Hong Kong Special Administrative Region (HKSAR) government agency responsible for foreign direct investment, is setting up a headquarters in Hong Kong with the help of InvestHK, to make it easy for African Tech startups to set up offices in Hong Kong.
HKSAR has a presence in 33 markets and is actively pursuing relationships with African enterprises, including major banks, and metro development organizations.
According to the Director-General of Investment Promotion at InvestHK, Stephen Phillips, nearly 4,000 new businesses from around the world are now based in Hong Kong, a 52% increase from 2018. Many of these businesses are in the digital technology sector and have taken advantage of Hong Kong’s specialized incubators, business accelerators, and government funding schemes.
Hong Kong is Asia’s leading business destination and the gateway to Mainland China and Asia, it is located within five hours of travel by two-thirds of the world’s population, making it the perfect entry point to the region. With growing interest among African businesses in the potential for expansion into the Asian market, InvestHK has opened representative offices in South Africa and Kenya.
Phillips stated that Hong Kong has a local population of 7.5 million and 86 million from the Greater Bay Area, thus making it a significant market for art, food, and consumer goods. It also presents significant opportunities for smart city and internet of things technology, electronics, and green technologies. “Hong Kong offers a route to growth markets in Asia, with their demographic dividends, high rate of tech adoption, and growing intra-Asian investment flows,” says Phillips. “Of course, there is also the economic beast — Mainland China — with opportunities to enter the market through JVs [joint ventures] and partnerships.”
With Hong Kong’s thriving tech ecosystem and InvestHK’s support, African tech startups have an exciting opportunity to expand into Asia and beyond.
Through Startmeup.hk, InvestHK supports innovative and scalable start-ups set up or expand in Hong Kong.