Hong Kong draws growing interest from Irish firms seeking expansion across Asia

More Irish firms are exploring Hong Kong as a potential hub for expansion across Asia, according to Padraig Seif, president of the Irish Chamber of Commerce in the city. Seif suggests that the interest in Hong Kong is timely, given Washington's tariff policies and the lingering effects of Brexit. He posits that Asia and Hong Kong were previously difficult markets for Irish businesses to penetrate, but now offer attractive prospects for both regional Irish firms and Irish companies seeking opportunities in Europe.

The Asia-Pacific Irish Business Forum, beginning on November 19, aims to promote business and trade between Ireland and Hong Kong. The two-day event will feature discussions on sectors such as finance, aviation, and pharmaceuticals, with government representatives from both nations expected to attend. Seif highlighted the compatibility between Ireland and Hong Kong, citing shared use of English, common law systems, and low-tax policies.

Despite a relatively limited commercial presence in Hong Kong compared to other Western nations, there are signs of change. Irish membership at the chamber grew from 30 to 123 in the past three years, while corporate membership increased from three to 14. Furthermore, there are approximately 35 active Irish businesses operating in the Greater Bay Area, comprising Hong Kong, Macau, and nine cities in Guangdong province.

Irish entrepreneur Patrick Malloney, establishing a Hong Kong presence for his health sciences company P4ML, highlighted Hong Kong's talent pool and universities as key factors in his decision. Valaston, a specialist auditing firm focusing on asset management, also recently opened its first Hong Kong office, attracted by recent tax and regulatory developments.