Hong Kong must be more aggressive in luring foreign firms and nurturing talent, American Chamber of Commerce says
Chamber president Tara Joseph says many companies want to expand their presence in Hong Kong, but office and housing costs prevent them doing so
Hong Kong’s largest international chamber of commerce has said critical economic issues were left out of the government’s 2018-19 budget unveiled on Wednesday.
The comment from the American Chamber of Commerce comes despite the city’s financial chief splashing out billions of dollars to foster future development, with the innovation and technology sector taking home the largest chunk.
Chamber president Tara Joseph said quicker and more aggressive measures were needed to woo foreign investment, nurture talent and improve the business environment in the face of fierce competition from Singapore and mainland Chinese cities.
Financial Secretary Paul Chan Mo-po on Wednesday announced a raft of economic development initiatives. He dished out HK$50 billion to support innovation and technology – especially biotechnology, artificial intelligence, smart city initiatives and financial technologies.
“Diversifying the economy toward tech and innovation is an excellent move,” Joseph said. “But there should be an emphasis on attracting international business. Hong Kong’s distinctive advantage is as a super-connector.