Hong Kong
U.S. exports to Hong Kong: In 2022, the United States exported US$26.5 billion in goods to Hong Kong, much of which were transshipped to mainland China and other regional markets. The top export categories from the United States to Hong Kong include electrical machinery, precious metal and stone, art and antiques, machinery, and agricultural products.
Best prospects for U.S. suppliers: Leading export sectors for U.S. firms include electronic components, medical equipment and pharmaceuticals, aviation and airport equipment, transportation infrastructure, financial services, education and training services, travel and tourism services, retail, and consumer goods such as packaged food, wine, cosmetics, and toiletries. Innovation and technology initiatives being undertaken by the Hong Kong government with focuses on healthcare, financial services, sustainability, and infrastructure development also present opportunities for U.S. technology providers.
Hong Kong public infrastructure projects are in various stages of planning, execution, and completion. Completed projects include the Ocean Park amusement park enhancement, the Harbor Area Treatment Scheme, and multiple subway and light rail lines. New and ongoing projects include the Hong Kong International Airport Expansion Plan, Lantau Tomorrow, tourism infrastructure, and city improvement plans. The Northern Metropolis project, proposed by former Chief Executive Carrie Lam in 2021 to develop an innovation and technology hub near the border with mainland China, involves developing buildings and facilities with a projected gross floor area of 70 million square feet and up to 190,000 residential units.
Hong Kong-based private procurement: Hong Kong is home to many procurement agents and purchasing offices. Many purchasing decisions for major projects and conglomerates in Macau, mainland China, or other regional economies are made in Hong Kong.
Sustainability: Awareness and prioritization of climate-related issues have rapidly grown in Hong Kong, creating opportunities in sustainable finance, climate resilience, and sustainable business. Demand for tools and services that can help companies reach their environmental goals is very high, and environmental performance is increasingly a major consideration for consumers and firms alike.
SelectUSA: Established in 2011 by Executive Order of the President, SelectUSA is a government-wide initiative to promote foreign direct investment (FDI) in the United States to create jobs, spur economic growth, and promote American competitiveness. In this regard, SelectUSA works in partnership with state, regional, and local economic development organizations to promote FDI into the United States. In May 2023, the SelectUSA Summit in Washington D.C. saw a record turnout with many 4,000 delegates in attendance. Hong Kong serves as a priority market to attract foreign investment to the United States. SelectUSA has traditionally attracted many Hong Kong and Chinese companies to participate in regional workshops and the SelectUSA Summit due to Hong Kong’s special role as a commercial and financial hub through which over 60 percent of China’s overseas investment flows. The SelectUSA program in Hong Kong benefits from the multitude of FDI-supporting service providers (such as consultants, law firms, financial service providers, etc.) who help assist with inbound FDI into the United States. For enquiries, please visit SelectUSA or contact: (202) 482-6800 / +852 2521-1467 in Hong Kong.
Macau
In 2022, the United States exported US$1.2 billion worth of capital goods to Macau, a 12.2 percent downtick from the 2021 figure of US$1.4 billion.
U.S. Export Opportunities: Macau’s hospitality sector has historically created demand for food/beverage products and services and related hospitality consumables. Other opportunities include healthcare, gaming equipment; architectural services; energy-efficient lighting, HVAC systems, and “smart building” systems; recreational and sports equipment; building security equipment; hotel, restaurant, and resort management training services; computer and financial software; and meetings, incentives, conventions, and exhibitions (MICE) services such as exhibition and event planning.
Major Construction Projects: Most casino and hotel expansion projects on the Macau Peninsula and the Cotai Strip were completed in 2021, including the Wynn Palace Phase 2, the SJM’s Grand Lisboa Palace Resort, and Sands China’s mega integrated resort The Londoner. The 4th harbor crossing bridge linking the Macau Peninsula and Taipa is now under construction and is expected to be completed in 2024. Another major infrastructure project is the ongoing expansion of Macau’s Light Rail Transit System, which will connect the Macau Peninsula with Taipa and Coloane islands. A land reclamation project covering 129 hectares to expand Macau International Airport’s capacity to 15 million passengers per year is set to begin in the second half of 2024.
Hengqin Island and Regional Development in Zhuhai, PRC: Hengqin Island in Zhuhai, adjacent to Macau’s Taipa and Coloane islands is another area of focus for the Macau SAR and is intended to facilitate the integration of Guangdong Province and the Macau SAR. Several planned projects have been reported in the press, including resorts, hotels, integrated retail and convention centers, luxury villas, education facilities and other service areas in Hengqin and elsewhere in Zhuhai. Notably, these projects will not include gaming facilities. With focused planning and support from Beijing, Hengqin could help diversify Macau’s economy beyond gaming. In February 2023, the People’s Bank of China launched 30 new policy measures alongside mainland financial regulatory authorities to provide the necessary framework for overseas financial institutions that have operation in Hong Kong or Macau to set up subsidiaries in Hengqin.