Some foreign companies downsized operations in Hong Kong, but they are not pulling out of the city en masse, said Invest Hong Kong. As of last June, the number of US firms headquartered in Hong Kong dropped by nearly 10 percent to 254 – the lowest in 18 years, official data. Stephen Phillips, the Director-General of Investment Promotion at InvestHK – the official body responsible for attracting and facilitating foreign direct investment into Hong Kong – admitted some companies are downsizing. But he said they are not pulling out of Hong Kong altogether. Although the epidemic and quarantine policies pose challenges to businesses, they still value opportunities in Hong Kong, he said.

Source: The Standard January 24, 2022 20:51 UTC