Investment promotion in Hong Kong achieved record results in 2007, as more than 250 non-local companies set up or expanded their operations here, and invested more than $8.39 billion.

Invest Hong Kong's Director-General of Investment Promotion Mike Rowse says both the number of companies assisted and the number of jobs they created reached all-time highs.

During 2007, Invest Hong Kong helped 253 overseas, Mainland and Taiwan companies to set up or expand in Hong Kong. These companies expect the projects to lead to the creation of more than 8,100 jobs, including 3,130 jobs established initially, and an additional 5,004 jobs in the next two years.

"These results once again highlight Hong Kong's position as the leading international city in the region and reflect the hard work of our staff here and abroad," Mr Rowse said.

"We have our challenges, such as pollution and the high cost of rent. But, as these figures demonstrate, our city still is able to attract the very best overseas and Mainland companies to our shores.

"All of this has a sizable impact on Hong Kong's economy, beyond the initial investment and job creation. Our professional service providers, restaurants, hotels, and shopping centres all benefit from this influx of new people. And these international companies help to retain Hong Kong's vibrant, cosmopolitan business environment."

2007 highlights

Hong Kong attracted investments from many sectors, led by consumer products, retail and sourcing; business and professional services; and technology. Most of these companies came from the Mainland, Asia Pacific, Western Europe and North America.

Invest Hong Kong broadcast the message to Mainland enterprises that Hong Kong has unique advantages as a springboard to expand overseas. The department's nationwide marketing campaign, launched last June, promoted Hong Kong as a platform for privately-owned enterprises in high growth provinces to expand internationally and provided them with the information and tools they need.

In 2007, Invest Hong Kong helped a record 47 Mainland companies to set up or expand operations here, bringing in a combined $2.28 billion.

Mr Rowse is optimistic about the outlook for inward investment in the coming year, and has set a target of at least another 250 completed projects.

"We feel reasonably confident about this goal, since there are over 600 live projects in the pipeline - which is more than we've ever had before," he said.

"Hong Kong's role is well defined. The city serves China as a springboard to international markets and serves international markets as a gateway to China as well as to the region generally. It is a simple strategy and one that works well."

He noted that competition is strong and the world economic outlook uncertain. So he pledged to continue to work hard to improve the investment environment to attract and retain investors from all over the world.