Advertisement
Hong Kong economy
Hong KongHong Kong Economy

Hong Kong welcomes 19 companies from mainland China, US to set up or expand locally in latest bid to promote I&T development

  • Signing ceremony held a day after domestic national security law passed, which authorities say will not affect regular business activities or international exchanges
  • Among all 49 companies that have now signed up, around three-fourths are from the mainland and the others from overseas

Reading Time:5 minutes
Why you can trust SCMP
3
Chief Executive John Lee (back row, third from right) attends the signing ceremony. The government’s Office for Attracting Strategic Enterprises has met at least 200 firms so far. Photo: Sam Tsang
Sammy HeungandCannix Yau
Nearly 20 companies from mainland China and the US have agreed to set up shop or expand their operations in Hong Kong as part of the government’s latest bid to promote the development of the innovation and technology (I&T) ecosystem.
The 19 firms attended a partnership signing ceremony on Wednesday, a day after the city’s legislature passed a domestic national security law that authorities have said will not affect regular business activities or international exchanges.

Four enterprises told the Post the legislation would provide a stable and certain operating environment for them to develop their business in Hong Kong.

Chief Executive John Lee Ka-chiu said the new companies, along with 30 others announced as partners of the government’s Office for Attracting Strategic Enterprises last year, would add HK$40 billion (US$5.1 billion) in investment and 13,000 jobs to the local economy in the next few years. About three-fourths of the 49 firms are from the mainland and the others from overseas.

“Their presence here will create an important momentum and help to attract a wealth of partners and related companies to Hong Kong. In turn, they will bolster our fast-rising innovation and technology sector,” Lee told the ceremony at government headquarters.

“I have confidence that they will continue to thrive here in Hong Kong. And as we all know, Hong Kong is the only city in the world that converges both the China advantage and the global advantage under the ‘one country, two systems’ [governing] principle.

“Hong Kong serves as a superconnector and super value-adder for international companies eager to enter the Chinese market and for mainland Chinese companies willing to expand their global presence.”

Advertisement