“The government is happy to provide policy facilitation or even make co-investments with these enterprises,” the office added.

The announcement came after Chan visited the biopharmaceutical company headquartered in Britain to learn about its research and development, as well as latest expansion plans.

During his meeting with the company’s senior management, he also stressed that Hong Kong’s stock market provided the world’s second-largest source of biotech fundraising, underscoring its ability to help life and health technology companies at different stages of development raise funds and expand.

Chan told the company that Hong Kong’s Northern Metropolis plan in the New Territories would also serve as an important innovation and technology base, with geographical and policy advantages. International research institutions would be welcomed to establish a presence, he said.

Secretary for Health Lo Chung-mau earlier told the Post the city needed to aggressively boost its research and development abilities and consider setting up its own drug regulatory approval system in the wake of the Covid-19 pandemic.

The financial chief also discussed the latest economic situation and development opportunities with British companies at a lunch hosted by the China-Britain Business Council, urging them to use the city as a springboard to tap the mainland Chinese market.

Chan also met a group of Hong Kong students under the Hong Kong Scholarship for Excellence Scheme of the Education Bureau, calling for them to return and contribute to local developments.

Earlier on Friday, the finance chief met the governor of Britain’s central bank, Andrew Bailey. Chan’s office said the two discussed interest rates, inflation trends, global economic prospects and other subjects of mutual concern such as financial regulation.

The meeting was held a day after Britain’s central bank decided to keep interest rates unchanged at 5.25 per cent, based on lower-than-expected inflation. The last time the bank’s monetary policy committee voted to leave interest rates unchanged was in November 2021.

The United States’ Federal Reserve has also maintained its interest rate range at 5.25-5.5 per cent.

Chan first led a 130-strong delegation to Paris as part of the 10-day trip to Europe, the biggest trade tour since the coronavirus pandemic struck. Some of the group spent three days in Paris before they travelled to London on Wednesday.

They are expected to depart on Saturday for the German capital of Berlin and the country’s financial powerhouse Frankfurt.

The Hong Kong government dismissed the claims, contained in the British government’s semi-annual report on the city.

Chan told 120 guests in London, drawn from the worlds of politics and business, that Hong Kong maintained its unique status, the common law system and the rule of law under the “one country, two systems” governing principle.

“I continue to be optimistic about Hong Kong’s future,” he said. “Hong Kong’s future will be built on innovation and technology and that means working closely with the Greater Bay Area.”

He said Hong Kong was a gateway and service platform for European companies to explore the Greater Bay Area, an IT-led economic giant that combined Hong Kong, Macau and nine cities in Guangdong, which together have a population of 86 million.

Chan said he welcomed British investment, companies and talent to Hong Kong, but said he also wanted to promote opportunities linked to the city’s mega projects, such as the creation of three artificial islands off Lantau to boost housing supply.

While in Berlin, he is expected to meet business leaders, including from the financial sector, as well as visit prominent companies.

His delegation earlier visited France.