Hong Kong's robust economy and strategic location make it a top destination for European companies looking to expand into Asia. Highlighting these advantages, a high-profile delegation led by Hong Kong's Financial Secretary Paul Chan is visiting Spain and the United Kingdom to promote the city’s thriving business environment and burgeoning innovation and technology (I&T) ecosystem.
During the trip, spanning Madrid (September 22-25, 2024) and London (September 25-28, 2024), Mr. Chan engaged with business, financial, and I&T leaders, emphasizing Hong Kong’s unique position as a "super-connector" between Mainland China and the global market. This role is further strengthened by the "one country, two systems" principle, which grants Hong Kong a distinct status within China.
Hong Kong: A Gateway to Asia’s Markets
In his keynote address to Spanish business and financial leaders at a luncheon, Mr. Chan invited Spanish enterprises to leverage Hong Kong as a springboard into the lucrative markets of the Guangdong-Hong Kong-Macao Greater Bay Area, Mainland China, and broader Asia. He underscored that Hong Kong’s strategic advantages, including its independent judiciary under common law, free flow of capital and information, and world-class professional services, make it a compelling base for international operations.
"We are the only jurisdiction in China practising the common law system, with an independent judiciary. Information, capital, goods, and people move freely in and out of our city. Our taxes are low and simple, with a currency pegged to the US dollar. Our regulatory systems and professional services align with the best international standards," Mr. Chan noted.
Leading in Finance and Innovation
Hong Kong is not only a global financial hub but also a leader in green finance in Asia. Mr. Chan pointed out that Hong Kong's green finance standards are compatible with those of the European Union, making it an attractive destination for sustainable investment. Furthermore, the city’s comprehensive financial services and fund-raising platforms provide ample opportunities for businesses looking to scale.
Highlighting the city’s dynamic I&T sector, Mr. Chan encouraged collaboration between Hong Kong and Spain in areas such as artificial intelligence, biotechnology, fintech, and new energy materials. He noted that Hong Kong’s innovation ecosystem is rapidly growing, supported by significant investments in research and development and a collaborative environment that connects startups, researchers, and industry leaders.
Expanding Hong Kong's Global Partnerships
The visit also aims to reinforce Hong Kong's international partnerships and attract more European companies to establish a presence in the city. By engaging directly with European business leaders and policymakers, Mr. Chan and his delegation are promoting Hong Kong’s potential as a key hub for innovation and business expansion in the region.
With its strategic location, open economy, and robust legal and financial systems, Hong Kong continues to play a pivotal role in connecting global markets. The city’s commitment to fostering innovation and providing a business-friendly environment makes it a prime destination for companies looking to tap into the growing opportunities in Asia.
Looking Ahead
As Hong Kong continues to bolster its position as a global business and innovation hub, the visit to Spain and the UK is set to pave the way for deeper economic ties and collaborative ventures. European companies looking to expand their footprint in Asia can benefit from Hong Kong’s strategic advantages and vibrant I&T ecosystem.
With strong support from the Hong Kong government and an ever-evolving business landscape, the city is well-positioned to lead the next wave of innovation and economic growth in the region. As Mr. Chan emphasized during his visit, Hong Kong is ready to welcome global partners to join in building a prosperous future together.