Legislators have approved an additional $200 million to publicise Hong Kong as a business hub to foreign and Mainland companies over the next five years.

Director-General of Investment Promotion Mike Rowse said InvestHK will employ 13 additional staff in Hong Kong, engage consultants in nine overseas locations to undertake promotional activities, and hire a corporate communications consultant to strengthen the department's capabilities.

With the new funding, the department aims to attract more than 200 overseas investment projects in Hong Kong in 2004, double the projects we have now.

The plan

* Broaden InvestHK's external representation by covering markets with considerable potential, such as South Korea, India, the Middle East and Singapore;

* Strengthen its presence in existing markets, such as the US, Japan, Europe, Canada and Australia;

* Attract Mainland companies to open offices in Hong Kong;

* Hold more joint marketing activities with cities in the Pearl River Delta. The department will hold a promotion with Guangzhou in Germany later this year, and is discussing similar joint promotions with other cities in the Pearl River Delta and Guangdong; and,

* Improve the department's marketing, research, information technology and knowledge management capabilities.

Mr Rowse said 19 senior business leaders have volunteered to act as Investment Promotion Ambassadors to publicise Hong Kong as a business hub to foreign and Mainland companies.

They will share with potential investors experience on doing business in Hong Kong and take part in business seminars and conferences run or co-sponsored by Invest HK.

The department can also leverage on their networking strengths to reach out to more potential investors.