The annual survey from InvestHK and Census and Statistics Department has another target population. Now we are going to discuss another survey findings about the non-local founders / Startups with origin country/territory.
According to the 2020 survey, a total of 3360 startups in operation. In short, it is representing an increase of 50% over 2017. Furthermore, the continued growth in the number of startups over the years is evidence of the vibrant environment of Hong Kong as a leading hub for startups.
The total of 3360 startups, generating employment in 2020. By comparing with 2017, there is a rise in 69%.
The report shows that the startup community is highly international. While 69% of the startup founders are from Hong Kong and 5% are Hong Kong returnees. Then 26% comes from outside Hong Kong. Whereas, the Mainland (15%), the United Kingdom (12.3%), the United States (10.7%) and Australia (9.1%) are the key origins of the startup founders.
Thus, the study demonstrating that entrepreneurs and talents from different parts of the world are attracted to Hong Kong. The local business sector has been facing various challenges over the past year. From the US-China trade conflict to social unrest in Hong Kong, and more recently the COVID-19 pandemic. Among all difficulties, the surge of COVID-19 cases in various parts of the world has negative impact on global businesses. Due to the tightening of travel restrictions and quarantine requirements, as well as lockdowns imposed on certain places. These cast a shadow over investment sentiments and global economic development. Notwithstanding the above, the fundamentals and core strengths of Hong Kong remain solid and strong as evident by the results of the above two surveys. The sustained number of foreign companies and startups in Hong Kong is attributable to our enduring business advantages such as its strategic gateway position in the region as well as its role as a global hub in the context of the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative.
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