Hong Kong Sees Record Growth in Overseas and Mainland Companies

Hong Kong's Secretary for Commerce and Economic Development, Edward Yau, announced that the number of mainland and overseas companies operating in Hong Kong reached a record high of 11,070 last year, marking an 11% increase from the previous year. According to RTHK, these companies employed approximately 509,000 people, reflecting a 3% rise in employment. This data, derived from a survey conducted by Invest Hong Kong and the Census and Statistics Department, indicates strong international business confidence in Hong Kong's business environment. In a written response to a legislative council inquiry, Yau stated that Invest Hong Kong assisted 560 overseas and mainland enterprises in establishing or expanding their operations in the city last year, a 4% increase from the previous year, setting a new record. The top five industries among these enterprises were financial services and fintech, innovation and technology, family offices, tourism and hospitality, and consumer products. These businesses are expected to create over 10,700 jobs and attract nearly HKD 69.4 billion in direct investment in their first year of operation. Yau also highlighted Invest Hong Kong's efforts to expand into emerging markets. The economic and trade office established in Kuala Lumpur last December is expected to form a dedicated team in the first half of this year to enhance cooperation in the ASEAN region. Additionally, Invest Hong Kong plans to open advisory offices in Cairo, Egypt, and Izmir, Turkey, during the 2024-25 fiscal year to attract funds and enterprises from high-potential emerging markets in the Middle East and North Africa. Yau mentioned that last year's policy address announced several measures to strengthen investment promotion, including enhanced support for mainland enterprises to expand overseas via Hong Kong. A cross-bureau, cross-departmental, and cross-agency task force has been established to proactively attract mainland enterprises to use Hong Kong as a platform for international expansion, offering tailored comprehensive support services.