Hong Kong secures HK$40 billion investment boost and 13,000 new jobs

Hong Kong is poised to welcome a significant influx of international business, with around 20 major companies set to establish or expand their operations in the city. This move, which follows the arrival of 30 enterprises last October, is expected to inject over HK$40 billion into the local economy and create upwards of 13,000 new jobs, Financial Secretary Paul Chan announced in his weekly blog.

The new positions, largely concentrated in scientific research and management, are part of Hong Kong’s strategy to enhance its innovation and technology ecosystem. Chan expressed confidence that the arrival of these key players would encourage further industry clustering in the city and stimulate the growth of related businesses.

As Hong Kong strives to cement its status as a global hub for innovation, technology, and supply chain management, the Financial Secretary acknowledged shifts in export patterns. While traditional markets in Europe and the United States have seen a reduced share of exports, the Association of Southeast Asian Nations (ASEAN) has emerged as the city’s second-largest export market after mainland China. This diversification comes amid wider geopolitical changes and the rise of competitive ports in the region.

Despite these challenges, Chan remains optimistic about Hong Kong’s ability to seize new opportunities. The city’s foundations in trade and professional services are seen as key assets in adapting to the changing landscape. Hong Kong aims to become a comprehensive service provider, enhancing value for businesses through more efficient commercial and professional services.

In addition to leveraging the city’s financial infrastructure, which includes the presence of over 70 top global banks, Hong Kong plans to launch the mBridge project. This initiative, a collaboration with central banks including those of mainland China, Thailand, and the United Arab Emirates, will facilitate cross-border transactions with digital currencies.