Hong Kong is expanding its reach to Africa and has opened an Invest Hong Kong (InvestHK) representative office in Kenya to build relationships with African and Kenyan enterprises.
This comes as a huge boost for Kenya’s technology scene as Hong Kong is a global innovation hub with world-class R&D facilities at its Science Park and Cyberport, as well as comprehensive incubation programs and venture fund support.
Hong Kong is described as one of the safest cities in the world and was named the Freest Economy by the Heritage Foundation for 25 consecutive years. The city is a highly accessible “20-minute city,” where consumers can reach most retail destinations within 20 minutes from the Central Business District (CBD).
Its status as an international financial and business center has served as the foundation of a surge in digital and IT business development. Hong Kong now has a thriving innovation and technology (I&T) ecosystem with strong government support that has seen more than HK$150 billion invested since 2017.
Multi-million dollar opportunities exist in key sectors, such as IT , healthcare & life sciences, financial technology, financial services, transport, infrastructure and advanced manufacturing, tourism & hospitality, consumer products, and creative industries.
Start-up businesses are reported to be thriving in Hong Kong, with nearly 4,000 firms from around the globe now based there – 52% up in 2018.
InvestHK offers a comprehensive support program for startups through its programs, which covers planning, set-up, launch, and aftercare and expansion support
InvestHK is responsible for Foreign Direct Investment and has a presence in 33 markets, and is now actively targeting leading African businesses, such as major banks, business associations, and the capital markets.
According to InvestHK Director-General of Investment Promotion, Stephen Phillips, “Africa is an important part of our strategy, therefore we are building relationships and representation in Kenya, South Africa, Nigeria and Mauritius.”
Mr Phillips noted that Hong Kong provides an attractive opportunity for Kenyan companies looking to expand or launch their businesses in Asia, with comprehensive tax benefits, business incentives, and market growth potential.
Hong Kong is home to 9,000 foreign companies, which take advantage of its sophisticated infrastructure, low and simple tax regime, supportive government, robust legal and regulatory framework, and IP protection to grow and reach markets across Asia.
Hong Kong’s location and cultural links uniquely position it as a gateway connecting the East and West.
As “one country, with two systems,” Hong Kong is part of Mainland China but has its own legal and tax systems and separate customs, immigration, police, and anti-corruption jurisdictions.
It has also forged eight Hong Kong Free Trade Agreements to date, with negotiations underway with other trading partners.