Increasing number of overseas creative industries companies setting up in Hong Kong

The Hong Kong government has succeeded to attracting a large and increasing number of overseas companies in the creative sector to set up offices in Hong Kong to tap into the business opportunities in Hong Kong, Mainland China and the Asia Pacific. Dutch creative companies wishing to seize opportunities in this region should capitalise on the economic growth with a Hong Kong regional office as its Asian operation base.

This year, Invest Hong Kong (the investment promotion division of the Hong Kong government) has served some 24 overseas companies in the creative industries to set up office in Hong Kong, which accounts for almost half of the total application leads in this sector only. Newcomers include companies in the Advertising and Architecture sectors, originating from countries in Europe and Americas.

Growth expected in creative sector
Comparing with other regions in the world, economy in Hong Kong, China and Asia Pacific have recovered significantly and forecast has been optimistic. This propels many companies to coming into this part of the world to tap into the ample opportunities here. The region offers vast manufacturing facilities, great consumer markets on goods and life-style and increasing demand for urban development.

Currently contributing only 4% to the Hong Kong’s GDP, the creative sector has been selected one of the six economic pillars  of Hong Kong anticipating substantial growth. Hong Kong creative industry sector has acquired a strong reputation in the neighbouring Asian countries and have succeeded in securing large scale projects in the Middle East, South-east Asia and China. Overseas companies with presence in Hong Kong and by teaming up with local complementary counterparts will create synergy in getting foothold in these promising markets.

Hong Kong advantages
In addition to the advantages of Hong Kong’s strategic geographic location, low tax, rule of law, freedom of information and capital flow, creative companies have access to the high concentration of manufacturing facilities and expertise in the Great Pearl River Delta. This proximity of such supply base enables particularly design companies to carry out quality control over products and processes. Asian countries also embrace large consumer markets, which provide many opportunities for design goods, multimedia and advertising.

Hong Kong’s tertiary education in creative disciplines such as architecture, multimedia, product and graphic design provide a pool of home-breed talented graduates, while many other returning young professionals have graduated from top design schools around the world. With both the Asian and Western exposure, these are valuable resources to the overseas companies.

Dutch creative companies and professionals already present in Hong Kong are providing services in the areas of design consultancy, architecture, product design, fashion design and media.

*Six economic pillars: testing & certification, medical services, innovation & technology, culture & creative, environment, educational services.

Source: Dutch COnsulate General Hong Kong