ENG-2016 — Page 131

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Commerce and Industry

Local companies that satisfy the department's security standards under the Hong Kong Authorised Economic Operator Programme may be accredited as authorised economic operators and enjoy customs facilitation, including less inspection and prioritised clearance of their goods. To provide authorised economic operators with more clearance benefits at the international level, the department has concluded mutual recognition arrangements with the customs administrations of the Mainland, India, Japan, Malaysia, Singapore, South Korea and Thailand. It will continue to develop more of such arrangements with the territory's trading partners.

The department cooperates with other law enforcement agencies and holds regular meetings with them to exchange intelligence and experience on enforcement. It has bilateral cooperation arrangements with a number of customs administrations.

Inward Investment Promotion

In 2016, InvestHK helped a record 391 overseas, Mainland and Taiwanese companies set up or expand operations in Hong Kong, involving direct investment of more than $16.3 billion and the creation of over 3,900 new jobs within the first year of their operation or expansion3.

InvestHK promotes the territory's business advantages by holding investment promotion activities in key markets on the Mainland and overseas, and through sponsoring events such as Art Basel and Cosmoprof. In November, it organised a joint event with Guangdong Province in Paris, France, to promote advantages offered by the economic integration of Hong Kong and the Pearl River Delta region. Promotional programmes were also carried out in high-growth Mainland cities, including Beijing, Xian, Tianjin, Chongqing, Xiamen, Wuhan, Changzhou and Baotao, to promote Hong Kong as the ideal platform for Mainland companies to go global. InvestHK completed 82 projects from the Mainland, representing 21 per cent of its total number of completed projects.

The StartmeupHK initiative under InvestHK aims to attract global start-ups to set up business in Hong Kong and to promote the territory as a leading hub for start-ups and entrepreneurship. It established a financial technology team in 2016 to organise international events to showcase Hong Kong as a worldwide hub for financial technology and to help start-ups, investors and R&D institutions establish their presence in the territory.

Industrial Policy

Hong Kong's competitive edge, coupled with the government's 'appropriately proactive' approach, makes it well placed to diversify local industries to meet residents' aspirations for start-up initiatives, investment, business operation and employment. The government seeks to increase business volume, diversify the products and services of existing industries, and identify new areas for development.

The Economic Development Commission, led by the Chief Executive, studies and considers the overall strategy and policy to broaden Hong Kong's economic base and to enhance economic

3

As reported by some of the companies assisted by InvestHK. Not all the companies disclosed their data.

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