ENG-2017 — Page 138

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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 in other economies, the department has in place mutual recognition arrangements with the customs administrations of Australia, India, Japan, the Mainland, Malaysia, Singapore, South Korea and Thailand. It will continue to extend the network of such arrangements with Hong Kong'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 also has bilateral cooperation arrangements with a number of customs administrations.

Inward Investment Promotion

In 2017, InvestHK helped 402 overseas, Mainland and Taiwanese companies set up or expand operations in Hong Kong, involving direct investment of more than $16.6 billion and the creation of nearly 5,100 new jobs within the first year of their operation or expansion3.

The department promotes the city's business advantages by organising investment promotion activities in Mainland and key overseas markets, and sponsoring important events which will bring in foreign direct investment to Hong Kong, including Art Basel, London Technology Week and the China Overseas Investment Fair. 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 Baotao, Beijing, Changzhou, Chongqing, Tianjin, Wuhan, Xiamen and Xian, to promote Hong Kong as the ideal platform for Mainland companies to go global. InvestHK completed 86 projects from the Mainland during the year, representing 21 per cent of its total number of completed projects.

The StartmeupHK initiative under the department 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. A dedicated financial technology team organises international events and helps start-ups, investors and research and development institutions establish their presence in Hong Kong.

Industrial Policy

Leveraging Hong Kong's competitive edge, the government seeks to be proactive in developing a high value-added and diversified economy which embraces the development of new economic sectors. The government also encourages industry participation to capitalise on opportunities emerging from the Belt and Road Initiative and the Guangdong-Hong Kong- Macao Bay Area development, in order to generate new impetus for the territory's economic development.

3

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

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