The HKSAR government agency responsible for foreign direct investment is collaborating with InvestHK to establish a headquarters in Hong Kong to facilitate the establishment of offices there by African tech startups.
Currently operating in 33 markets, HKSAR is actively engaging with African enterprises, including leading banks and urban development organizations. According to InvestHK's Director-General of Investment Promotion, Stephen Phillips, over 4,000 new businesses from around the world are now headquartered in Hong Kong, representing a 52% increase from 2018. The majority of these businesses belong to the digital technology sector, utilizing Hong Kong's dedicated incubators, business accelerators, and government funding schemes.
Located within a five-hour travel time for two-thirds of the world's population, Hong Kong acts as the gateway to Asia and Mainland China, serving as a prime entry point to the region. In response to increasing interest from African businesses in expanding into the Asian market, InvestHK has set up representative offices in South Africa and Kenya.
Phillips highlights Hong Kong's local population of 7.5 million and the 86 million in the Greater Bay Area, making it a significant market for art, food, and consumer goods. Moreover, the city offers substantial prospects for a smart city and the Internet of Things, electronics, and green technologies.
Phillips further adds that Hong Kong provides a route to growth markets in Asia, with demographic dividends, a high-tech adoption rate, and growing intra-Asian investment flows, with Mainland China presenting further opportunities through joint ventures and partnerships.
"InvestHK's Startmeup.hk initiative supports creative and scalable startups to establish or extend their operations in Hong Kong."
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