Cooperation

British, French businesses eyeing Hong Kong as launch pad for expansion into mainland China, rest of Asia, city’s Paul Chan says

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British and French companies have spoken with Hong Kong officials about using the city as a base for expanding their operations into mainland China and the wider continent, a minister has revealed.

While Secretary Paul Chan Mo-po on Sunday stopped short of naming the companies in his ministerial blog, he quoted foreign business representatives as saying there was significant room to bolster cooperation in areas such as green technology and finance, innovation, as well as arts and cultural creative industries.

The minister made the remarks as he wrapped up his visit to London, the second stop in his 10-day journey across Europe at the head of a 130-strong trade delegation.

It is the largest delegation to set out from Hong Kong since the Covid-19 pandemic, kicking off with a visit to businesses in Paris.

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“During our exchange with enterprises, we learned that they were very interested in expanding their businesses in Hong Kong,” Chan wrote.

“Some are negotiating with the Office for Attracting Strategic Enterprises to settle in Hong Kong, and use Hong Kong as a base to expand into the Greater Bay Area, mainland China and even the Asian market.”

Chan was referring to a new government office launched in December that focuses on attracting enterprises and investors to Hong Kong, with the body acting as a one-stop shop for foreign businesses.

The office had spoken with more than 200 companies based on the mainland, Southeast Asia, Europe and North America. The businesses spanned sectors such as life and health technology, artificial intelligence and data science, as well as advanced manufacturing and new energy technology.

The Post has reached out to the office for further details.

Chan observes operations at the Elizabeth line, an rail route in London run by a wholly-owned subsidiary of the MTR Corporation. Photo: Handout
Chan on Sunday touted Hong Kong as a “familiar, trusted and preferred” location for businesses to set up shop. He cited the city’s advantages, including its common law system, business-friendly environment, simple tax system and low levy rates, as well as its internationally aligned regulatory framework.

“Hong Kong’s role as a gateway and springboard is highly evident. I encourage them to accelerate and expand their development in Hong Kong,” he said.

The minister said some 650 British and 360 French companies were based in Hong Kong.

Official figures showed that both countries’ accumulated direct investments in Hong Kong had exceeded US$200 billion as of 2021.

On Saturday, the minister said leading global pharmaceutical firm AstraZeneca was expected to establish a research and development centre in Hong Kong.

Chan visited Paris during the first three days of the trip last week, before heading to London on Wednesday. He met local government officials and spoke with business leaders from sectors such as life and health technology, and cultural and creative.

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The Hong Kong government on Sunday said the minister had visited Paddington train station during his trip to London to observe the Elizabeth line’s operation.

The route is run by MTR Elizabeth line, a wholly-owned subsidiary of the MTR Corporation.

Hong Kong’s rich experience in designing, building and operating infrastructure projects was an indicator of the city’s “soft power”, the minister said.

The next leg of Chan’s tour will take him to Berlin, before stopping over in Germany’s financial powerhouse, Frankfurt. He is expected to meet business leaders, including those from the fiscal sector, and visit several companies.

The Hong Kong government launched the 10-day tour amid heightened political tensions between Britain and the city.

The UK earlier described the city’s legal system as being at a critical juncture with the promulgation of the national security law, arguing that civil rights were “under significant pressure”.

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