Hong Kong rolls out purple carpet to African enterprise

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Hong Kong, Asia’s main enterprise vacation spot and the gateway to Mainland China and Asia, is stepping up its efforts to draw African enterprise, with the opening of an InvestHK consultant workplace in Africa.

InvestHK, the division of the Hong Kong Particular Administrative Area (HKSAR) Authorities liable for International Direct Funding, has a presence in 33 markets and is now actively constructing mutually useful relationships with main African and South African enterprises resembling main banks, metro growth organisations, and the JSE.

Talking at a briefing on the JSE in Johannesburg, InvestHK Director-Normal of Funding Promotion Stephen Phillips famous: “Africa is a vital a part of our technique, due to this fact we’re constructing relationships and illustration in South Africa, Kenya, Nigeria and Ghana.”

Phillips mentioned Hong Kong supplied compelling alternatives to South African corporations increasing or launching their companies in Asia, with complete tax advantages, enterprise incentives and market progress potential.

“Hong Kong is now house to 9,000 international corporations, who benefit from its subtle infrastructure, low and easy tax regime, supportive authorities, strong authorized and regulatory framework and IP safety to develop and attain markets throughout Asia,” Phillips mentioned.

Connecting East and West

As a result of its location and cultural hyperlinks, Hong Kong is uniquely positioned because the gateway connecting the East and West. As “one nation, with two methods”, Hong Kong is a part of Mainland China however has its personal authorized and tax methods and separate customs, immigration, police and anti-corruption jurisdictions.

InvestHK notes that Hong Kong has cast eight Hong Kong Free Commerce Agreements thus far: with the Mainland of China, New Zealand, the Member States of the European Free Commerce Affiliation (EFTA), Chile, Macao, the Affiliation of Southeast Asia Nations (ASEAN), Georgia and Australia, with negotiations underway with different buying and selling companions. Over 100 airways supply simple journey to over 220 places from Hong Kong, with all of Asia’s key markets lower than 4 hours away. One other advantage of organising enterprise in Hong Kong is its free commerce coverage, with free port standing and simple customs procedures.

Hong Kong is described as one of many most secure cities on this planet, and was named because the Freest Economic system by the Heritage Basis for 25 consecutive years.

With a cosmopolitan inhabitants of 7.5 million residents of varied nationalities in a 1,104-square-kilometre territory, Hong Kong is densely populated and extremely developed, and has been positioned as a extremely accessible ’20-minute metropolis’, the place customers can attain most retail locations inside 20 minutes from the Central Enterprise District (CBD). Its standing as a world monetary and enterprise centre served as the inspiration of a surge in digital and IT enterprise growth. Hong Kong now has a thriving innovation and know-how (I&T) ecosystem with robust authorities help that has seen greater than HK$150 billion invested since 2017.

Phillips mentioned multi-million greenback alternatives existed within the following key sectors:

  • IT – Healthcare & Life Sciences
  • Monetary Know-how
  • Monetary Providers
  • Transport, Infrastructure and Superior Manufacturing
  • Tourism & Hospitality
  • Client Merchandise
  • Inventive Industries

Hong Kong as a tech startup vacation spot

Hong Kong is a world innovation and know-how hub with world-class R&D amenities at its Science Park and Cyberport, in addition to complete incubation programmes and enterprise fund help. Amongst these is the brand new HKSTP programme launched final 12 months, which has over 400,000mworkplace and lab house, and a devoted HKSTP Enterprise Fund. Cyberport, launched in 2003, is now the Fintech hub of Hong Kong, with over 1,900 start-ups and firms.

Begin-up companies are reported to be thriving in Hong Kong, with practically 4,000 start-ups from across the globe now primarily based there – 52% up on 2018. These start-ups function in myriad sectors, nevertheless most function within the digital know-how sector, and plenty of benefit from Hong Kong’s specialised incubators and enterprise accelerators, in addition to complete authorities funding schemes.

InvestHK presents a complete help programme for startups by startmeup.hk, which covers planning, set-up, launch and aftercare and growth help.

For extra details about Hong Kong and its enterprise funding advantages, please contact Bernice Robbertse at electronic mail: brobbertse@investhk.com.hk or Cellular: 0732516706.



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