InvestHK projects set record
January 19, 2012
Invest Hong Kong helped a record 303 overseas and Mainland Chinese companies set up or expand in Hong Kong last year - beating its annual target for the number of completed projects for the 11th consecutive year.
Announcing the results today, InvestHK’s Director-General of Investment Promotion Simon Galpin said the department will closely monitor the rapidly changing global economy to prepare for any impact on foreign direct investment into Hong Kong.
“We are delighted to have had another record year. The numbers are testament to the enduring advantages of Hong Kong as the preferred location for overseas investors and present a substantial vote of confidence in our city,” he said.
The 303 completed projects were from 39 countries. Mainland China continued to be the largest single source of investment into Hong Kong with a total of 56 projects, followed by the US with 48, the UK with 30, Japan with 23, and Australia with 19.
Iceland, Mongolia, Peru, Samoa and Vietnam were new additions to the place of origin list. In terms of breakdown by industry sectors, the top three sectors were tourism and hospitality, transport and Industrial, and innovation and technology.
Almost 31% of the companies indicated the Mainland and Hong Kong Closer Economic Partnership Arrangement was one of their investment considerations last year. More than 81% of these companies rated InvestHK’s services as “very useful”.
Mr Galpin said the extent of any impact from the global economy on Hong Kong remained to be seen, but said there will be both pull and push factors.
“In one scenario, overseas-based investors will increase their presence in Asia Pacific because they are trying to offset tough economic times in their home countries. But if the situation worsens so that they have difficulty getting funding, it may delay their expansion plans and hence could pose some impact on foreign direct investment into Asia, including Hong Kong,” he said.
“Despite this environment, however, we remain optimistic on the back of the expansion of our overseas network into Singapore and Brazil, and an investment promotion unit in the new Hong Kong Economic, Trade & Cultural Office in Taipei, which will come online soon."
This year, InvestHK will also launch its revamped website and review and refine its services to ensure it is responding to the needs of today’s fast-moving companies, Mr Galpin added.
My Briefcase