Hong Kong's Financial Secretary Paul Chan Mo-po delivers a welcome remark during the Keynote Luncheon at the Asian Financial Forum at Hong Kong Convention and Exhibition Centre in Wan Chai, Jan 24, 2024. (ANDY CHONG / CHINA DAILY)
The Hong Kong Special Administrative Region government will announce the second batch of strategic enterprises settling down in the city in the first half of this year, and strive to further diversify the industry’s background by attracting more Southeast Asian and overseas companies to the city, says Financial Secretary Paul Chan Mo-po.
He told a local radio station the new group of strategic enterprises will be mainly from the artificial intelligence, big data, medical technology, financial technology and new energy fields.
As Hong Kong can access both international and mainland data, it has the niche to lure enterprises like medical technology and AI and big data firms to set up their research and development centers here.
Paul Chan Mo-po, HK Financial Secretary
“We will take the initiative to get more Southeast Asian and overseas companies to settle down here, and use Hong Kong as a platform to explore the Chinese mainland and Asian markets.”
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“As Hong Kong can access both international and mainland data, it has the niche to lure enterprises like medical technology and AI and big data firms to set up their research and development centers here,” said Chan.
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The government said in October last year the first batch of 20 key enterprises would settle down in Hong Kong, including British pharmaceutical company AstraZeneca plc and mainland technology giant Huawei Technologies. Mainland battery manufacturer Contemporary Amperex Technology has said it will also set up shop in the city.
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Chan said another priority is to get more venture capital funds and private equity funds to the SAR so that companies in different stages of development can secure financing, and invigorate the local financing ecosystem.
Hong Kong's Financial Secretary Paul Chan Mo-po delivers a welcome remark during the Keynote Luncheon at the Asian Financial Forum at Hong Kong Convention and Exhibition Centre in Wan Chai, Jan 24, 2024. (ANDY CHONG / CHINA DAILY)
“The Hong Kong Investment Corporation can leverage more funds coming to Hong Kong to co-invest in business projects that can enhance Hong Kong’s competitiveness. The government will announce the corporation’s investment progress in the first half of this year,” he said.
The HKIC was established in 2022 to centrally manage the Hong Kong Growth Portfolio, the Strategic Tech Fund, the Greater Bay Area Investment Fund, and the Co-Investment Fund to promote the development of industries and the economy by optimizing the use of fiscal reserves.
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As for this year’s economic performance, Chan said: “With interest rates having reached their peak, it should bode well for Hong Kong’s export sector and asset market.”
“Last year, Hong Kong’s gross domestic product grew 3.2 percent, with the export of tourism services having surged more than 20 percent, while private consumption and investments jumped about 7 percent and more than 10 percent, respectively.”
