Australian biotech and pharmaceutical firms showed interest in establishing research and production bases in Hong Kong as the city’s Financial Secretary Paul Chan Mo-po kicked off a five-day tour of Australia.
Chan, who arrived in Melbourne on Sunday to forge business ties and explore investment opportunities, met with representatives of Australian biotechnology and pharmaceutical companies on Monday.
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The companies showed interest in setting up research and development facilities, production bases, and conducting clinical trials in Hong Kong.
On Monday, Chan also met with the National Chief Executive Officer of the Australia China Business Council Tom Parker, and the President of the ACBC (Victoria) Rhys Roberts to exchange views on economic situations and business cooperation between the two places.
They discussed strengthening collaboration in such areas as artificial intelligence, green energy, fintech, and the silver economy and encouraged Australian businesses to leverage Hong Kong to enter GBA markets.
Chan noted that Hong Kong’s start-up ecosystem is thriving, with about 20 percent of start-up founders coming from overseas.
He attended a luncheon on Monday hosted by the Hong Kong Economic and Trade Office, Sydney, where he delivered a keynote speech to over 100 representatives from the political, business and innovation and technology sectors in Melbourne.
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The finance chief introduced the recent developments in Hong Kong and potential opportunities for Australian businesses, highlighting the city’s adherence to the “one country, two systems” principle.
Hong Kong offers unique advantages as a gateway to the Chinese mainland and northern Asia, particularly the Guangdong-Hong Kong-Macao Greater Bay Area, Chan said.
He noted that Hong Kong’s common law system, international regulatory standards, and global financial connections are crucial in benefiting foreign businesses.
The GBA, with a population of about 87 million and a per capita GDP of nearly $40,000 on a purchasing power parity basis, represents a bounty of market opportunities for Australian companies, he added.
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He highlighted Hong Kong’s strengths in offshore renminbi services, access to mainland financial markets, and green finance initiatives.
He shared Hong Kong’s future blueprint for innovation and technology development. That includes attracting strategic enterprises, and establishing the Hong Kong Investment Corporation Ltd for making strategic investments, and enhancing collaboration with other cities in the GBA.
Chan also said that life and health technology is a key development area of the Hong Kong SAR government, adding that Hong Kong is an ideal place for relevant Australian companies to expand their businesses and markets.
Contact the writer at tianyuanzhang@chinadailyhk.com
