Top pharma firms in new batch of strategic businesses
The director-general of the Office for Attracting Strategic Enterprises (Oases) on Sunday said the next batch of strategic enterprises would include top pharmaceutical companies, which would conduct clinical trials as well as medicinal research and development in Hong Kong. In total, Peter Yan said there would be around 10 to 20 firms in this intake, split evenly between mainland and overseas…
The Office for Attracting Strategic Enterprises (Oases) announced that top pharmaceutical firms will join the next batch of strategic enterprises in Hong Kong. Peter Yan, the director-general of Oases, stated that there will be approximately 10 to 20 companies in this intake, with an equal split between mainland and overseas businesses. The signing ceremony for the official announcement is scheduled for Thursday.
Speaking on a radio program, Yan clarified that the selection of these pharmaceutical firms is not solely based on their size, investment levels, or the number of jobs they create in Hong Kong. Instead, the government prioritizes firms that align with the industrial policy, contribute to ecosystem growth, and expedite the implementation of flagship projects.
Oases requested the enterprises to submit a five-year plan, outlining specific investment amounts, job creation projections, and their first flagship project. This allows the government to closely monitor progress and allocate resources effectively.
When questioned about a penalty mechanism for firms that fail to meet their targets, Yan emphasized that Oases would maintain close contact with the firms. He also explained that government subsidies would only be granted once firms achieve specific targets, suggesting that a formal penalty mechanism is not necessary.
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