Help wanted: Director-General of Investment Promotion Mike Rowse says the 142 foreign companies that his office help set up or expand their operations here have brought us 2,456 jobs.

Last year was the most successful year ever for investment promotion, as Invest HK helped 142 foreign companies to set up or expand their operations here, a surge of 21% compared with 2002.

These projects brought in at least $2.49 billion and created more than 2,456 jobs.

Director-General of Investment Promotion Mike Rowse said despite challenges brought by SARS and difficult economic conditions during the first half of 2003, companies continued to invest here.

Hong Kong has maintained its leading position as the preferred location for international businesses serving the Asia Pacific region and the preferred destination for foreign direct investment.

No. 1 performer for foreign direct investment in Asia

In the latest United Nations Conference on Trade & Development World Investment Report 2003, Hong Kong was again named the best-performing host economy for foreign direct investment in Asia.

Hong Kong's foreign direct investment reached US$13.7 billion in 2002 - second only to the Mainland in Asia which saw US$52.7 billion.  

As at June 2, an all-time high number of companies - 966 - had set up regional headquarters in Hong Kong. Another 2,241 companies operated regional offices here, up 3.2% from the previous year. 

Number of regional HQs hits all-time high

"In a difficult year economically, it is especially encouraging that Hong Kong remains second in Asia in foreign direct investment inflows and a major destination for foreign direct investment globally - and that the number of regional headquarters reached another all-time high," Mr Rowse said.

This is particularly impressive in times when overall investment has been declining globally, he added.

For the first three quarters of 2003, the Census & Statistics Department reported foreign direct investment inflows of $115.4 billion into Hong Kong - exceeding the total amount of foreign direct investment in all of 2002 by $15.6 billion.

"The results show that the fundamentals of Hong Kong's business environment remain attractive to foreign investors and augur well for the future."

Looking ahead, Mr Rowse noted that there is keen competition for investment in the region.

"We will continue to strengthen our efforts to retain our competitive edge as the preferred business hub in Asia and to attract targeted foreign investors."

2004 target: 200 investment projects 

His target for 2004 is to have 200 completed projects, over 40% more than last year. 

"To achieve this ambitious goal, we look forward to working even more proactively and responsively with the business community to facilitate the establishment and expansion of their operations in Hong Kong," he added.

Apart from frequent overseas visits to call on companies with an interest in Hong Kong to offer assistance in their investment process, the department will work with consulates and chambers of commerce to organise community programmes. 

This year, it will hold or participate in major international events to promote inward investment, including BusinessWeek's Asia Leadership Forum and the Forbes Global CEO Conference.

With the implementation of CEPA, the department will also organise or partake in additional seminars in the coming months to provide information and advice to Mainland companies planning to expand abroad - and to companies abroad interested in investing in Hong Kong and the Greater Pearl River Delta.