Hong Kong to strengthen business competitiveness and attract more international companies

Hong Kong’s Chief Executive, Mr John Lee, delivered his latest Policy Address on 25 October 2023. The overarching goal is to make Hong Kong a better place for all – for people to enjoy a better living environment, students to receive quality education, young people to fully realise their potential, and the elderly to be well taken care of. “We aspire to create a cohesive and caring community, with a vibrant economy where everyone can enjoy life”, the Chief Executive highlighted.

A primary focus is to create an economy that ensures long-term prosperity and stability. Hongkongers and foreign companies as well as foreign professionals working in the city shall benefit from the new opportunities alike. Boosting Hong Kong’s strengths as a global hub for commerce and finance, the Government will promote a “Headquarters Economy” to attract more enterprises from overseas and the Mainland. The Government will further introduce a mechanism to facilitate the re-domiciliation of companies to Hong Kong, in particular those with a business focus in the Asia-Pacific region.

Other measures to attract enterprises, investment and talents include enabling foreign staff of companies registered in Hong Kong to apply for multiple-entry visas to the Mainland and enjoy priority processing. The Government will also implement the Capital Investment Entrant Scheme, which allows eligible investors who make investments of HK$30 million (EUR 3.6 million) or above in Hong Kong to enter the city in order to strengthen the development of our asset and wealth management business, financial services and related professional services. We have also established the physical office of the Hong Kong Talent Engage to provide support for incoming talents and follow up with their development and needs after arrival.

To support companies from all over the world to develop their businesses via Hong Kong, a New Industrialisation Development Office will be established. “The office will adopt an industry‑oriented approach to promote new industrialisation in Hong Kong, support strategic enterprises to develop their businesses in Hong Kong, assist the manufacturing sector in upgrading and transformation by making use of I&T, and provide support for start‑ups”, the Chief Executive pointed out. A HK$10 billion (EUR 1.2 billion) New Industrialisation Acceleration Scheme will also be launched to provide financial assistance for enterprises in the fields of life and health technologies, artificial intelligence and data science, advanced manufacturing and new energy technologies.

The 2023 Policy Address not only focuses on the economy, but also includes various initiatives to improve people’s livelihood, such as by providing sufficient public housing for the next decade, upgrading public infrastructure and public transport, improving education on all levels, and many more. At the same time, the Government will create a more family friendly environment and encourages more couples to have children through measures such as priority for subsidised housing and a HK$20,000 (EUR 2,400) Newborn Baby Bonus.

“Hong Kong has come a long way from our beginnings as a small fishing village to a cosmopolitan world city we are today”, as the Chief Executive has put it in his speech. He remarked that the people of Hong Kong have long turned crises into opportunities, and emerged from challenges with even greater strengths. The foundations are in place for Hong Kong to excel.

Full details of the Chief Executive’s 2023 Policy Address can be found here.