New HK companies on rise: gov't

HONG KONG - A total of 316 overseas and mainland companies set up or expanded in Hong Kong in 2012, up 4 percent over a year ago, Department of Invest Hong Kong said Thursday.

Announcing the department's annual results, Director-General of Investment Promotion Simon Galpin said these 316 companies plan to employ 2,937 people in Hong Kong in their first year of set up or expansion, an 8 percent increase on the previous year.

Happy with the increase, he also noted global uncertainties such as the European debt crisis and the American economy remain a concern.

"In the year ahead, however, we will remain cognizant of global economic trends and continue to identify the sectors and markets which will reap the best benefits for Hong Kong. Our targets will include both multinationals and start-up businesses, which aspire to set up in our city."

The mainland continued to be the largest single source of investment into Hong Kong with a total of 62 projects in 2012, followed by the United States with 54 projects, and the United Kingdom with 29.

The top three sectors in numbers of completed investment projects were transport and industrial, tourism and hospitality, and innovation and technology.