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Hong Kong 'feels very familiar to UK companies'
UK companies, faced with sluggish growth in their domestic and traditional European markets, are increasingly looking for new business networks in Asia. Hong Kong's inward investment chief, Simon Galpin, believes the time as never been better to look east.
The term punching above its weight was surely coined for Hong Kong, a city of seven million and barely the size of Greater London, which in 2010 attracted almost US$70bn (£ 44bn/€51bn) in overseas investment.
The record inflows of capital puts Hong Kong third - behind only the US and Mainland China - in the United Nations annual World Investment Report.
Hong Kong's strategic position - both as a gateway to China and the most popular location for Asia regional headquarters - has made it the region's most successful city for foreign companies looking to expand into Asia.
"The China factor is high on the list of reasons that people come to Hong Kong," explains Simon Galpin, director general of Hong Kong's inward investment agency, Invest Hong Kong.
Few UK companies are content to wait out the economic slowdown, so are keen to look for new opportunities outside their traditional markets. "Hong Kong sits at the heart - not just geographically, but also commercially - of many of Asia strongest economies," explains Galpin.
"The companies that come to Hong Kong, whatever their size or sector, invariably have an eye on prospects across the whole region," Galpin adds.
The familiarity of the Hong Kong business environment has made it a popular low-risk entry point to the region for UK firms.
"Hong Kong does feel very familiar to UK companies. We share a common language, our business environment is competitive, efficient and very international, and our legal system is transparent and accessible to all," says Galpin.
Galpin also flags up the recent changes in Hong Kong's role as a financial centre.
"The financial services have always played an important role in our economy, but this has been further enhanced by the role Hong Kong is now playing as a centre for renminbi business," explains Galpin.
During a recent visit to Hong Kong by China's Vice-Premier, Li Keqiang, further benefits were announced that were warmly welcomed by the banking community.
These included allowing yuan-denominated foreign direct investment, permitting non-financial institutions from mainland China to raise yuan-denominated bonds in Hong Kong and expanding the existing yuan trade settlement scheme.
"The impact of renminbi flows continues to be a fast-developing picture," says Galpin, "but the response from our financial community has been overwhelmingly positive."
While Hong Kong is gaining prominence as a global financial centre, it's far from being the only string in its bow. The city remains popular with a broad range of companies and entrepreneurs.
Among the UK companies that have recently opened offices in Hong Kong are firms from the semiconductor, architectural, digital and new media, aviation, concierge services and retail sectors.
After setting up its Hong Kong office in 2005, Quintessentially, a high-end concierge service, recently took the decision to move its global CEO function to Hong Kong.
"Hong Kong is one of the most dynamic cities in Asia - a place where excellent infrastructure comes together with multilingual local and international talent and companies to create a fast-paced, driven culture," says Matthew.
The firm is looking at further locations across Asia, including adding Shenzhen and Guangzhou to its Beijing and Shanghai offices in China.
RediSem, a semiconductor company, chose Hong Kong because of its pro-business culture and the level of government support for R&D projects. The UK-based entrepreneurs who founded the company were particularly...
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