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Financial Secretary Paul Chan Mo-po meets the media at Hong Kong International Airport on September 27, 2023 following a 10-day trade trip to Europe. Photo: Edmond So
BusinessBanking & Finance

Hong Kong to get US$3.8 billion in foreign investment from 30 ‘strategic’ firms: Financial Secretary Paul Chan

  • The 30 companies are set to create about 10,000 jobs in the city, Financial Secretary Paul Chan Mo-po said on Wednesday
  • Chan touted the success of the Office for Attracting Strategic Enterprises, set up last year to attract high potential enterprises from around the globe
Greater Bay Area
Martin Choi
Martin Choi
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Hong Kong’s effort to attract foreign investment has shown tentative signs of success, with about 30 “strategic” companies committed to setting up their businesses in the city, according to Financial Secretary Paul Chan Mo-po.

The companies will invest an estimated HK$30 billion (US$3.83 billion) in the city, creating about 10,000 jobs, said Chan, speaking at the annual forum of the Hong Kong Green Finance Association on Wednesday.

“We have set sights on attracting strategic enterprises, those with cutting edge technologies, to settle here in Hong Kong so we can create a more vibrant ecosystem,” Chan said.

Chief Executive John Lee Ka-chiu first announced in his 2022 policy address last October that the government would establish the Office for Attracting Strategic Enterprises (OASES) in a bid to attract high potential and representative strategic enterprises from around the globe.
An aerial view of the Kwu Tung area in the northern New Territories, part of the area within the planned Northern Metropolis. Photo: May Tse

Established last December, the OASES was charged with targeting businesses in the life and health sciences, artificial intelligence, data science, fintech, advanced manufacturing, new materials and new energy, according to Chan.

“Today, we have attracted some 30 such enterprises,” Chan said. “Collectively, they will make an initial investment of some HK$30 billion, creating about 10,000 jobs, the majority of which will eventually settle in the Northern Metropolis.

“The innovation and technological strength of Hong Kong will be further boosted by deepening collaboration with our sister cities in the Greater Bay Area.”

With its strengths in basic research, commercialisation, finance and advanced manufacturing, the Greater Bay Area is “destined to become a green tech and green finance centre” powered by a complete financial and industrial ecosystem, Chan said.

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