Invest Hong Kong Helps Record Overseas, Mainland Investors
by Mary Swire, Lowtax.net, Hong Kong
31 January, 2014
Invest Hong Kong (InvestHK) has announced that it assisted 337 overseas and Chinese Mainland companies to set up or expand in Hong Kong in 2013, representing a new record and an almost 7 percent increase over a year ago.
Director-General of Investment Promotion Simon Galpin noted that the positive results show Hong Kong's enduring advantages and new business opportunities continue to attract investors.
Mainland China continued to be the largest single source of investment into Hong Kong with a total of 71 projects, many of them using Hong Kong as a springboard to go global. The US followed with 48 completed projects, Japan with 37, the UK with 36, and France with 16. For the first time, InvestHK also assisted a company from Bahrain to set up in the city.
Companies in asset management, particularly fund-management houses, biomedical companies and financial technology companies have been keen to set up and expand in Hong Kong, Galpin said, while adding that "in the year ahead, however, we will remain cognizant of global economic trends and continue to identify the sectors and markets which will reap the best benefits for Hong Kong."
He disclosed that Hong Kong continued to attract an increasing number of entrepreneurs. Since 2010 there has been a five-fold increase in the number of incubators and co-work spaces in Hong Kong, while the number of investment visa applications and startup companies the department assisted both grew by about 60 percent.
"Our city is not only popular for multinationals with global functions but is also increasingly a magnet for entrepreneurs who are attracted by the business convenience and opportunities it has to offer," Galpin concluded, and, in response to this trend, the department will soon launch the StartmeupHK Venture Program 2014.
By the end of December 2013, InvestHK had completed more than 3,090 investment projects, creating more than 34,900 new jobs in the first year of operation or expansion and more than HKD82bn (USD10.6bn) in investment.
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