Hong Kong investment by non-local key enterprises to rise to HK$50 billion: Paul Chan

The development of technology and innovation to drive Hong Kong’s economic growth is “more urgent” amid the current geopolitical landscape, the finance chief has said, as he revealed investment brought by non-local strategic enterprises to the city will increase to HK$50 billion (US$6.4 billion).

Financial Secretary Paul Chan Mo-po said Hong Kong would aim to attract cultural and creative enterprises in the coming days, as he attended a partnership signing ceremony with 18 non-local companies on Tuesday.

“Beyond finance, trade and shipping, technology and innovation is becoming another key engine propelling our future economic growth, creating quality jobs for our people, and strengthening the resilience of our economy,” he said.

“This strategic development direction grows more urgent in today’s complex geopolitical landscape.”

Chan said Hong Kong remained committed to upholding its free port status and free trade policy amid the rise of unilateralism and protectionism around the world.