Good business: Chief Executive Donald Tsang and Director-General of Investment Promotion Mike Rowse propose a toast at an Invest Hong Kong reception.

Invest Hong Kong has helped 148 overseas and Mainland firms invest or expand in Hong Kong in this year's first six months, achieving more than half its annual target of 250, with Mainland companies accounting for almost 20%.

Speaking at an Invest Hong Kong reception today Chief Executive Donald Tsang said the city has become a springboard for Mainland firms to reach global markets and a location where multinational companies perform global functions.

"Just six years ago Invest Hong Kong did not have any Mainland clients. In the first six months of this year Mainland companies accounted for almost 20% of our completed investment projects," he said.

Leading multinationals, on the other hand, have begun to move worldwide business and functions and even relocate senior executives with global responsibilities to Hong Kong. This development suggests Hong Kong is fulfilling a similar role in Asia to New York in North America and London in Europe - a trend depicted in the expression "NyLonKong" coined by Time Magazine earlier this year.

Mr Tsang said: "This is a trend we welcome wholeheartedly and is set to continue and deepen as Hong Kong further develops its role as China's major international financial and business services centre, and as a vital cog in the management of global financial flows."

Director-General of Investment Promotion Mike Rowse said these new opportunities will make Hong Kong even more attractive to foreign direct investors, as indicated by the high number of completed projects in the first half of this year.

With the overwhelming response to the On Your Marks, Get-set Go nationwide marketing campaign Mr Rowse expects projects from the Mainland to rise.