Foreign investments in HK top HK$67b amid fierce competition, says SAR 'saleswoman'

Competing countries and regions may bad-mouth Hong Kong amid global geopolitics, but foreign investors are still confident in the city, said director-general of investment promotion Alpha Lau Hai-suen.

The government’s Invest Hong Kong assisted 539 enterprises in setting up or expanding their businesses in Hong Kong last year, with total foreign direct investment reaching more than HK$67.7 billion.

Speaking at a radio program on Sunday morning, Lau described the results as “acceptable”, and said many of the foreign investors were still confident in Hong Kong, despite locals holding dim hopes in the SAR’s economy.

Although the global economy was undergoing a recovery, and the ongoing wars had brought high fuel prices, she said the economic growth in Asia and the Greater China region was still higher than that of the rest of the world.

This has attracted foreign business to settle in Hong Kong – which is located in the heart of Asia, Lau said.
Among the over 500 enterprises, about half, or 273 companies, were mainland-originated corporations, while others were companies from the United States, France, among other Western countries.

She described herself as a saleswoman who sells Hong Kong as a product to others, saying despite the “product” having good qualities, packaging is needed and it was inevitable to have criticisms from competitors.

“We can’t rule out that some competing regions or other places, other banks and companies saying your products are bad and 'badmouth' you. It is not weird at all, and it would definitely happen,” she said.

(Eunice Lam)