19-3-2024 (BANGKOK) Invest Hong Kong (InvestHK), the unit responsible for attracting foreign direct investment in Hong Kong, organized its inaugural roadshow in Thailand to encourage Thai companies, including startups, to consider investment opportunities in the Chinese city. The event aimed to foster interest among Thai entrepreneurs in establishing their businesses in Hong Kong and mainland China.
Alpha Lau, director-general of InvestHK, expressed confidence in the potential of Thai companies to invest in various business sectors, which is why Thailand was chosen as the first country in the ASEAN region for the roadshow.
The upcoming investment roadshow is scheduled to take place in Vietnam.
Hong Kong authorities are keen on attracting Thai businesspeople to invest in sectors such as retail, wholesale, logistics, the creative economy (especially the film industry), and financial technology. These sectors have been identified as key areas for boosting investment in Hong Kong. Additionally, the officials seek to promote investment in smart electronics and semiconductors.
According to InvestHK, the value of foreign direct investment in Hong Kong reached $18 billion in 2022.
In 2024, the Hong Kong economy is expected to grow by 2.5-3.5%, while the Chinese economy is projected to expand by 5%.
Currently, 412 Thai companies have invested in a variety of businesses in Hong Kong, including retail, spa services, and the food and beverage industry, according to Parson Lam, director of the Hong Kong Economic and Trade Office in Bangkok. InvestHK hopes to see an increase in the number of Thai companies investing in Hong Kong.
Last year, InvestHK established the Office for Attracting Strategic Enterprises (OASES) to enhance support for foreign companies’ investment projects in Hong Kong. Since its establishment, 30 companies from various countries have decided to expand their operations in the city.
Among the Thai investors in Hong Kong is Bic C Supercenter Plc, a supermarket operator that collaborated with a local business partner to open 29 supermarkets in the city, with a budget of 137 billion baht. The company plans to increase the number of stores to 99 this year.
Trade between Thailand and Hong Kong amounts to approximately $12-13 billion annually, according to InvestHK. In 2022, Hong Kong businesspeople invested a total of $8.8 billion in Thailand.
