HK a magnet for businesses

2018-12-13 09:54:29

Hong Kong remains a magnet for overseas and Mainland businesses while its startup ecosystem is thriving, Invest Hong Kong surveys show.

Invest Hong Kong Director-General of Investment Promotion Stephen Phillips said the city continues to attract and retain leading overseas and Mainland companies as well as entrepreneurs from around the globe setting up leading edge and innovative businesses.

?Factors that attract world-class investment include Hong Kong's strategic position in the region as well as its international status as a sophisticated business and financial city with a business-friendly environment.

?Companies are increasingly seizing new opportunities arising from the Belt & Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area development.?

According to the 2018 Annual Survey of Companies in Hong Kong with Parent Companies Located Outside Hong Kong jointly conducted by Invest Hong Kong and the Census & Statistics Department, the number of business operations in Hong Kong with parent companies overseas and in the Mainland climbed 6.4% to 8,754 in 2018.

The 8,754 companies comprised 1,530 operating as regional headquarters, 2,425 as regional offices and 4,799 as local offices.

The number of regional headquarters showed a robust growth of 8.3% from 1,413 last year, revealing the key role Hong Kong plays for many businesses across Asia.

In terms of jobs, the number of people engaged by the companies reached an all-time high at 485,000, compared to 443,000 in 2017.

In terms of where the companies came from, the Mainland ranked first with 1,591 companies, followed by Japan with 1,393, the US with 1,351, the UK with 712 and Singapore with 427.

Regarding the city?s startups, another survey showed that there were 2,625 startups operating in major public and private co-work spaces and incubators, up 18% from 2,229 in 2017.

These startups employed 9,548 people, a 51% rise from 2017.

Mr Phillips said Hong Kong?s startup ecosystem has skyrocketed in the past few years, adding the startup community is highly international.

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