Shout it out loud: Hong Kong is open for business
- Financial Secretary Paul Chan’s sojourn through Europe has rekindled interest among firms there to use the city to expand their operations into mainland China
Absence seems to have made interest in Hong Kong stronger for some British and French companies considering the city as a base for expanding Asia operations.
The feedback, collected by Hong Kong’s finance chief on his trip through Europe, should raise hopes about the future and fuel efforts to welcome back foreign businesses.
In a blog post on September 24, Financial Secretary Paul Chan Mo-po said foreign business representatives told him they saw significant room for more cooperation with the city in areas such as green technology and finance, innovation, as well as in arts and culture.
Chan was on a 10-day journey through France, Britain and Germany leading a 130-strong trade delegation, the largest from Hong Kong since the Covid-19 pandemic.
He said enterprises were “very interested” in expanding in Hong Kong with some negotiating with authorities on making the city their “base to expand”.
UK drug giant AstraZeneca to set up research base in Hong Kong: Paul Chan
Chan also announced that global pharmaceutical firm AstraZeneca planned to set up a research and development centre in Hong Kong.
Officials deserve praise for spreading the word about Hong Kong’s role as a familiar, trusted and preferred “gateway and springboard” with its common law system, business-friendly environment, simple tax system and low levy rates, as well as an internationally aligned regulatory framework.
Challenges remain, however, reaching many Europeans about the city’s “one country, two systems” advantages. The head of the EU’s office for Hong Kong and Macau, Thomas Gnocchi, last week cited politics, international tensions and talent recruitment as stumbling blocks.
He advised the city to showcase its unique role as a gateway to mainland China, since “a lot of what is heard in Europe is on what’s happening politically here”.
Returning home last Wednesday, Chan acknowledged there was plenty of work ahead to “proactively reach out and engage, and find the common ground”.
Hong Kong already hosts about 650 British and 360 French companies. They are proof that opportunities await those ready to take up the city’s invitation.
