November 27, 2023
HONG KONG – Hong Kong must redouble its efforts to solidify its strengths while attracting investment, to infuse fresh vitality into the city’s economic development, as the path to post-pandemic recovery is fraught with challenges and pressures, says Financial Secretary Paul Chan Mo-po.
“The gathering of industry leaders and enterprises spanning the entire value chain in Hong Kong will contribute to the establishment of a more comprehensive innovation industry network and a robust ecosystem,” Chan said in his Sunday blog.
AstraZeneca – one of the world’s top 10 pharmaceutical companies – said it’ll set up a research and development center and an incubation platform, Hong Kong iCampus, in the special administrative region, and also plans to establish a 100-member research and development team in the city within the next few years
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He made the statement after AstraZeneca – one of the world’s top 10 pharmaceutical companies – said it’ll set up a research and development center and an incubation platform, Hong Kong iCampus, in the special administrative region, and also plans to establish a 100-member research and development team in the city within the next few years.
At an unveiling ceremony on Nov 24, AstraZeneca – as a key corporate partner of the SAR government – organized a visit to Hong Kong for nearly 80 pharmaceutical companies from the Chinese mainland to explore the city’s innovation and technology ecosystem and business environment.
Prior to the milestone development, Chan had visited AstraZeneca during his trip to Europe in September this year and urged the company to embark on research and development initiatives in Hong Kong.
“The government’s efforts, coupled with the development prospects of the Guangdong-Hong Kong-Macao Greater Bay Area and the vast markets of the Chinese mainland and Asia, serve as pivotal factors influencing the decision of innovation and technology enterprises to establish a presence in Hong Kong,” he said.
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While attending the recent Asia-Pacific Economic Cooperation meetings in San Francisco, Chan met with representatives of two pioneering startups based in Silicon Valley – one specializing in medical devices and the other in artificial intelligence and biotechnology. He said both enterprises are interested in operating in Hong Kong, and would like to set up research and development centers and regional headquarters.
InvestHK – the SAR government department tasked with attracting foreign direct investment – had helped more than 330 mainland and overseas companies to launch operations, or expand their presence in the SAR in the first 10 months of this year, marking a year-on-year growth of 30 percent. These enterprises are expected to create more than 3,700 jobs in the city.
Chan said there also been growing interest among venture capital and private equity funds to expand their businesses in Hong Kong. One reason for this trend is the aspiration to attract funds from diverse sources, including fresh capital from the Middle East, as economic cooperation between the SAR and the Middle East is advancing steadily.
The Saudi Arabia-based Future Investment Initiative Institute is set to hold its inaugural PRIORITY Asia Summit in Hong Kong on Dec 7 and 8. Chan said the event will bring together influential figures from the political, business, and investment spheres in both the Middle East and Asia, and further enhance financial and investment exchanges between Hong Kong and the Middle East.