The industrialisation of Hong Kong: how it became one of the best business cities in the world

The industrialisation of Hong Kong: how it became one of the best business cities in the world

The industrialisation of Hong Kong: how it became one of the best business cities in the world
22nd May 2023

Hong Kong's growth from a small fishing village to one of the world’s leading financial centres and international business hubs is a remarkable testament to its industrialisation. Over the course of the past century, Hong Kong has experienced exponential economic growth, attracting business in Hong Kong from all around the world. Its rise as one of the best business cities globally can be attributed to a combination of historical factors, strategic location advantages, its business-friendly environment, and focus on innovation and technology. 

 

The city of Hong Kong at night. Business in Hong Kong never stops
Business in Hong Kong never sleeps

Businesses in Hong Kong played the waiting game 

Hong Kong's industrialisation began in the late 19th century when it emerged as a major trading port under British colonial rule. Its strategic location in Southeast Asia facilitated trade between China and the rest of the world, leading to significant economic growth. The establishment of modern infrastructure, such as a deep-water harbour, efficient transportation networks, and a stable legal system, laid the foundation for Hong Kong's future industrial success. 

Hong Kong's position at the heart of Asia also played a crucial role in its industrialisation. It serves as a gateway to mainland China and other Asian markets, making it an attractive destination for companies seeking to access these markets. The city's advanced transportation and logistics infrastructure ensures seamless connectivity with the rest of the world. Hong Kong’s International Airport, for example, offers a wide range of international flights, providing convenient access for business travellers. Additionally, Hong Kong's extensive transportation infrastructure, including the Mass Transit Railway system, ensures seamless connectivity within the city and beyond. This has driven investments in serviced apartments in prime locations near major business hubs, minimising commuting time and maximising productivity. 

 

cityscape of Hong Kong at night
A tale as old as time 

A carefully crafted business-friendly environment 

Hong Kong's growth and success as a business city can be attributed in part to its business-friendly environment. The city has consistently maintained a low-tax regime, minimal government intervention, and a commitment to free trade. This approach has fostered a culture of entrepreneurship and attracted multinational corporations, small and medium-sized enterprises (SMEs), and financial institutions.   

The growth and development of Hong Kong's business sector has created thriving demand for serviced apartments, while the availability of high-quality serviced apartments has further supported the city's business environment. By providing comfortable and convenient accommodation options, serviced apartments contribute to the overall attractiveness of the city as a business destination. They play a role in attracting foreign businesses and skilled professionals to establish a presence in Hong Kong, stimulating economic growth and creating employment opportunities. 

Serviced apartments strategically located in or near Hong Kong's major business districts have gained popularity. Business professionals value proximity to their workplaces; a demand that has led to the development of serviced apartment buildings in areas like Central, Admiralty, Causeway Bay, and Tsim Sha Tsui, where many multinational corporations, financial institutions, and professional services firms are located. 
 

 

the growth of Hong Kong thanks to tech
Tech and innovation driving Hong Kong's growth 

Tech waves of success: Hong Kong's growth is fuelled by innovation 

Hong Kong has recognised the importance of innovation and technology in sustaining its industrial growth. In recent years, the city has actively promoted the development of a robust innovation ecosystem, with initiatives to support startups, research and development, and technology transfer. The government's commitment to fostering innovation and technology has attracted entrepreneurs, researchers, and investors, leading to the establishment of innovation hubs, such as the Hong Kong Science Park and Cyberport. These efforts have facilitated the growth of sectors like fintech, biotechnology, and smart city solutions, further enhancing business in Hong Kong.  

Hong Kong has witnessed a surge in entrepreneurial activity and startup culture. As a response, the city offers a range of startup incubators, accelerators, and co-working spaces that provide support, mentorship, and networking opportunities for aspiring entrepreneurs. Initiatives like Cyberport, Science Park, and the Entrepreneurship Center at HKUST offer resources, funding, and access to industry experts, encouraging innovation and technological advancements. 

 

Business in Hong Kong thrives
Business at the heart of the city

Hong Kong’s industrialisation journey showcases the city's ability to embrace change, foster entrepreneurship, and attract international businesses. The city’s continued commitment to sustainable growth and innovation ensures that it will remain a vibrant and dynamic city, driving economic progress and serving as a beacon of opportunity for businesses in Hong Kong.  

If your next business trip takes you to Hong Kong, have a read of our Hong Kong Corporate Traveller Guide beforehand and take a look at 6 of our best serviced apartments to accommodate your stay in this ever-expanding city.  


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