Updates from Hong Kong: November 2022
From the Senior Commercial Officer,
Bradley Harker
As you will read from our update below, it has been an incredibly busy month as Hong Kong gets back to work. A clear highlight was the success of Hong Kong Fintech Week, which attracted thousands of participants at the Hong Kong Convention and Exhibition Center. The fintech space is an area where we are particularly active in both supporting American companies to expand and grow their presence in Hong Kong and beyond, and also in our efforts to attract Hong Kong fintech companies that want to establish a presence in the United States via our SelectUSA Program.
As we head into November and into the new year, we are excited about upcoming programs including leading a delegation to the Consumer Electronics Show in Las Vegas (January) and the Clean Beauty Product Showcase and seminar in February in collaboration with our colleagues on the mainland. Overall, it is great to see Hong Kong finally opening up. I encourage you to plan a trip to Hong Kong to take advantage of all that this city has to offer!
 Business travel to Hong Kong begins to noramalize
Hong Kong has begun to relax its inbound travel restrictions, including an end to the mandatory hotel quarantine. Since that announcement on September 26, we have seen a steady uptick of inbound business travelers into Hong Kong. Although hotel quarantines are no longer required, inbound travelers must submit daily Covid tests and are not permitted to enter restaurants or gyms for three days. We hope that these and all other restrictions will be lifted soon!
Hong Kong’s air traffic is starting to pick up. Cathay Pacific Airlines is expected to add 1,200 flights to popular destinations such as Japan, Korea, Bangkok and United Kingdom. Though these are still far from pre-COVID levels, the airline is plans to hire 4,000 frontline staff. Flights to five popular cities, Dubai, Madrid, Milan, Kathmandu and Bangalore, resumed last month.
Many local Hong Kong residents are taking their first holiday since the pandemic. With locals departing for holidays and the border with mainland China remaining closed to normal traffic, Hong Kong retailers, hotels, and restaurants continue to operate in very challenging circumstances.
 Fintech Week, Rugby 7s and Yayoi Kusama at M+
We will see several international events returning to Hong Kong this November 2022. From October 31-November 4, The Hong Kong Fintech Week presented by InvestHK will attract a delegation of 20,000 global financial professionals, while the Global Financial Leaders’ Investment Summit organized by Hong Kong Monetary Authority took place on November 2-3.
From November 4-6, the Rugby 7s is making a comeback after a three-year hiatus. The organizer is only looking to fill 85% of the stadium’s capacity of 40,000 spectators due to COVID restrictions. The Hong Kong 7s has traditionally been one of the city’s main annual events, and we look forward to seeing the return to this perennial event.
From November 12, 2022 to May 14, 2023, the world-famous contemporary artist, Yayoi Kusama will launch her 1945 to Now Exhibition at M+ museum in West Kowloon Cultural District. Featuring more than 200 works, this exhibition will showcase seven decades of Kusama’s work starting from her teenage years. This will be the first major exhibition that M+ is hosting since its opening in 2019.
Upcoming Commercial Service Events
Greater China Clean Beauty Product Showcase & Seminar, February 21-22,2023.
We successfully recruited 25 U.S. clean beauty brands to participate in our Greater China Clean Beauty Product Showcase & Seminar in February 2023. China is currently the second largest cosmetics market globally and is a market estimated to be worth US$ 78 billion by 2025. With its growing middle class and sophisticated consumers, Chinese consumers are increasingly seeking more natural and organic alternatives.
If you are interested in learning more about the program, please contact Commercial Specialist, Natalie Tong at Natalie.Tong@trade.gov
Join our CES 2023 delegation, January 5-8, 2023
The Hong Kong U.S. Commercial Service team is currently arranging a delegation from Hong Kong to attend CES 2023, the world’s biggest and most influential tech event. CES will take place at the Las Vegas Convention Center and will feature more than 3,000 exhibits. Our Hong Kong delegation will receive exclusive benefits such as access to the International Business Center, an invitation to an International Reception, and more under the Department of Commerce’s Trade Events Partnership Program.
For more information, please contact Boris Meyer at Boris.Meyer@trade.gov
Join our SelectUSA Tech - Pitch Competition
SelectUSA Tech, in partnership with SuperMatter, kicked off its first ever pitch competition on October 11. Tech startups in Hong Kong and Macau are invited to participate and submit their applications to join the pitch competition between October 24 and November 13.
We will be announcing ten finalists to progress on to the live pitch session on November 30. Prizes include USD100,000 in Google Cloud Platform credits and consultation sessions with immigration and tax firms.
For more information, please contact Boris Meyer at boris.meyer@trade.gov.
2023 SelectUSA Investment Summit is now open, May 1- 4, 2023
 Thinking of investing in the U.S? Join our 2023 SelectUSA Investment Summit.
The SelectUSA Investment Summit is the annual platform for companies to learn more about investment opportunities in the U.S. The summit will connect investors with different states, industry experts, and third-party providers to help them understand more about different investment options. Last year’s summit was the largest ever attracted over 4,000 attendees. This year’s program has now been officially launched by U.S. Secretary of Commerce, Gina Raimondo.
If you are considering joining our 2023 delegation, please submit your application here.
For more information, please contact Boris Meyer at boris.meyer@trade.gov
Recent Events
Invest Hong Kong Investment Promotion Week: Innovation and Technology Day
 The U.S. Commercial Service in Hong Kong recently attended Invest Hong Kong’s Investment Promotion Week: Innovation and Technology Day. The event brought stakeholders and speakers from the tech, health sciences, and sustainability sectors.
U.S. companies who are keen to capitalize on these opportunities can contact Boris Meyer at boris.meyer@trade.gov
Invest Hong Kong Investment Promotion Week: Lifestyle and Creative Industries Day
At the recent Invest Hong Kong Investment Promotion Week: Lifestyle and Creative Industries Day, we were given an overview of three major development projects in that could offer opportunities to U.S. firms. These projects focus on culture, sports, and the development of the airport. We learned about Hong Kong’s plans for the West Kowloon Cultural District, Kai Tak Sports Park and Airport City. These three key major infrastructure projects are poised to bring new opportunities to Hong Kong especially in retail, entertainment, hospitality, and tourism.
For information about retail trends, please download Retailing in the Twenty- Minute City Report.
Accenture x Cyberport Hong Kong FinTech's Finest Forum: October 12, 2022
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