Hong Kong boasts record highs in both the number of startups locally and their employees in 2024, official statistics showed on Saturday.

The number of startups in the Hong Kong Special Administrative Region (HKSAR) hit 4,694 in 2024, up 10 percent year-on-year and approximately 40 percent more than that in 2020, the HKSAR government has announced, citing the latest Invest Hong Kong (InvestHK) data.

In 2024, the combined workforce of these startups was nearing 18,000, up 7 percent year-on-year and an increase of around 65 percent over 2020.

Alpha Lau, InvestHK's director-general of investment promotion, attributed the robust growth to proactive government measures aimed at supporting the development of emerging sectors and companies.

The sectors with the largest increases included "health and medical" as well as "sustainable and green technology," underscoring the effectiveness of the government's investments in innovation and green energy, she said.

Moreover, to attract international startup accelerators with proven track records to Hong Kong, the HKSAR government has unveiled plans to launch the I&T Accelerator Pilot Scheme with a funding allocation of 180 million Hong Kong dollars ($23.19 million) at a one-to-two matching ratio between the government and the institution.

To enhance Hong Kong's business environment, InvestHK said it will continue to promote the edges of operating in Hong Kong to potential investors and businesses worldwide through its network of 34 global offices.

InvestHK plans to open a new office in Turkey in the first quarter of 2025 to create more opportunities for Hong Kong. The initiative is part of a broader strategy to expand the agency's international outreach, including engagement with countries under the cooperation framework of the China-proposed Belt and Road Initiative.