Hong Kong sees promising start to 2025 business attraction goal with 150 new firms in Q1

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Algernon Yau

20th April 2024 – (Hong Kong) Hong Kong has embarked on a robust start to its ambitious plan to bolster business registrations, registering 150 new firms in the first quarter of 2023. This strong performance signals potential early success in meeting the territory’s target for attracting new business by 2025. Algernon Yau, Secretary for Commerce and Economic Development for the Hong Kong Special Administrative Region (HKSAR), revealed these figures on Friday, underscoring a positive trajectory for the city’s economic strategy.

The HKSAR government, through its dedicated agency Invest Hong Kong, has set an original target to secure 1,130 firms to commence or expand operations within the city from 2023 to 2025. Given the current pace, Yau expressed optimism that this goal would not only be met but surpassed. This outlook is bolstered by the performance recorded in 2023, where Invest Hong Kong facilitated the establishment or expansion of 382 companies, marking a 27 per cent increase compared to the previous year.

The diversity of origins of these new firms highlights Hong Kong’s global appeal. Notably, 122 of these companies hail from prominent international markets including Britain, the United States, Singapore, and Australia. Additionally, 136 firms have originated from the Chinese mainland. Collectively, these companies have injected significant economic contributions into Hong Kong, with direct investments tallying over 61.6 billion Hong Kong dollars (approximately 7.86 billion U.S. dollars). Moreover, their operations have led to the creation of more than 4,100 job opportunities, further underlining the economic benefits of these new enterprises.