Hong Kong Commerce Chief To Lead Joint Local And Mainland Delegation To Malaysia

Hong Kong’s commerce chief is set to lead a delegation of mainland Chinese and local firms to Malaysia next week, noting that about 200 enterprises from across the border have already set up offices in the city since last year, using it as a stepping stone to go global.

Secretary for Commerce and Economic Development Algernon Yau Ying-wah also said on Saturday that the city was eyeing emerging markets in Africa, after exploring the Middle East and Central Asia amid geopolitical tensions.

Yau said the coming Malaysia trip would involve exploring business opportunities and signing agreements to confirm bilateral investments.

“The trip is not just to help mainland and Hong Kong enterprises go overseas, but also to potentially attract businesses from other places to Hong Kong … which could help develop the city’s economy,” the minister said.

“This could also in turn help strengthen the industry chain, which could support boosting mainland China’s domestic circulation.”

“Domestic circulation” refers to a concept of strengthening the country’s economic self-reliance by creating a robust domestic market.

Since the establishment of the GoGlobal Task Force last October, about 200 mainland enterprises have set up in Hong Kong and are using the city as a stepping stone for their overseas expansion plans, according to Yau.

“Hong Kong is experienced in global business whereas many mainland enterprises are yet to fully grasp the culture, legal system, and trade overseas,” he said.

“We encourage them to set up regional headquarters or offices here, which would be good for Hong Kong’s economy.”

He elaborated by saying that would mean renting and hiring in Hong Kong, and using the professional services – such as law, accounting, and authentication – the city offers, as well as fundraising and financing before going international.

Thousands of enterprises had taken part in the forums the task force hosted in Beijing, Shanghai and Shandong, with the chief executive bringing a delegation of Hong Kong and mainland businesses to Central Asia earlier this year, Yau said.

In promoting Hong Kong trade, the minister said it was important to maintain strong ties with long-term partners such as the European, American and Asean markets while exploring the Middle Eastern, Central Asia and Latin American markets, and beyond.

“Turkey is an important Eurasian platform while Egypt is the gateway to Africa. We hope to visit these two countries,” he said.

Yau also said on Saturday he was certain the city was on track to exceed the government’s target for attracting foreign investment, after more than 400 enterprises set up offices in Hong Kong in the first half of the year, bringing in over HK$50 billion (US$6.4 billion) in capital.

InvestHK is tasked with bringing in direct investment of no less than HK$120 billion to Hong Kong. Photo: Karma Lo

InvestHK, the government’s investment arm, has been tasked with attracting at least 1,200 mainland Chinese or overseas enterprises to establish or expand in Hong Kong between 2026 and 2027, bringing in direct investment of no less than HK$120 billion.

“I am very confident that they will exceed the target,” Yau said.

While he said the introduction of enterprises would create job opportunities in the city with “many sectors hiring”, he also called on young people to equip themselves and explore where such opportunities were, especially amid the rise of artificial intelligence (AI).

“The global economy is changing, especially with the advent of AI, which is causing many companies’ business models to shift, particularly the digital economy and e-commerce,” he said.

“Young people will need to think in line with global trends for their employment.”