Hong Kong wants international firms to know it means business
The city’s leader, Chief Executive John Lee, announced Wednesday that the government would earmark 30 billion Hong Kong dollars for a new fund aimed at bringing more businesses in. The fund will seek to attract companies to set up operations in Hong Kong, as well as invest in their businesses, he said in a wide-ranging policy address. The move comes after the city witnessed a massive exodus amid some of the world’s strictest pandemic controls, which were recently eased after more than two years.
That should come as welcome relief for businesses in Hong Kong, which had long warned of a brain drain. Before the recent removal of quarantine measures, many workers had expressed frustration over the city’s onerous travel restrictions, which at one point required up to 21 days of hotel quarantine. The measures damaged the city’s economy, and led many multinational companies and expatriates to shift — or consider moving — elsewhere.
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