20 major companies to open or expand in Hong Kong this week, finance chief Paul Chan says

Chan says firms, together with 30 companies that made similar moves last year, will invest more than HK$40 billion in the city and create 13,000 jobs

‘These key companies will help attract upstream, midstream and downstream companies … promoting the … entire innovation and technology ecosystem,’ he says

3-MIN READ3-MIN

Finance chief Paul Chan says new companies are on their way to Hong Kong and existing ones plan to expand as the city fights back to full prosperity. Photo: Elson Li

Published: 4:51pm, 17 Mar 2024Updated: 7:22pm, 17 Mar 2024

About 20 additional major companies will set up shop in Hong Kong or expand their operations as the city battles to find its feet after seismic shifts in the global economic landscape, a top official has revealed.

Financial Secretary Paul Chan Mo-po said in his regular Sunday blog that 20 companies would arrive or boost their presence this week, hot on the heels of similar moves by 30 enterprises last October.

The group of about 50 companies will invest more than HK$40 billion (US$5.1 billion) in the city and create more than 13,000 jobs, mostly in scientific research and management positions.

“These key companies will help attract upstream, midstream and downstream companies in related sectors to cluster in Hong Kong, promoting the vibrant development of the entire innovation and technology ecosystem,” Chan said.

Paul Chan, the financial secretary, has heralded the creation of 13,000 new jobs and HK$40 billion in investment from firms that have moved or plan to expand operations in the city. Photo: Edmond So

The news came as Chan promised Hong Kong would continue to develop as an international innovation and technology centre, on top of being a multinational supply chain management giant and trade finance hub.