Invest Hong Kong: Commercial Implications of the 2021 Policy Address

Invest Hong Kong held the first of two webinars today to brief the global community on the current business environment in Hong Kong. In addition to presenting convincing data on the “Hong Kong Exodus” (there is not any) and the startup scene (number of startups and employment at record levels), a key part of Stephen Phillips’ presentation covered the essential commercial points from the Hong Kong Chief Executive’s 2021 Policy Address.

Main Points

• Ambitious policy blueprint for housing and the tech sector
• New metropolis near Shenzhen with an innovation and tech corridor as engine
• Closer integration with opportunities arising from national development

Details

NB: Numbers following the individual points refer to the respective paragraph in the policy address.

• 88 ha HKSTP expansion opens up opportunities for more tech ventures (56)
• InnoLife Healthtech Hub and enhanced clinical trials practices will spur drug R&D and clinical trials, attract global talent and leverage GBA (63,64)
• 2050 Net Zero will bring in more waste reduction and green building & transportation companies (99, 100, 103)
• Autonomous vehicles can leverage Hong Kong for R&D and field trials (113)
• Ship leasing tax initiative and HK as arbitration venue by BIMCO will attract more ship leasing / financing and legal / arbitration companies to HK (44)
• Second advanced manufacturing centre and re-industrialization efforts on infrastructure, talent, capital technology and research attractive to high value and tech intensive manufacturers (61)
• Leveraging cross-boundary financial strengths for Stock Connect, Bond Connect and Wealth Management Connect cements HK’s Global Financial Centre status (42)
• Tax concessions provision will attract more family offices to the city (42)
• GBA sandbox network to test cross border Fintech applications is unique and a first (42)
• Big Data Monetisation and Open API Fintechs highly sought after in HK (50)
• New opportunities from international legal & dispute resolution centre in APAC (52, 53) and enhancement as an IFC (41, 42)
• Smart Port, cross-boundary connection and Commercial Data Interchange attractive for regional sourcing and e-commerce companies across Greater China and ASEAN (43, 46, 50)
• Expansion of convention and exhibition facilities, development of new cultural initiatives and multi-destination tourism promotion provide strong retail opportunities with a pan-GBA strategy (48, 70, 76)
• New Culture, Sports and Tourism Bureau will attract new tourism projects and additional Convention & Exhibition facilities will anchor more international events (32, 39, 48)
• East-meets-West centre for cultural exchanges and formation of Culture Bureau will foster opportunities for arts and cultural businesses (32, 71)
• Leveraging technologies in cultural exchanges attractive to arts technologies companies to tap into HK and the mainland market (70)

Source: Invest Hong Kong

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