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A Fortune 500 company, Eli Lilly, today (December 14) officially opened its new Asian headquarters in Hong Kong.

Eli Lilly is a leading pharmaceutical company based in the United States with annual sales of US$10.8 billion.

The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, today visited Eli Lilly's new Asian headquarters to congratulate the company on its successful relocation to Hong Kong.

Commenting on the strategic move to Hong Kong, the President of Eli Lilly's Asian Operations Region, Mr Richard Smith said: "We chose Hong Kong as our regional headquarters because of its ideal central location where we can oversee and co-ordinate our considerable regional sales and clinical activities across Asia."

Eli Lilly's new Asian headquarters in Hong Kong will handle corporate and government affairs, legal, human resources, finance, marketing and medical functions in the region.

"Hong Kong is also a springboard for us to expand into China, one of the fastest growing pharmaceutical markets in the world," said Mr Smith.

"We think there will be improvements over time in China in areas such as intellectual property rights, tariffs and regulatory system following her accession to the World Trade Organisation. Hong Kong will certainly have an important role to play for our business expansion plans in China," he said.

"Our company is keen on evaluating new business proposals and further developing our clinical and research capabilities in Asia," added Mr Smith.

Mr Rowse told Mr Smith that Invest Hong Kong welcomed Eli Lilly's setting up of a regional headquarters here. Mr Rowse said: "We are delighted to see that Hong Kong is to play a significant role in Eli Lilly's China strategy."

"I am confident that Hong Kong will contribute to Eli Lilly's clinical and research activities in the region," Mr Rowse added.

Eli Lilly has been in Hong Kong since 1976 with a sales office.

The company employs 35 000 people worldwide and sells its medicines to more than 160 countries. It has major research and development facilities in nine countries.

Invest Hong Kong is the Hong Kong Special Administrative Region Government department which spearheads the drive to attract foreign direct investment to the city. It provides assistance to corporations interested in investment opportunities here.

End/Friday, December 14, 2001

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