With the launch of an InvestHK representative office in Africa, Hong Kong, the top commercial destination in Asia and the entryway to Mainland China and Asia, is ramping up its efforts to recruit African business.
InvestHK, the department of the Hong Kong Special Administrative Region (HKSAR) Government responsible for Foreign Direct Investment, has a presence in 33 markets and is now actively building mutually beneficial relationships with leading African and South African enterprises such as major banks, metro development organizations, and the JSE.
Director-General of Investment Promotion for InvestHK Stephen Phillips said at a conference at the JSE in Johannesburg that “Africa is a significant component of our strategy, therefore we are creating partnerships and representation in South Africa, Kenya, Nigeria, and Ghana.”
With extensive tax benefits, commercial incentives, and the possibility for market expansion, Phillips claimed Hong Kong presented South African enterprises growing or starting their operations in Asia with enticing options.
According to Phillips, “Hong Kong is currently home to 9,000 international firms, who make use of its sophisticated infrastructure, cheap and simple tax regime, supportive government, powerful legal and regulatory framework, and Intellectual protection to develop and access markets across Asia.
between the East and the West
Hong Kong is ideally positioned as the gateway between the East and West due to its geography and cultural ties. Hong Kong, which is referred to as “one nation, with two systems,” is a part of Mainland China but has independent legal and tax systems as well as its own customs, immigration, police, and anti-corruption agencies.
According to InvestHK, Hong Kong has negotiated and signed eight Hong Kong Free Trade Agreements to date, including ones with the Mainland of China, New Zealand, the European Free Trade Association (EFTA) members, Chile, Macao, the Association of Southeast Asian Nations (ASEAN), Georgia, and Australia. Additional trade agreements are currently under discussion. All of Asia’s major markets are accessible from Hong Kong in less than four hours thanks to the more than 100 airlines that fly there often. Another benefit of establishing up a company in Hong Kong is its free trade policy, with free port status and uncomplicated customs processes.
One of the safest cities in the world is Hong Kong, which has been recognized by the Heritage Foundation as having the freest economy for 25 years running.
Hong Kong is a densely populated, highly developed city with 7.5 million residents of diverse nationalities in a 1,104 square kilometer territory. It has been marketed as a highly accessible “20-minute city,” where customers can get to the majority of retail destinations in that time from the Central Business District (CBD). The cornerstone of a boom in digital and IT industry development was its standing as an international financial and commercial hub. With significant government backing, Hong Kong today boasts a vibrant innovation and technology (I&T) ecosystem that has seen more than HK$150 billion invested since 2017.
According to Phillips, the following important areas provide prospects worth millions of dollars:
- Financial Services Financial Technology
- Advanced Manufacturing, Infrastructure, and Transportation
- Travel and hospitality
- Items for consumers
- Arts and Humanities
Network Hype Team