InvestHK Assist a Record 223 Overseas Entrepreneurs

InvestHK Assist a Record 223 Overseas Entrepreneurs
Comments Off, 27/06/2014, by , in Local Startup News

InvestHK reports mid-year growth amid increase of overseas entrepreneurs

Invest Hong Kong has announced that for the first half of 2014 the Department has assisted a record 223 overseas and Mainland Chinese companies to set up or expand in Hong Kong.

The Director-General of Investment Promotion, Mr Simon Galpin, said he was encouraged by the interim results, which represent a 4.7 per cent rise compared to the same period last year.

Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, announced that the department has assisted 223 overseas and Mainland companies to set up or expand their business operations in Hong Kong in the first half of 2014. Also at the press conference today was the Associate Director-General of Investment Promotion, Miss Victoria Tang.

Mr Galpin, is pleased with the rapid growth of startup projects in the Department’s portfolio. The Department assisted 39 startups and entrepreneurs to set up in Hong Kong in the first six months of 2014, or 17.5 per cent of its total number of projects.

He said he was particularly pleased with the rapid growth of startup projects in the Department’s portfolio, most of which came from European countries including France, Germany and the UK.

“Hong Kong continues to attract not only multinationals but also a growing number of startups and entrepreneurs from Europe. Against this backdrop, we are optimistic that we will be able to meet our annual target of 350 projects this year,” Mr Galpin said.

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2014 Interim Results: Highlights

The 223 completed projects came from 38 countries. Mainland China was the largest source of completed projects coming into Hong Kong with a total of 55 companies, followed by the US (30), Japan (20), France (19) and the UK (18). For the first six months of 2014, InvestHK helped companies from six new economies to set up in Hong Kong, namely Bangladesh, Cyprus, Kuwait, Poland, Romania and Tajikistan. In terms of jobs created, the 223 companies planned to employ 1 513 people in Hong Kong within their first year of set up or expansion.

By region, Asia Pacific was the biggest market source with 95 projects completed compared to 89 a year ago, followed by Europe and North America. By sub-sector, Hong Kong’s opportunities in the first half of 2014 proved most attractive to companies in asset management, e-retail and enterprise solutions.

In terms of startups, InvestHK assisted 39 startups and entrepreneurs to set up in Hong Kong in the first six months of 2014, or 17.5 per cent of its total number of projects. This ratio rose steadily from 11 per cent in 2010 to 16.3 per cent last year. The 39 startups assisted by InvestHK in the first six months of 2014 included nine from France, six from the US, five from the UK and four from Germany. By sub-sector, the startups concerned were mainly in the multimedia, asset management and alcoholic beverage businesses.

Looking forward

Mr Galpin said he expected that as Hong Kong’s startup ecosystem continues to grow, the city will see more and more startups arriving to seize the unique business opportunities that Hong Kong has to offer.

He noted that InvestHK had recently rolled out the second StartmeupHK Venture Programme, aimed at promoting Hong Kong’s hub status for global startups and entrepreneurs. A key part of the Venture Programme is a global business plan competition to promote Hong Kong’s rapidly expanding startup ecosystem. Open until July 31 for entries from innovative and scalable businesses, it will culminate in a week-long startup festival from November 10-14, 2014. A Forum during this week will see 12 shortlisted winners from two categories compete for three grand awards and two sector awards in financial technology (fintech) and smart city.

Mr Galpin added that Hong Kong’s status as an international business hub and its geographical location will continue to make it an ideal platform for Mainland companies to go global and for large multinationals to manage their global activities.

About InvestHK

InvestHK is the department of the Hong Kong Special Administrative Region (HKSAR) Government established in July 2000 to attract Foreign Direct Investment (FDI) and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong’s vibrant economy. As at June 2014, InvestHK has completed over 3 300 investment projects creating more than 36 400 new jobs in the first year of operation or expansion and over HK$88 billion of investment. For more information, please visit www.investhk.gov.hk.

Reported by EntrepreneurHK

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