ECONOMY | Staff Reporter, Hong Kong

What opportunities Hong Kong can take in the Greater Bay Area

Aviation and basic research are amongst the areas of growth for the city.

Hong Kong has played a vital role in expanding the flow of trade and investment for the global supply chain it has created, but the 2022 Foundation has said there are other areas of opportunities for the city, particularly in the Greater Bay Area (GBA).

“We need to extend our existing roles in capital raising, operations management, and financial and professional services for global supply chains in the Pacific so that we adequately cover those areas where new supply chains – and new global consumption growth - are emerging,” Victor Fung, chairman of the foundation, said.

“RCEP (Regional Comprehensive Economic Partnership), which is potentially the world’s largest single market, is where traditional and new flows meet.”

The 2022 Foundation, for one, said Hong Kong could serve as the leading international aviation logistics hub as it anticipates an emergence in the GBA of the world’s most competitive airport cluster.

The foundation recommended developing an “Aviation Metropolis” across GBA with the Hong Kong International Airport at the centre.

Hong Kong may also leverage on its strengths in basic research to make GBA a world-leading innovation hub. The report flagged the need for Hong Kong to increase research resources for its universities as well as attract the world’s top scientists to do research in the City.

Further, Hong Kong can seek new growth by becoming a part of the upgraded manufacturing chain at a higher level of value, as a way to reshape its advantages in the industrial chain.

Lastly, Hong Kong could leap to high-tech industry and nurture home-grown tech firms. The report recommended the City could serve as a site for small-scale factory operators working with local product innovators.

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