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Hong Kong Singapore Business Association Chinese New Year luncheon

February 23, 2024

Supported by the Hong Kong Economic and Trade Office in Singapore (Singapore ETO), Hong Kong Singapore Business Association held the Chinese New Year luncheon to usher in the Year of the Dragon.

In his speech, the Director of Singapore ETO, Mr Owin Fung, briefed the guests on the economic situation in Hong Kong, highlighting that while the GDP and exports of goods fell in 2023, the overall capital investment made a marked improvement of 8.2% over 2022, while private consumption rose nearly 9%. Unemployment rate remained low at 2.9%. Residential property prices had an orderly adjustment, but without panic in the market nor stress in the financial system.

Despite global headwinds, the Hong Kong Government had been taking a proactive and catalytic role in driving the economy, having arranged 30 strategic enterprises to settle in Hong Kong to create 10 000 jobs with around HK$30 billion investment in the years ahead. In the innovation and technology sector, we are prioritising four areas – fintech; artificial intelligence and big data analytics; health science and biotech; advanced manufacturing, new energy and new materials.

On talent attraction, Hong Kong has launched the Top Talent Pass Scheme. Over 70 000 people arrived in Hong Kong last year under various talent admission schemes. With a 2% uptick in the number of newborns in a reversal of the downward trend since 2017, total Hong Kong population rose to 7.5 million, increasing for the second year in a row.

Emphasising Hong Kong remained open, vibrant, inviting and safe, he encouraged the audience to visit the city for its rich culinary and cultural offerings, as well as natural wonders including Hong Kong United Nations, Educational, Scientific and Cultural Organisation (UNESCO) Global Geopark.

The luncheon was attended by about 200 representatives from the business sector. The Singapore ETO also took the opportunity to play a video to showcase the vibrant business environment in Hong Kong and the boundless opportunities offered by the Greater Bay Area development.