Another 17 firms to set up offices in Hong Kong under push to develop I&T sector

Financial Secretary Paul Chan also says city will need to be fully prepared for effects on global economy brought about by US presidential election

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Paul Chan says 90 per cent of the new companies plan to establish international or regional headquarters in the city. Photo: May Tse

Published: 2:34pm, 10 Nov 2024Updated: 5:03pm, 10 Nov 2024

Hong Kong’s finance chief has revealed that another 17 companies will set up offices locally under a government push to develop the innovation and technology sector, as he pointed to “golden opportunities” for firms looking to settle in the city.

Financial Secretary Paul Chan Mo-po also said on Sunday that Hong Kong would need to be fully prepared for the “profound impacts” on the global economy brought about by the US presidential election, even though interest rate cuts by the country’s central bank, the Federal Reserve, would boost market sentiment.

Writing in his weekly blog, Chan said a signing ceremony for 17 new companies would be held on Monday, bringing the total number of firms brought in through the government’s Office for Attracting Strategic Enterprises (OASES) to more than 60.

The latest batch are from mainland China, the United States and Europe, and specialise in artificial intelligence and big data, life and health technology, fintech, advanced manufacturing and new energy technology.

Chan said 90 per cent of the new companies planned to establish international or regional headquarters in the city.

He added that together with the first two batches of corporate partners, the companies were expected to bring HK$42 billion (US$5.4 billion) of investment to Hong Kong and create more than 17,000 job opportunities.