Hong Kong is positioning itself as the go-to destination for Chinese mainland enterprises seeking to expand overseas, officials and industry stakeholders said at the launch of the GoGlobal Connect initiative on Tuesday.
The initiative aims to build on Hong Kong’s status as an international hub for finance, trade, and professional services, to facilitate the global adventures of small and medium-sized enterprises (SMEs).
The world’s second-largest economy hosts over 50 million SMEs, many of which are eager to make inroads into global markets to enhance their competitiveness, establish international brands, and diversify risks, Algernon Yau Ying-wah, Hong Kong’s secretary for Commerce and Economic Development, said at the launch ceremony.
Despite geopolitical uncertainties and external headwinds, Hong Kong ranks as the world’s third-largest destination for foreign direct investment and the fifth-largest economy in goods trade globally. As of last year, the city set a new record with 11,000 companies headquartered locally. Among them, nearly 30 percent come from the Chinese mainland, underscoring the special administrative region’s role as an ideal launchpad for mainland companies venturing abroad.
In October last year, Hong Kong established the Task Force on Supporting Mainland Enterprises in Going Global (GoGlobal Task Force) to support mainland companies in leveraging Hong Kong as a gateway for overseas expansion.
This year marks the beginning of the nation’s 15th Five-Year Plan. A spokesperson for the Hong Kong SAR government previously stated that, the GoGlobal Task Force is well positioned to connect the robust productivity of the mainland, Hong Kong’s world-renowned professional services and the keen demand of global buyers, enabling high-quality enterprises to go global while attracting international capital to Hong Kong.
Building on these efforts, the GoGlobal Connect initiative, officially launched today, provides comprehensive support through four key areas. It will first establish a cross-sectoral professional services platform. By bringing together Hong Kong service providers from eight major sectors, the platform will enable seamless connections between mainland enterprises and Hong Kong’s professional service providers.
In addition, GoGlobal Connect zones will be featured at the Hong Kong Trade Development Council’s (HKTDC) flagship events, offering on-site consultations for interested companies.
The initiative will also incorporate GoGlobal Connect elements into mainland trade promotion activities, including setting up pavilions at major exhibitions, showcasing Hong Kong’s value as a gateway to international markets.
Furthermore, the HKTDC will leverage its extensive network of 51 offices worldwide to deliver online and offline services to facilitate collaborations between mainland businesses and Hong Kong service providers.
“Through the newly launched GoGlobal Connect, we will leverage Hong Kong’s strengths in internationally oriented professional services to lower the threshold for mainland enterprises to go global and support their steady and well-managed overseas expansion,” said HKTDC Chairman Frederick Ma Si-hang.
According to a survey conducted by the HKTDC earlier this year among more than 2,000 mainland enterprises, over 83 percent expressed interest in using Hong Kong as a platform for global growth, a significant increase from 62 percent in 2023.
Contact the writer at akirawang@chinadailyhk.com