Paul Chan Announces New Strategic Enterprises in Health Technology and AI for Hong Kong

Strategic Enterprises Set to Establish in Hong Kong

Paul Chan, Hong Kong's finance chief, announced that more than 10 strategic enterprises focusing on health technology and artificial intelligence (AI) will be setting up operations in the city. This initiative is part of a broader government strategy to promote growth and development in technology sectors. These companies will include leaders in their respective fields and are expected to bolster Hong Kong's significance in the global economic landscape.

The Role of OASES

Chan highlighted the efforts of the Office for Attracting Strategic Enterprises (OASES), which has been instrumental in drawing these firms. He provided an example of a technology company that has secured an 8,000 sq ft space for its international corporate treasury and research & development center in Hong Kong, aiming to explore business opportunities in the ASEAN region.

Government Support and Economic Impact

• The Hong Kong government has allocated HK$30 billion for the Co-Investment Fund, designed to attract global enterprises.
• The strategic sectors identified include health technology, AI and data science, financial technology, and advanced manufacturing.
• Chan expressed optimism that the positive market performance will accelerate the establishment of more tech companies in the region.

Market Recovery Driving Innovation

Market sentiment has seen significant improvement, with the Hang Seng Index reaching a 2½-year high. Chan noted that the cumulative stock market rise and increased trade volume indicate growing investor confidence, which could stimulate further innovation and listings from tech startups.

Conclusion on Strategic Growth

Overall, Chan's announcement signifies a strategic push to position Hong Kong as a hub for modern technology enterprises, aligning with global economic trends and enhancing its competitive edge through government initiatives.