Hong Kong is witnessing an unprecedented surge in its startup landscape, with the number of new ventures reaching a record 4,694 in 2024. This marks a 10% increase from the previous year and a remarkable 40% rise compared to 2020, according to recent data from Invest Hong Kong (InvestHK).
The combined workforce of these startups has also grown significantly, nearing 18,000 employees in 2024. This represents a 7% year-on-year increase and a substantial 65% jump since 2020.
Alpha Lau, InvestHK's director-general of investment promotion, attributes this robust growth to proactive government initiatives that support emerging sectors and innovative companies. Notably, sectors such as health and medical, alongside sustainable and green technology, have seen the largest increases, highlighting the effectiveness of investments in innovation and green energy.
To further bolster Hong Kong's startup ecosystem, the HKSAR government has introduced the I&T Accelerator Pilot Scheme. This initiative involves a funding allocation of 180 million Hong Kong dollars ($23.19 million) with a one-to-two matching ratio between the government and participating institutions. The scheme aims to attract international startup accelerators with proven track records to Hong Kong.
InvestHK is also expanding its international presence, planning to open a new office in Türkiye in the first quarter of 2025. This move is part of a broader strategy to enhance Hong Kong's business environment and engage more effectively with countries involved in the Belt and Road Initiative.
With a network of 34 global offices, InvestHK continues to promote the advantages of operating in Hong Kong to potential investors and businesses worldwide, ensuring sustained growth and innovation in the region.
Reference(s):
cgtn.com
