Opinion | Hong Kong attracts high-tech and R&D investments to shift spotlight to growth

A further 19 companies have signed on to invest under the program, which aims to accelerate the city’s development as Asia’s innovation and high-tech hub. Chief Executive John Lee Kachiu said mainland Chinese and US companies will join the 30 companies announced in October to bring HK$40 billion in investment and 13,000 jobs to the economy over the next few years. He said it would bring.

The timing of touting new business interests is probably no coincidence, coming after Congress passed the Domestic National Security Act last night. City leaders clearly want to put the spotlight back on increasing business and growth momentum.

Mr Lee wasted little time at the signing ceremony on Wednesday morning, stressing that the new members will be able to attract partners and affiliates, leverage Hong Kong’s status as a super-connector, and promote Hong Kong’s “new quality”. “We hope that this will be in line with the national focus on strengthening the country’s high productivity,” he said. Innovation and advanced technology.

“And as everyone knows, Hong Kong is the only city in the world where both China’s advantages and global advantages are fused under ‘one country, two systems’.” [governing] It’s a principle,” Lee added.

Hong Kong government’s OASES gets off to a good start with attracting 30 companies

The chief executive’s reiteration of the principle of granting cities greater autonomy is no doubt aimed at allaying the concerns of foreign companies upset by the new Article 23 domestic national security law, which comes into force on Saturday. do not have. Mr. Lee reminded them that they were welcome. Local business groups have signaled they are keen to repeal the controversial law and reopen businesses. But foreign chambers are calling on the government to work with businesses to provide clearer information and create a one-stop shop for people with further questions about the city’s public order laws. Less than 24 hours later, Mr Lee promoted Hong Kong’s innovation and technology agenda, indicating that the government appears to have gotten the message of engagement.

Since October, nearly 50 companies have signed up with the Office of Strategic Enterprise Attraction (OASES), and in his 2022 Inaugural Policy Address, Mr. It was the first time that the city announced that it would attract companies in the cutting-edge technology field. Manufacturing, new materials, new energy. OASES was established as a one-stop service platform to locate eligible companies and help them build customized solutions for doing business in the city regarding land, taxes, financing, as well as visa assistance for employees. We also provide support in finding a school. For their children.

The firm has already interviewed 200 companies and is seeing early signs of success in its mission. Past successes are a sign of future possibilities, and the list of companies setting up research and development, high-tech and innovation stores in the city is expected to grow once concerns about the new law begin to fade.