Through the joint efforts of Invest Hong Kong (InvestHK) and the Office for Attracting Strategic Enterprises (OASES), 45 life and health technology companies have set up or expanded in Hong Kong since 2023, officials said on Wednesday.

“These companies will provide more than 3,200 job opportunities in Hong Kong and their total investment amount approached HK$6.5 billion ($831.5 million),” said Alpha Lau, director-general of investment promotion, InvestHK. “Nine of them are from the United States and 21 from the mainland, while others come from seven different countries.”

The Hong Kong Special Administrative Region government will set aside HK$ 30 billion from the Future Fund to establish the Co-Investment Fund for attracting enterprises to set up operations in Hong Kong

Andy Wong, head of innovation and technology, InvestHK, said that these firms span industries, such as therapeutics, medical devices, healthcare services, and diagnostics, and cover a comprehensive industrial chain from research and development, sales and marketing of the life and health technology services sector.

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Maggie Lo, vice-president of life and health technology, OASES, said that the companies choosing Hong Kong recognize that the city’s complete healthcare system and research are fundamental in life sciences, such as world-class experts, universities and research institutions.

The Hong Kong Special Administrative Region government will set aside HK$ 30 billion from the Future Fund to establish the Co-Investment Fund for attracting enterprises to set up operations in Hong Kong. If they succeed in receiving funding, the government will not hold shares.

The government is also rolling out more funding supports in life and health technology. Financial Secretary Paul Chan Mo-po said in his Budget speech in February that government has designated HK$ 10 billion to promote the development of life and health technology.

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“We will use HK$ 6 billion to support local universities’ collaboration with institutions from all over the world, to set up life and health institutes, to attract worldwide talent and leading research teams, then they will facilitate the scientific research and the transformation of research achievements,” Chan said.

The 2024-25 Budget stipulates that HK$ 200 million will be allocated to life and health technology start-ups in the Hong Kong-Shenzhen Innovation and Technology Park.

This funding will provide incubation programs and other supports to speed up the establishment of a Life and Health Innovation Research Center in the complex.

Contact the writer at thor_wu@chinadailyhk.com