To make it simple for African tech firms to open offices in Hong Kong, the Hong Kong Special Administrative Region (HKSAR) government agency responsible for foreign direct investment is establishing a headquarters in Hong Kong with the assistance of InvestHK.
With a presence in 33 markets, HKSAR is actively seeking to establish partnerships with African businesses, including large banks and metro development groups.
Nearly 4,000 new enterprises from around the world are now based in Hong Kong, up 52% from 2018, according to Stephen Phillips, Director-General of Investment Promotion at InvestHK. The government funding programs, specialist incubators, and business accelerators in Hong Kong have been utilized by many of these companies, many of which are in the digital technology industry.
The gateway to Mainland China and Asia, Hong Kong is the top business destination in the continent. With two-thirds of the world’s population being able to reach there within five hours of travel, it serves as the ideal entrance point to the region. InvestHK has established representative offices in South Africa and Kenya in response to the increased interest among African companies in the possibility of market development into Asia.
According to Phillips, Hong Kong has a local population of 7.5 million people and 86 million people in the Greater Bay Area, making it a sizable market for consumer products, food, and art. It also offers considerable prospects for electronics, renewable technologies, and smart city and internet of things technologies.
With its demographic advantages, rapid adoption of new technologies, and expanding intra-Asian investment flows, Phillips claims that Hong Kong provides a path to Asia’s rising markets. Of course, there is also the economic monster of Mainland China, where joint ventures and partnerships can be used to penetrate the market.
African digital firms now have a fantastic potential to grow into Asia and beyond thanks to the growing tech environment in Hong Kong and the assistance of InvestHK.
Through Startmeup.hk, InvestHK helps scalable and innovative start-ups establish themselves in Hong Kong or grow there.