Secretary for Commerce and Economic Development, Algernon Yau, says the influx of non-local firms to Hong Kong has accelerated in recent months despite the sweeping tariffs imposed by the United States, demonstrating continued confidence in the city.

Speaking in an interview with RTHK to mark the 28th anniversary of the SAR’s establishment, as well as the first three years of Chief Executive John Lee's administration, Yau said Hong Kong has attracted 319 companies to set up shop in the SAR over the first five months of the year, with the firms' investment in the SAR totalling HK$26.5 billion, along with the creation of 6,500 jobs.

The tariff war had done nothing to slow the trend, Yau noted. While the government's investment promotion agency InvestHK had attracted 223 foreign businesses to expand to the SAR for the first four months of the year, the figure suddenly rose by 96 in May alone – representing a 43-percent jump on the overall figure for 2025.

The minister said even American firms are continuing to flock in, demonstrating a high level of confidence in the local business environment, and robust interest in exploring market opportunities in the Greater Bay Area.

The incoming businesses represent a range of industries, including finance, technology, professional services and tourism. Among them was mainland social media heavyweight –Xiaohongshu– which set up its first office outside the mainland in the SAR this month.

Meanwhile, Yau slammed US lawmakers for introducing a bill to close three Hong Kong Economic and Trade Offices (HKETOs) in the United States, saying they would just be hurting themselves, owing to their substantial trade surplus with the SAR that totalled US$270 billion over the past decade.

“Relatively speaking, the United States actually benefits more from Hong Kong. If it is to close our economic and trade offices there, it’s actually very detrimental to them and will also cut off their communications with us,” he said.

"So we hope the US side will reflect on this issue and will not take any measures to close our offices.”

Yau also said the SAR government will continue to explore market opportunities across the globe – including in Latin America, Central Asia, Eastern Europe, Africa and the Middle East – to offset the impact of the US tariff war.

He also noted that the SAR government’s Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund), concessionary measures under the SME Financing Guarantee Scheme, as well as the '9+5 SME support measures' by Hong Kong Monetary Authority can help the city's small and medium-sized enterprises navigate the US tariffs.