InvestHK announced on the 21st a plan to support domestic companies to enter the Hong Kong and Asian markets under the theme of “Hong Kong, Asia’s Financial and Digital Tech Hub.” InvestHK’s Executive Director Alpha Lau introduced Hong Kong’s business environment and opportunity factors to support domestic companies and startups to enter overseas markets.
Invest Hong Kong said that 539 Chinese and overseas companies set up or expanded operations in Hong Kong last year, setting a new record for foreign direct investment (FDI), a 41% increase from 2023, reflecting Hong Kong’s status as a global business hub.
Hong Kong is establishing itself as a global innovation hub by focusing on fostering AI, big data, IoT, and fintech. The Hong Kong government has established an innovation technology industry promotion fund worth HK$10 billion (approximately KRW 2 trillion) to invest in future industries such as life science technology, AI, robots, semiconductors, smart devices, and new energy.
Hong Kong plays a central role in the Greater Bay Area (GBA), which includes nine key cities in Guangdong Province, including Hong Kong and Macau. The GBA is a huge integrated economic zone with developed AI, robotics, and biotechnology industries, and is home to more than 75,000 high-tech companies such as Huawei, Tencent, and BYD. With a population of 86 million and a GDP of US$2 trillion, it is an investment hub with abundant talent and new business opportunities.
Hong Kong offers the best business environment for domestic companies seeking to enter overseas markets with its business-friendly tax system, free trade policy, and strong legal infrastructure. In particular, Korean service companies that have entered Hong Kong can more easily enter the Chinese market through the CEPA (Closer Economic Partnership Arrangement) signed between Hong Kong and mainland China. Through CEPA, the Hong Kong service sectors that can receive preferential treatment in the mainland Chinese market have expanded to include construction, finance, and film and TV industries.
Alpha Lau, Chief Executive Officer of InvestHK, said, “Hong Kong offers the best environment for Korean companies to enter the Chinese and Asian markets, including free foreign exchange transactions, a great talent pool, and geographical advantages. InvestHK will spare no effort in providing multifaceted support to help Korean companies expand their businesses to Hong Kong, China, and other Asian markets.”
The Hong Kong Special Administrative Region Government has launched the New Capital Investment Entrant Scheme (New CIES) to attract foreign investment and support successful business. The New CIES is a scheme that allows applicants to apply for family permanent residency by investing at least HK$30 million, and 10% of the investment will be used as a fund for the development of innovative technologies.
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