Hong Kong is embracing a new batch of 17 strategic enterprises setting up or expanding their operations in the city, reflecting the financial hub’s vision of becoming a magnet for promising companies making an impact.

The Office for Attracting Strategic Enterprises, which aims to attract companies and talents from targeted fields to the special administrative region by formulating land, tax, and financing measures, will sign partnership agreements with the third batch of strategic firms from the Chinese mainland, the United States and Europe on Monday, Financial Secretary Paul Chan Mo-po wrote in his Sunday blog.

About 90 percent of the enterprises, engaged in fields like artificial intelligence and big data, life and health science, financial technology, advanced manufacturing, and new energy technology, plan to establish their international or regional headquarters in Hong Kong.

ALSO READ: Policy Address provides new impetus for Hong Kong’s innovation and technology development 

Chan said the first two groups of enterprises have started operations in the SAR, with nearly 70 percent of them located at Hong Kong Science and Technology Parks or Cyberport, while the others teaming up with other companies to expand their business footprint.

With the first two batches of enterprises included, Chan said he expects the 60-plus companies to invest more than HK$42 billion ($5.4 billion) in Hong Kong and create over 17,000 jobs.

According to the 2024 Policy Address, OASES is tasked with luring at least 350 strategic enterprises to the city by next year.

InvestHK – the government agency in charge of attracting foreign investment – had helped 470 companies to establish their foothold or beef up a business presence in Hong Kong as of September this year. This is expected to bring total direct investments of over HK$45 billion and create more than 5,700 jobs, Chan said.

READ MORE: HK’s strengths hailed following ranking as world’s freest economy

Earlier this month, the finance chief joined a delegation led by Chief Executive John Lee Ka-chiu to the 7th China International Import Expo in Shanghai – the world’s first national-level exposition dedicated to imports.

Chan promoted Hong Kong’s long-cherished advantages to 400-plus mainland companies at the high-level 2024 Hong Kong Investment Promotion Conference - Shanghai Forum, jointly organized by the Hong Kong Special Administrative Region Government and the Hong Kong Trade Development Council.

“At the heart of Hong Kong’s unique advantages lies staunch support from the central government, a highly transparent and business-friendly regulatory regime, an influx of international financial institutions and capital, an international business network, a rich talent pool, and a diverse culture,” Chan said. “Additionally, strong policy support and efficient capital markets provide significant backing for further regional business expansion and global outreach.”  

ALSO READ: HK can achieve win-win with its ASEAN partners

Citing his previous visits to Europe, the United States and the Middle East, Chan said he noticed that many companies are advancing the idea and even pressing ahead with the plan to establish business bases in Hong Kong to tap into the Chinese mainland and Asian markets with huge potential up for grabs.

He highlighted his recent four-day trip to Riyadh, the capital of Saudi Arabia, that marks the latest advancement in strengthening financial services collaboration and nurturing ties between Hong Kong and the Middle East. “This sets the stage for Hong Kong to become the ‘super-connector’ and ‘super value-adder’ for Global South countries,” he said.

Contact the writer at sophialuo@chinadailyhk.com