UK drug giant AstraZeneca to set up research base in Hong Kong, city’s finance chief Paul Chan reveals on Europe work trip
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Leading global pharmaceutical firm AstraZeneca will set up a research and development centre in Hong Kong, the city’s finance minister has revealed while on a work trip in Europe.
Hours before leaving Britain for Germany’s Berlin on Saturday, Financial Secretary Paul Chan Mo-po said through his office that the government had secured a deal with the drug giant.
“AstraZeneca indicated that after detailed discussion with the OASES [Office for Attracting Strategic Enterprises], it plans to develop a research and development centre in Hong Kong, and will engage in further discussion with relevant departments,” the office said.
OASES was set up to lure cutting-edge enterprises in areas such as health, artificial intelligence and big data to set up or expand their businesses in Hong Kong.
“The government is happy to provide policy facilitation or even make co-investments with these enterprises,” the office added.
The announcement came after Chan visited the biopharmaceutical company headquartered in Britain to learn about its research and development, as well as latest expansion plans.
During his meeting with the company’s senior management, he also stressed that Hong Kong’s stock market provided the world’s second-largest source of biotech fundraising, underscoring its ability to help life and health technology companies at different stages of development raise funds and expand.
