, the continuous foreign investment and the establishment of strategic enterprises affirm Hong Kong’s appeal as a business destination thriving on innovation. With its robust financial sector, industrial infrastructure, and thriving collaborations, Hong Kong is well-equipped to influence the future of green technology and finance in the Greater Bay Area.
Hong Kong secures US$3.8bn from 30 strategic firms, bolstering its status as a global business hub and advancing its technological footprint.