100 foreign companies in talks with Hong Kong about possible investment plans, commerce chief says
- Authorities hope to attract 1,130 companies to expand their operations in the city by 2025, Secretary for Commerce and Economic Development Algernon Yau says
- Yau also predicts revival of city’s economy in second half of the year, following launch of ‘Hello Hong Kong’ tourism campaign
More than 100 foreign companies are discussing potential investment plans with Hong Kong authorities, the commerce chief has said, while also predicting the city’s economy will revive in the second half of the year.
Secretary for Commerce and Economic Development Algernon Yau Ying-wah on Saturday stopped short of disclosing the names of the leading global corporations with preliminary investment plans in the city, saying it was commercially sensitive information.
“We have been discussing their requests on land, taxation and financial arrangements to see if they can be implemented,” Yau told a radio programme. “It takes time for companies to settle down in Hong Kong but the progress has been great … We are optimistic.”
Authorities last December set up the Office for Attracting Strategic Enterprises, a new initiative introduced in Chief Executive John Lee Ka-chiu’s policy address in October last year to entice target industries such as technology to invest in the city and to plan measures to meet their needs.
Yau, also a member of the office’s advisory committee, said he could not provide an estimate on the number of companies planning to put down roots in the city this year but the government would work hard to encourage corporations to invest in Hong Kong.
He added that the administration had set up a key performance indicator for the Commercial and Economic Development Bureau to increase inward investment by attracting at least 1,130 companies to expand their operations in the city by 2025.
City leader Lee earlier this month led Yau and about 30 delegates to the Gulf region for a week-long work trip which resulted in 13 non-binding agreements with enterprises and business chambers relating to innovation and technology, infrastructure and finance.
