Hong Kong has reached new heights in its startup ecosystem in 2024, recording unprecedented numbers of startups and employees, according to official statistics released on Saturday.
The Hong Kong Special Administrative Region (HKSAR) witnessed a 10 percent year-on-year increase in the number of startups, reaching 4,694—a remarkable 40 percent rise compared to 2020, as reported by the HKSAR government citing the latest data from Invest Hong Kong (InvestHK).
The combined workforce of these startups approached 18,000 in 2024, marking a 7 percent increase from the previous year and an impressive 65 percent growth since 2020.
Alpha Lau, InvestHK’s Director-General of Investment Promotion, attributed this robust growth to proactive government measures supporting the development of emerging sectors and companies.
She highlighted that sectors such as “health and medical” and “sustainable and green technology” saw the largest increases, underscoring the effectiveness of the government’s investments in innovation and green energy.
To further attract international startup accelerators with proven track records to Hong Kong, the HKSAR government has unveiled plans to launch the I&T Accelerator Pilot Scheme. The scheme includes a funding allocation of 180 million Hong Kong dollars (approximately $23.19 million) at a one-to-two matching ratio between the government and participating institutions.
InvestHK emphasized its commitment to enhancing Hong Kong’s business environment by promoting the advantages of operating in the city to potential investors and businesses worldwide through its network of 34 global offices.
Looking ahead, InvestHK plans to open a new office in Türkiye in the first quarter of 2025 to create more opportunities for Hong Kong. This initiative is part of a broader strategy to expand the agency’s international outreach, including engagement with countries under the cooperation framework of the Belt and Road Initiative proposed by China.
The record-breaking numbers reflect Hong Kong’s dynamic and resilient startup ecosystem, positioning the city as a leading hub for innovation and entrepreneurship in Asia.
Reference(s):
cgtn.com
