, Hong Kong
Stock photo.

Hong Kong sets sights on innovation and technology

The government has set aside $10b to enrich the I&T ecosystem.

The Hong Kong government is aiming to play a central role in the rise of the Guangdong-Hong Kong-Macao Greater Bay Area as an international innovation and technology hub.

In a press release, Financial Secretary Paul Chan gave updates on what the city is doing to achieve this goal.

“First, our research and development (R&D) infrastructure and capabilities have continued to expand. Take the InnoHK Research Clusters at the Hong Kong Science Park as an example. To date, they have attracted more than 30 world-class universities and research institutes. They are working with our local universities - the University of Hong Kong included, of course - and have set up 28 research laboratories in healthcare technologies, artificial intelligence and robotics,” Chan said.

Chan also said the Northern Metropolis will accelerate collaboration with sister cities in the GBA, particularly in Shenzhen.

“The San Tin Technopole will rise from the Northern Metropolis, forming an I&T cluster of about 240 hectares in San Tin and Lok Ma Chau. Together with the 300-hectare I&T zone on the Shenzhen side, the resulting Hong Kong-Shenzhen Innovation & Technology Park will feature a "one zone, two parks" development, combining Hong Kong's R&D strengths and Shenzhen's strong capabilities in commercialisation and advanced manufacturing. The Park is destined to become a world-class I&T hub in the bay area,” Chan said.

ALSO READ: HK flight searches amongst Singaporeans jump as restrictions ease

Chan also mentioned the $10b in this year’s budget that was set aside to attract talent in the life and health technology sector as well as to provide hardware, clinical trials and data application support to research institutions to enhance their capacity and capability in this field.

 Additionally, another $10b was also set aside to the Hong Kong Growth Portfolio to further enrich the I&T ecosystem. The portfolio is for investment in projects that would enhance the competitiveness of Hong Kong in the longer term. Meanwhile, $5b is for setting up a Strategic Tech Fund to invest in technology enterprises that are of strategic value to Hong Kong. Another $5bn would be used to set up a GBA Investment Fund, focusing on investment opportunities in the bay area that would benefit Hong Kong. 

The update comes amidst escalating tensions in China-US relations that Chan said will inevitably affect Hong Kong.

“Today, that they may cast shadows on our economic positioning and even cause disruptions is all the more probable. We must recognise that in a world that is experiencing a once-in-a-century great global change, life could be very challenging. But change also creates opportunities. Our response is to embrace it, and edge our way forward carefully seeking to turn risks into opportunities,” Chan said.
 

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Managing conversations to increase conversions
Enterprises that used chat management platform, imBee, saw a 25% increase in sales. 
Where to invest your millions in real estate
Realtors cited two property types that can offer higher upside potential in return.
Property market ends downcycle 
Real estate expert, Cathie Chung, said that the market will have a reset by 2023.
No spacious homes for Hong Kong’s poor anytime soon 
Home size adjustment will be unlikely in the city after the waiting time for public housing hit a record-high.