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InvestHK helped 246 overseas, Mainland and Taiwan companies to set up or expand operations in Hong Kong last year, up 6% over 2005, Director-General of Investment Promotion Mike Rowse says. The target for 2007 is to achieve about 250 completed projects.
Among the 246 companies, 30% related to Europe, 25% North America, 24% Asia-Pacific and 17% the Mainland. Consumer, retail and sourcing companies accounted for 16% of the total.
For 61 companies, the Closer Economic Partnership Arrangement was one of the factors considered in making the investment. About 22 companies invested because of CEPA, while some of the 61 companies have accelerated their investment plans, invested more capital or hired more staff as a result of CEPA.
Investment up 15%
Announcing last year's investment-promotion results today, Mr Rowse said the $10.24 billion investment involved in the 246 projects represented a 15% rise on 2005. The projects are expected to bring more than 7,800 jobs - 3,092 jobs initially and an additional 4,743 jobs in the next two years as the companies expand.
Noting last year was another year of steady growth for investment promotion in Hong Kong, he pointed out the results suggest Hong Kong remains a highly attractive location for overseas, Mainland and Taiwan companies to do business in the region.
"We are encouraged by the positive results. However, we must not be complacent as the competition in the region is keen. The Government is committed to understanding and addressing the needs of the international business community in Hong Kong," Mr Rowse said.
"We recognise the importance of continuing to improve our investment environment so that investors will continue to find Hong Kong an attractive place from which to do business in Asia. And we at InvestHK will strengthen our effort to assist foreign, Mainland and Taiwan companies with the establishment and expansion of their businesses in our city."
Leading position
Hong Kong has also maintained its leading position as the preferred destination for foreign direct investment, as the second largest FDI recipient in Asia, after the Mainland. On a global scale, the city ranked sixth in 2005, with FDI inflows at $261.5 billion.
For last year's first three quarters, the FDI inflows rose $40.29 billion over a year earlier, to $230.9 billion.
The number of regional operations in Hong Kong also reached new highs last year. As at June 1, there were 3,845 companies that were regional headquarters and regional offices, and 2,509 companies that were local offices in Hong Kong of companies incorporated outside Hong Kong.
To help retain existing investors and to encourage their expansion in Hong Kong, InvestHK will reinforce its after-care services to these companies. These services may include, for example, providing relevant information, assistance with regulatory issues or finding places in international schools.
Optimistic outlook
Mr Rowse said he is optimistic about the investment promotion outlook for Hong Kong in the coming year.
"It is important that we retain and attract even more companies of strategic importance to Hong Kong. These companies do not only bring along employment opportunities for our people, but also new skills and technologies, which are important for the long-term growth of our economy," he added.
To achieve the target of 250 projects this year, Mr Rowse said the sector-focused teams will continue to identify, attract and assist investors in priority sectors from across the globe. Projects involving the Mainland may continue to grow in five years, from the existing 17% to 25% of the total.
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