More drug, semiconductor firms eyeing Hong Kong for expansion, OASES head says

Hong Kong is attracting more drug manufacturers and semiconductor businesses, according to Peter Yan King-shun, the head of the Office for Attracting Strategic Enterprises (OASES). Yan revealed that around ten to twenty more companies are set to establish or expand operations in the city, with an almost equal split between mainland Chinese and overseas firms.

The announcement will be made on Thursday, with details of the next batch of firms to set up in the city. Among the incoming companies are several industry leaders with substantial market valuations. Five of the world's ten largest pharmaceutical companies have already established a presence in Hong Kong, including firms that will conduct clinical trials and develop new medicines.

OASES aims to encourage pharmaceutical companies to contribute to the city's industrial development rather than simply sell medicines. The office is also stepping up efforts to attract semiconductor and advanced manufacturing businesses. Successful projects have encouraged competitors to explore opportunities in Hong Kong. While company size, investment amounts, and job creation are not the only considerations in selecting businesses, they are also important factors.

Strategic enterprises must submit five-year plans detailing their proposed investments and job creation numbers. The office places particular emphasis on companies identifying their first flagship project in the city.