Latest news with #OASES
South China Morning Post
26-02-2025
- Business
- South China Morning Post
Net for foreign firms in Hong Kong cast wider by OASES
It is no secret Hong Kong's economy has slowed. A key part of its growth strategy is to attract outside companies offering innovation and advanced technology. Since the end of Covid restrictions, dozens of firms, enticed by the city's myriad advantages, have set up shop here. They include such big names as food delivery giant Meituan and British-Swedish pharmaceutical powerhouse AstraZeneca. Advertisement That is mostly thanks to the efforts of the government's Office for Attracting Strategic Enterprises (OASES). Most of these companies, though, have been from the mainland. Recognising the need to diversify its pool of outside firms, OASES officials are off to Europe, especially the United Kingdom and France. They have picked an opportune moment to promote the city. When OASES was set up in 2022, there were concerns its work would be hampered by geopolitical tensions between China and the West. This was especially so with hostile rhetoric frequently coming from leaders of the European Union and the UK against Beijing. But the return of Donald Trump to the White House and his less sympathetic stance have forced many European leaders to reassess their positions vis-a-vis China. They now need to hedge against an uncooperative, perhaps even hostile Washington not only geopolitically but also economically. France under President Emmanuel Macron has enjoyed good ties with China. Taking over from the less friendly Conservative government, British Labour Prime Minister Keir Starmer looks willing to reboot bilateral relations. In this changed climate, OASES has its work cut out with those two countries, and Europe as a whole. Both sides need to recalibrate their business and strategic relations with Washington. And it is not just Europe. OASES is casting its net widely over the Middle East as well as countries involved in the Belt and Road Initiative in Asia and Africa. Advertisement While Beijing is building on global goodwill and promoting industries from artificial intelligence to 5G telecommunications worldwide, the US is sounding more confrontational by the day. Hong Kong can ride on this momentum. As a springboard to the tech-oriented Greater Bay Area and beyond, it's time for our city to welcome the world back and shine again.
South China Morning Post
17-02-2025
- Business
- South China Morning Post
Hong Kong pushes on with efforts to woo top European firms despite challenges
Hong Kong authorities are pressing on with efforts to attract European companies in the UK and France to set up in the city, despite heightened global geopolitical challenges. The government's Office for Attracting Strategic Enterprises (OASES), created to attract firms in targeted fields, also confirmed it was approaching several top-tier pharmaceutical firms overseas, with at least one seeing promising results. In an exclusive interview, OASES director general Peter Yan King-shun told the Post that some were keen on the potential for collaboration between Hong Kong and the Greater Bay Area, which includes Macau and nine cities in Guangdong. British-Swedish pharmaceutical multinational AstraZeneca had already established its Hong Kong headquarters, he said. As part of his unit's efforts to woo companies from other countries, Yan will be visiting the United Kingdom and France in the coming months. 'They seem to have more incentives for economic development to venture out more,' he said.
