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Creating New Economic Momentum through Attracting Enterprises, Capital and Talent

The current-term Government is proactive in attracting enterprises, capital and talent, and is advancing the related initiatives at full steam. These efforts not only bring investments and quality job opportunities to Hong Kong but also nurture the vibrant development of the local innovation and technology (I&T) ecosystem. They promote the upgrading and transformation of industries, enhance city management, and ultimately improve the quality of life for our residents. The Innovation, Technology and Industry Bureau (ITIB), the Office for Attracting Strategic Enterprises (OASES), Invest Hong Kong and other departments, along with the Hong Kong Investment Corporation Limited (HKIC), are working together to attract and support different types of enterprises across various sectors in establishing their presence in Hong Kong. These enterprises are encouraged to capitalise on Hong Kong's role as an international platform that connects the Mainland with the rest of the world to facilitate their business expansion and growth.

For instance, to date, OASES has attracted a total of 84 strategic enterprises engaged in cutting-edge technologies. In the coming years, they are expected to bring about $50 billion in investments to Hong Kong and create over 20,000 jobs. They will also utilise a combined total of 1.68 million square feet of I&T, industrial and commercial floor space.

As the patient capital of the HKSAR Government, the HKIC not only nurtures local start-ups and enterprises but also leverages its international and regional networks to identify and invest in quality teams and enterprises from the Mainland and abroad. It encourages these entities to establish a presence in Hong Kong. Currently, the HKIC has invested in over 100 projects, with more than 10 companies having submitted or preparing to submit applications for listing in Hong Kong. The HKIC actively guides and leverages market capital to invest in early-stage, small high-tech enterprises on a long-term basis. For every $1 invested by the HKIC, more than $5 of long‑term co‑investment has been attracted from patient capital institutions, such as sovereign wealth funds, pension funds, corporate venture capital and family offices.

Our efforts to attract enterprises are enhancing the value of Hong Kong's I&T brand and fostering a more diversified and robust I&T ecosystem, which in turn contributes to the transformation and upgrading of the economy.

In fact, the ITIB, OASES and HKIC are all striving to foster greater synergy and co-operation among the Government, industry, academia, as well as the research and investment sectors. These efforts include encouraging tech companies attracted to Hong Kong to collaborate with local universities, and establish research institutions and laboratories. The Von Neumann Institute at the Hong Kong University of Science and Technology, which focuses on artificial intelligence research, and the joint laboratory for innovative soy research established last month at the Hong Kong Polytechnic University, are good examples. Meanwhile, the various enterprises we have brought to Hong Kong are promoting the transformation and application of basic research outcomes through working with their upstream, midstream and downstream partners, establishing innovation and research and development (R&D) centres, etc., and partnering with domestic academic institutions.

The internationalised application scenarios in Hong Kong have attracted many enterprises from the Mainland and abroad to test and implement their frontier technologies. This helps accelerate the transformation and upgrading of our industries as well as smart city development. For instance, a strategic enterprise has been testing its autonomous driving technologies in Hong Kong since the end of last year, and its test routes and scale of vehicles involved are continuously expanding. Several strategic enterprises are actively participating in the Low-altitude Economy Regulatory Sandbox in order to test and evaluate their technologies and business models. In addition, some strategic enterprises are promoting their sensing systems, digital twin technologies and integrated information management platforms with a view to enhancing smart city management in Hong Kong.

Hong Kong's unique advantage as a global connector has established us as a platform for local and Mainland enterprises to “go global”. In this process, we are promoting Hong Kong's professional services as well as our country's standards and technical services to the world. The Government is in keen support of this process. For example, the HKIC has invested in a joint green energy project between companies from Hong Kong and Thailand, thereby facilitating the export of Hong Kong's electric vehicle charging technology to overseas markets. The HKIC has also assisted a local fintech enterprise in entering the Indonesian market to provide more inclusive financial services.

OASES will soon announce the fifth batch of over 10 strategic enterprises, bringing the total number of such enterprises to about 100 since its establishment at the end of 2022. Many of the enterprises in this new batch are from overseas, including several leading international pharmaceutical companies. Hong Kong's advanced medical services and R&D system; the market and cooperation opportunities in medical technology and clinical trials within the Guangdong-Hong Kong-Macao Greater Bay Area; and the Government's efforts in establishing a “primary evaluation” system for medical products, make Hong Kong an ideal base for these companies to explore development in the Mainland and Asian markets.

As highlighted in this year's Budget, apart from the four key industries – artificial intelligence and data science, life and health technology, fintech, as well as new energy and advanced manufacturing – OASES will broaden its focus to attract more cultural and creative enterprises that integrate I&T. We believe this will further promote the development of the local cultural and creative industries, and fast-track Hong Kong's rise as an East-meets-West Centre for International Cultural Exchange.

Efforts to attract strategic enterprises and talent are mutually reinforcing. A more diversified industrial landscape, combined with quality job opportunities, education and living environment, will offer talent promising development prospects and help our city retain them. This will create a virtuous cycle in which both industries and talent thrive concurrently. The Government will continue to adopt a multi-pronged approach to attract enterprises, capital and talent, with a view to expediting the upgrading and transformation of Hong Kong's economy.

August 10, 2025