Hong Kong draws US$4.9 billion in FDI in 2024 with Chinese, US firms leading: InvestHK

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Macallan, Geodis, Eber, Biren Technology and Uisee are among the 322 companies that made new investments during the first half, agency says

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Scotland-based distiller Macallan is among the companies that set up or expanded in Hong Kong in the first half of the year. Photo: Shutterstock

Cheryl Arcibal

Published: 6:15pm, 2 Jul 2024

UK whisky distiller Macallan, French logistics firm Geodis and Singapore-based loyalty platform Eber are three of the 322 companies that either set up or enhanced their businesses in Hong Kong in the first half of 2024, bringing in HK$38.3 billion (US$4.9 billion) in investment, according to the government agency tasked with attracting foreign direct investment (FDI).

The number of companies expanding in Hong Kong shot up 43 per cent compared with the same period last year, Alpha Lau, director general of investment promotion at InvestHK, said on Tuesday.

FDI grew 6 per cent year on year, while job creation increased 44 per cent with 3,500 new jobs. Mainland China was the top source of companies investing in Hong Kong, accounting for 150 or 47 per cent of the total, followed by the US with 30 new firms or 9 per cent.

“Hong Kong is an international city that is a springboard for the rest of the world,” Lau said. “We are unlike any other Chinese city, and that is why even Chinese enterprises have to come to Hong Kong … to set up a stepping stone for their goal of establishing international headquarters or to go outside mainland China.”

The number of Chinese companies investing in Hong Kong in the first half represents a significant jump, as mainland companies have historically accounted for 35 per cent of the new companies investing in the city, Lau said.

The newcomers include Shanghai-based AI computing firm Biren Technology and Beijing-founded AI driverless technology company Uisee.