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Launching OASES Partnership to generate synergy and development

After active discussion with enterprises from various fields in the innovative and technology sector for more than half a year, the Office for Attracting Strategic Enterprises (OASES) held the “Launching Ceremony of OASES Partnership” last week, and signed partnership agreements with the first batch of 20 partner enterprises that have settled or will soon settle in Hong Kong. By establishing or expanding their operations in Hong Kong, these strategic enterprises will attract upstream, midstream and downstream partners of their respective industry chains to Hong Kong. Together, they will jointly promote the vibrant development of our innovation and technology ecosystem.

Last Wednesday, I delivered a speech at the “Launching Ceremony of OASES Partnership” held by OASES.

The first batch of strategic enterprises include industry leaders, as well as enterprises that are smaller in scale but possess cutting-edge core technologies in their specific fields. Some of these enterprises have been newly established in Hong Kong, while others are expanding their operations here and bringing in the higher value-added portions of their production chains. In the next few years, they will together invest a total of more than $30 billion in Hong Kong and create about 10,000 jobs, most of which would be research and development (R&D)-related or management positions.

A number of the first batch of strategic enterprises come from the life and health technology sector. They commonly said that in arriving at the decision to establish international or regional headquarters, or production facilities in Hong Kong, the crucial factor behind is our unique advantages under the "one country, two systems" framework and the credibility of the "Made in Hong Kong" brand. Hong Kong is the city that will facilitate them to tap into the Mainland, Asian and international markets. The free flow of capital, a rich and diverse talent pool, an efficient market and free access to information, have always been the critical elements that make Hong Kong a highly international city. They are key to our success.

At the Launching Ceremony, OASES conducted a signing ceremony with the first batch of strategic enterprises which have set up or expanded their businesses in Hong Kong.

The first batch of strategic enterprises – whether they are industry leaders or startups – would help foster a more vibrant innovation and technology ecosystem in Hong Kong. Leading enterprises would be able to attract its upstream or downstream partner companies to Hong Kong. Smaller-scale startups with cutting-edge technologies, on the other hand, would inject energy to local R&D; and they are commonly sought by funds and investors keen on investing in high-quality projects. A complete industry chain with a thriving ecosystem would enhance the awareness, understanding and familiarity of investors and the market with relevant technological developments. This will facilitate more new innovative applications to emerge, and increase the level of end-users' acceptance of new technologies or products; and even be conducive to value of the enterprises as they list on the stock exchange.

The Launching Ceremony marks a new milestone for the Hong Kong SAR Government in its journey in developing innovation and technology. Through tailor-made “combination of punches”, including services provided by dedicated teams as well as flexible and facilitative policies, coupled with the availability of funding, we are fast-tracking the clustering development of the technology industries.

A vibrant and proactive innovation atmosphere also contributes to the creation of more high-quality job opportunities. A number of the first batch of strategic enterprises are engaged in the sector of life and health technology. The application of technology and innovation in this area require experts and teams of talent in such fields as biology, pharmaceuticals, artificial intelligence, finance and management. Through collaborative efforts, they will be able to explore new areas and develop new products. The dedication of these professional teams would also attract more talents to join these industries.

In fact, this batch of strategic enterprises represent only a portion of the enterprises interested in settling in Hong Kong. Out of the around 200 enterprises which OASES has been in contact over the past several months, many are actively engaged in discussion with OASES. Discussions with some of these enterprises are reaching advanced stages. It is believed that more enterprises will soon firm up their plans to establish a presence or expand their businesses in Hong Kong.

Exchanging with the representatives of the strategic enterprises during the Launching Ceremony.

In addition to attracting strategic enterprises, we have also been actively stepping up our investment promotion work. Invest Hong Kong has assisted a total of 300 companies in establishing their business in Hong Kong in the past nine months. Among them, 76 companies are from Europe, representing an increase of 7% compared to the same period last year. Invest Hong Kong will continue to enhance promotion in various overseas markets, including Europe, the Middle East and the Association of Southeast Asian Nations, to encourage companies to expand their businesses in Hong Kong.

"Science and technology are our primary productive force", and "Innovation is our primary driver of growth". Over the years, the HKSAR Government has invested around $200 billion in innovation and technology. That includes supporting R&D in higher education institutions as well as the developments in the Hong Kong Science Park and Cyberport. With the work of OASES proceeding at full steam, Hong Kong’s innovation and technology ecosystem is gradually maturing, and we are now seeing the clustering development of enterprises. These demonstrate that Hong Kong is progressing towards high-quality development.

Our efforts to tell the good stories of Hong Kong also include external promotion. We are keen on inviting guests to come, and a series of large-scale international conferences and events will take place in Hong Kong in the next few months. They are expected to bring in tens of thousands of international business visitors to Hong Kong. Among which, the "Global Financial Leaders' Investment Summit", first announced in last year’s Budget, will have its second edition in November this year. The event will bring together around 300 representatives of the world’s top financial institutions, including over 90 chairpersons or CEOs.

At the Summit, with the theme "Living with Complexity", heavyweight international financial leaders will take part in in-depth discussions on financial issues of global significance. We will also seize the opportunity to introduce to these important guests the latest developments and advantages of Hong Kong, as well as showcase the unique charisma, hospitality and the East-meets-West characteristics of our city.

October 8, 2023