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With multiple major financial institutions recently raising Hong Kong's full-year economic growth forecast to around 4.5 percent, surpassing government expectations, the city's commerce chief has highlighted the success of ongoing global outreach efforts.
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Speaking on a radio program on Saturday morning, Secretary for Commerce and Economic Development Algernon Yau Ying-wah detailed the achievements of the dedicated task force established last October to help enterprises expand overseas.
He noted that the group has already conducted over ten promotional events across mainland cities, including Beijing, Shanghai, and Shandong, attracting participation from more than a thousand companies.
Furthermore, the recent delegation to Central Asia led by the Chief Executive resulted in the signing of 96 memorandums of understanding, representing an investment value of nearly $1.7 billion.
Three-step strategy to help enterprises expand globally
To systematically assist businesses in entering overseas markets, the government has formulated a clear three-step strategy.
Yau explained that the first step involves bringing companies in by encouraging mainland and foreign enterprises to establish their regional headquarters in Hong Kong.
The second phase focuses on preparation, allowing these newly established firms to utilize the city's professional legal, accounting, and certification services for fundraising and structural planning.
The final step is facilitating outward expansion, where the government leads these enterprises on overseas matchmaking trips.
The commerce secretary emphasized that these missions are designed to secure concrete investments rather than serve as mere tours.
By fostering cooperative agreements, the initiative also aims to attract foreign enterprises back to Hong Kong, creating a mutually beneficial industrial chain that leverages the city's unique position as a super connector and value-adder.
Major foreign investments and listings secured
The investment drive has already yielded significant results. According to Yau, approximately 200 mainland enterprises have set up operations in Hong Kong with the task force's assistance and are preparing for global expansion.
Among the notable successes, Kazakhstan's national railway company has committed to listing in the city. Additionally, the organizers of a prominent Middle Eastern technology and innovation exhibition have decided to make Hong Kong a permanent host city following a highly successful inaugural event.
The city has also successfully attracted a French aircraft dismantling enterprise. This high-value industry encompasses metal recycling, component refurbishment, leasing, and specialized technical training, which is expected to significantly elevate Hong Kong's status as an international aviation hub.
Investment promotion targets exceeded ahead of schedule
The commerce chief also reported that the city's investment promotion agency successfully attracted 1,400 enterprises between the years 2023 and 2025, easily surpassing its initial target of 1,200.
This influx created over 21,000 jobs, greatly exceeding the projected 15,000. In the first half of this year alone, more than 400 companies established operations in the city, bringing in over HK$50 billion in investments.
Looking ahead to the new target of HK$120 billion for the 2026 to 2027 period, Yau expressed strong confidence in achieving the goal ahead of schedule.
He encouraged local youth to prepare for these newly created employment opportunities by aligning their skills with global trends such as artificial intelligence, the digital economy, e-commerce, and medical technology.
Furthermore, Yau noted that investment promotion efforts will be intensified for the Northern Metropolis, highlighting that the Hetao tech zone has already attracted leading mainland innovation firms, while a new supercomputing center is currently under construction in Sandy Ridge.
Expanding trade networks into Eurasia and Africa
Discussing the global trade landscape, Yau acknowledged that while Western countries remain crucial partners, the Association of Southeast Asian Nations has solidified its position as the city's second-largest trading partner, with bilateral trade volume exceeding HK$1.5 trillion.
To further expand its international footprint, Hong Kong is actively seeking new markets.
Following free trade agreements and ongoing investment protection discussions with Latin American nations like Peru and Chile, the government is now planning strategic visits to Turkey and Egypt.
Yau explained that these upcoming delegations aim to utilize Turkey as a platform for Eurasian trade and position Egypt as a gateway into the African market, opening fresh avenues for local enterprises.
