Editorial | Hong Kong government’s OASES off to good start by attracting 30 firms
- Early success by OASES holds the prospect of 10,000 more Hong Kong jobs at hi-tech and fintech companies that will help drive the Greater Bay Area
Financial Secretary Paul Chan Mo-po was understandably in a good mood when he announced that a new government office had attracted 30 companies from outside Hong Kong with the prospect of generating about 10,000 local jobs. It’s a good start for the Office for Attracting Strategic Enterprises (OASES), which at less than a year old wants to entice high-potential enterprises to the city.
Collectively, the firms – mostly from the mainland – promise to invest an estimated HK$30 billion in the city, a very large sum that can only be welcomed. Such enterprises may offer the city cutting-edge technologies and help stimulate local innovation.
OASES was first announced by Chief Executive John Lee Ka-chiu in his policy address last year. It is particularly interested in firms specialising in life and health sciences, artificial intelligence, data science, fintech, advanced manufacturing, new materials and new energy. Most companies will set up shop in the Northern Metropolis, a fast-growing integrated living and economic region in the north of Hong Kong within spitting distance of Shenzhen.
Integration with the Greater Bay Area has long been the local government’s ambition. Intercity collaboration will naturally be strong with Shenzhen, not only because of its proximity but also its status as a world-class tech hub. Hong Kong will also expand collaboration with other major cities across the bay area. In that sense, it’s not surprising that many of OASES’ first customers are from the mainland.
Mainland firms will find Hong Kong a useful stepping stone to seeking opportunities for international business, and foreign companies will find the city a convenient gateway to the rest of China, though geopolitical tensions have added a complex layer to such interactions. Local officials have travelled to places such as Europe and the Middle East to sell the Hong Kong investment story.
The city is at the centre of a whole financial and industrial ecosystem within the bay area. OASES is well-positioned to leverage its hi-tech and fintech integration with the development zone, which is set to be a top regional growth engine. It may evolve into a one-stop shop for overseas firms with ambitions to expand in China.