Seventeen companies, including sanctioned iFLYTEK, have signed agreements to establish or expand operations in Hong Kong as part of the government’s push to enhance the tech sector. This initiative aims to attract investment and create jobs in the city, with projections of HK$42 billion in investments and 17,000 new jobs. The efforts are part of a larger strategy to promote technological development and economic growth in Hong Kong.
Seventeen companies have officially signed agreements to establish or expand operations in Hong Kong, aligning with the government’s initiative to enhance the tech sector. Notably included among these firms is iFLYTEK, a prominent Chinese artificial intelligence company currently under US sanctions since 2019. The signing ceremony was conducted by the Office for Attracting Strategic Enterprises (OASES), with representatives of the 17 companies present. Fifteen of these firms are from mainland China, such as Baidu Ai Cloud, BeyonCa, and robotics companies like Pudu Robotics and Horizon Robotics. Xunfei Healthcare, a subsidiary of iFLYTEK, has committed to investing HK$4 million in Hong Kong over the next five years to establish a headquarters. CEO Tao Xiaodong of Xunfei Healthcare expressed a desire for collaboration with Hong Kong’s medical sectors, utilizing AI technology to streamline medical processes. iFLYTEK has faced significant challenges due to US sanctions that restrict its access to essential technology. In addition to iFLYTEK, American firm Digital Domain and French company Prophesee are among the newly announced signatories. As a result of OASES’s efforts since 2022, a total of 67 strategic companies have been attracted to Hong Kong, with anticipated investments amounting to HK$42 billion, which could create approximately 17,000 jobs.
The government of Hong Kong has been actively pursuing ways to bolster its technology sector as part of broader economic revitalization efforts. The establishment of the Office for Attracting Strategic Enterprises (OASES) in 2022 underscores this commitment to attract foreign investment and technology firms. Despite challenges posed by international sanctions and supply chain restrictions, particularly against companies like iFLYTEK, the government remains focused on fostering a conducive environment for technological innovation and business expansion.
The signing of agreements by 17 companies marks a significant step in Hong Kong’s quest to enhance its technological landscape. With key players like iFLYTEK and others committing to investment and expansion, the initiative is expected to yield positive economic impacts, including job creation and technological innovation. The ongoing efforts by the government to attract strategic enterprises reflect a strong determination to revitalize the local economy and reinforce Hong Kong’s position in the global tech arena.
Original Source: hongkongfp.com
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