Frances Mofett-Kouadio
The UK still remains Europe’s top destination for inward investment projects even after the 2016 “Brexit” referendum, and will likely remain so in the long term, contrary to what economists expected after its departure from the EU last year.
Frances Mofett-Kouadio, UK director of Trade at the Department for International Trade for Hong Kong and Macau at the British consulate in Hong Kong, said that the department is also looking at investors from Macau and Hengqin.
During a British Business Association of Macao event last week, the official also noted that the department is focusing on creating strong links between local and UK universities, along with the city’s creative sector.
“The creative sector [is also a focus for the department] because of the growth of integrated resorts both here and across Henggqin. I think we have a huge amount to offer in terms of entertainment and creative companies,” said the official.
Mofett-Kouadio disclosed that Hong Kong and Macau’s high value campaigns and value targets for infrastructure projects in 2017/18 stand at £145 million (MOP1.55 billion), while its investment target for creative, and education and training stands at £80 million and £65 million respectively.
Currently, the trade provides bespoke market information, along with an access to relevant contacts in the public and private sectors in the UK for interested Hong Kong and Macau investors.
According to the official, the single largest foreign investor in the UK is from Hong Kong and there have been over £9 billion of investments made into real estate, property development and infrastructure so far this year.
“The UK still attracts the highest inward investments in Europe and we don’t expect that situation to change, so we’re really looking for innovative companies, young startups,” said the director.
The UK’s international trade secretary, Liam Fox, earlier disclosed that the country has attracted over 2,200 new inward investment projects in 2016-17.
However, reports noted that statistics published by UK’s Department for International Trade (DIT) revealed that new jobs created by foreign investment fell by 9 percent last year.
Meanwhile, Kouadio noted that the department is keen on assisting young companies that put themselves forward, adding that the team backs these companies to participate in FinTech spaces in the UK.
The official also expressed that the team remains optimistic about acquiring quality investors from both Hong Kong and Macau.
“The investments are doing really well against their targets. We want investments [that have] high value, […] bringing value to the economy long term. We’re optimistic,” Kouadio said.
“What we’ve seen [after Brexit] is a reverse [of what was expected], partly because of the weak pound, so it is a great time to invest. […] It remains a popular place to invest, particularly for this part of the world,” the official added.
Further, the UK government will host a ‘GREAT Festival of Innovation,’ which features a series of keynote speakers, master classes, showcases, installations and performances involving industry leaders in Hong Kong in March.
The event will also showcase UK innovation and technology. With the upcoming International Film Festival & Awards Macao (IFFAM) slated to take place in December 8 to 14, Kouadio noted that the event organizers are anticipating collaboration with the UK.
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