Hong Kong sees record growth in startups, employment in 2024
Date
12/30/2024 3:47:13 AM
(MENAFN) Hong Kong has reached new milestones in 2024, with record numbers of startups and employees in the sector, according to official statistics released on Saturday.
The number of startups in the Hong Kong Special Administrative Region (HKSAR) surged to 4,694 in 2024, marking a 10 percent increase from the previous year and approximately 40 percent higher than in 2020, based on the latest data from Invest Hong Kong (InvestHK).
The combined workforce of these startups approached 18,000 in 2024, reflecting a 7 percent year-on-year increase and a notable 65 percent rise since 2020.
Alpha Lau, the Director-General of Investment Promotion at InvestHK, attributed the growth to proactive government measures supporting emerging industries and businesses.
The sectors with the largest growth included "health and medical" and "sustainable and green technology," highlighting the success of the government's investments in innovation and green energy initiatives.
To further boost the startup ecosystem, the HKSAR government has introduced the I&T Accelerator Pilot Scheme, offering 180 million Hong Kong dollars (USD23.19 million) in funding, with a one-to-two matching ratio between the government and participating institutions, aiming to attract international startup accelerators with proven success.
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