“We have recently been in discussions with several companies, not necessarily limited to Europe and the US, but also some well-known Asian companies,” he told a TV programme, but stopped short of naming the businesses.
“It is possible that we will see the establishment of these overseas renowned companies in Hong Kong as early as the beginning of next year.”
The local economy in 2023 suffered domestic and external shocks, with sluggish growth across the border and possible cuts to US interest rates contributing to an uncertain outlook for Hong Kong.
Sun also played up the greater proportion of mainland companies planning to establish a presence in Hong Kong, noting they already enjoyed proximity and close business ties with the city.
Many of the companies had strong international backgrounds, such as microelectronics enterprise J2 Semiconductor, which employed talent from the mainland, Hong Kong, Taiwan and the United States, he added.
“It is a good thing that mainland companies are coming in first, as they will contribute to a more vibrant innovation and technology ecosystem in Hong Kong, which will attract global attention and enhance confidence among foreign enterprises,” Sun said.
Saudi in US$5 billion partnership with Regal Hotels, Cosmopolitan International
Saudi in US$5 billion partnership with Regal Hotels, Cosmopolitan International
UBTech Robotics, the mainland’s biggest manufacturer of educational and humanoid robots, and UK-based global pharmaceutical firm AstraZeneca are among the latest companies that have pledged to set up shop in Hong Kong.
Asked if the influx of largely research and development-focused companies could hinder the city’s long-term “re-industrialisation” drive, Sun said some of the inbound businesses planned to set up pilot production lines to help generate revenue.
The technology minister also touched on government efforts to support local start-ups and said they were considered “the hope for Hong Kong’s future high-quality industrial development”.
“Ultimately, my hope is that in five or 10 years, these companies will become giants in Hong Kong, just like Huawei, Tencent and BYD in Shenzhen today,” he said.
Financial Secretary Paul Chan Mo-po on Sunday said Hong Kong was pushing to boost its global presence and would run a series of mega-events that covered areas such as sports, culture, trade and finance.
The events include the Asian Financial Forum in January, the Hong Kong International Diamond, Gem and Pearl Show in February and Art Basel in March, as well as the Global Financial Leaders’ Investment Summit in November.
“These activities highlight the rich blend of Chinese and Western cultures in Hong Kong, as well as its diverse and inclusive cultural characteristics,” he said.
“With new elements and experiences, both local and international visitors will be eager to visit and return to Hong Kong.”
Chan said he would also travel to Switzerland next month for the World Economic Forum in Davos, where he planned to showcase Hong Kong’s advantages to global financial leaders.
Hong Kong economy, property market eagerly await lower rates next year
Hong Kong economy, property market eagerly await lower rates next year
The finance chief also looked back on 2023 and said the city had embarked on a path towards full recovery while facing several challenges, such as heightened geopolitical tensions, sustained inflationary pressures and changes in consumer patterns.
The headwinds had exerted pressure on the city’s commodity exports, economic revival, and asset markets’ performance, he explained.
But Chan said the city was set to benefit in the long-term from government efforts to boost the local economy, such as the “Happy Hong Kong” campaign and the increase in delegations sent overseas to “expand friend circles”.
“But the seeds planted through previous efforts will yield more significant harvests in the coming year and beyond,” he added.
The finance chief also stressed that Hong Kong needed to continuously explore new solutions and pathways, as well as maintain a curious and open-minded attitude, to contend with the changing times.