"In the year ahead, however, we will remain cognisant of global economic trends and continue to identify the sectors and markets which will reap the best benefits for Hong Kong. Our outreach to priority markets including Mainland, ASEAN nations and France, will include both multinationals and startup businesses that aspire to set up in our city," Mr Galpin added.
2013 Annual Results: Highlights
The 337 completed projects derived from a record 41 economies. Mainland China continued to be the largest single source of investment into Hong Kong with a total of 71 projects, many of them leveraging Hong Kong's advantages to go global. It was followed by the US with 48 completed projects, Japan (37), the UK (36), and France (16). For the first time, InvestHK assisted a company from Bahrain to set up in Hong Kong. The client, ASB Biodiesel, established a biodiesel plant in Tseung Kwan O.
In terms of sectors, companies in asset management, particularly fund management houses, biomedical companies and financial technology companies were keen to set up and expand in Hong Kong.
In Asia, Mainland China and Japan both reported significant year-on-year growth, with the respective number of completed projects up by 14.5 per cent (62 projects in 2012) and 37 per cent (27 projects in 2012). In addition, Japan regained third place for the first time in eight years. In Europe, the gains were largely seen in France and the UK, with the number of completed projects rising by 14.3 per cent and 24.1 per cent, respectively, compared to a year previously.
Looking Forward
Mr Galpin said that Hong Kong continued to see an increasing number of entrepreneurs from overseas economies were leveraging its advantages to expand their businesses globally. In terms of numbers, since 2010 there has been a five-fold increase in the number of incubators and co-work spaces in Hong Kong, while the number of investment visa applications and startup companies assisted by the department both grew by about 60 per cent.
"Our city is not only popular for multinationals with global functions but is also increasingly a magnet for entrepreneurs who are attracted by the business convenience and opportunities it has to offer," Mr Galpin said. He noted that in response to this trend, the Department will soon launch the StartmeupHK Venture.
