Hong Kong is making it easy for African tech startups that want to move there to do so. Setting up your offices in Hong Kong has never been easier than with the help of InvestHK, the part of the Hong Kong Special Administrative Region (HKSAR) government in charge of foreign direct investment.
HKSAR is present in 33 markets and is working hard to build ties with African businesses, such as large banks and metro development groups.
Stephen Phillips, the Director-General of Investment Promotion at InvestHK, says there are now nearly 4,000 new businesses from all over the world based in Hong Kong. This is a 52% rise from 2018. Many of these companies are in the digital technology sector and have taken advantage of Hong Kong’s specialized incubators, business accelerators, and government funding programs.
Through Startmeup.hk, InvestHK helps innovative and scalable startups set up or grow in Hong Kong. Hong Kong is Asia’s most important business center and the gateway to Mainland China and the rest of Asia. Two-thirds of the world’s population can reach it in five hours or less, making it the best place to start exploring the area.
InvestHK has opened regional offices in South Africa and Kenya because more and more African businesses are interested in expanding into the Asian market.
Phillips says that Hong Kong is a big market for art, food, and household goods because it has 7.5 million people and 86 million people in the Greater Bay Area. It also gives smart cities and Internet of Things technology, electronics, and green technologies a lot of chances to grow.
Phillips says, “Hong Kong is a way to get to growth markets in Asia because of its population growth, high rate of tech adoption, and growing investment flows within Asia.” “Of course, there is also the economic beast that is Mainland China, where JVs and partnerships can be used to get into the market.”
With the help of InvestHK and Hong Kong’s thriving tech environment, African tech startups have a great chance to grow in Asia and beyond.