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Published: 10:10, October 06, 2022 | Updated: 14:19, October 06, 2022
Tech buildup key to Hong Kong’s future
By Ao Yulu
Published:10:10, October 06, 2022 Updated:14:19, October 06, 2022 By Ao Yulu

Industry veterans say attracting world-class talent to SAR will help city realize dream of becoming an international innovation and technology hub. Ao Yulu reports from Hong Kong.

Hong Kong’s high standing as a world financial center in the past decades is attributed to the city’s sound financial infrastructure and legal system that has paved the way for the development of other industries.

But the special administrative region’s economy was dealt a blow by the 2019 social unrest and the COVID-19 pandemic, resulting in stuttered growth over the past three years. Although the financial services sector has played a pivotal role in Hong Kong’s economic advance, new growth engines are needed to elevate the city’s international status to new heights in the long run.

Hong Kong has an all-round and mature financial ecosystem and an open business environment that provide a good basis for further cooperation with the mainland in the inno-tech sector.

Peter Yan King-shun, CEO of Hong Kong Cyberport Management Co

A new direction for Hong Kong to beef up its innovation and technology industry and inject fresh impetus into the economy has been charted since the national 14th Five-Year Plan (2021-25) was unveiled to deepen integration between Hong Kong and other pillar cities in the Guangdong-Hong Kong-Macao Greater Bay Area.

The goal is to turn the 11-city cluster into a world innovation and technology hub.

Hong Kong Chief Executive John Lee Ka-chiu vowed recently in a forum to lead the SAR government to strengthen links with the mainland in developing innovation and technology. His election manifesto mapped out a blueprint for developing the city into an inno-tech center that can facilitate economic transformation. The manifesto also put emphasis on boosting inno-tech collaboration among cities in the Greater Bay Area and promoting synergistic and integrated development of industry chains within the cluster.

Deepening links between Hong Kong and the Chinese mainland will have a complementary effect and create a new chapter for Hong Kong in developing innovation and technology, say veteran industry players.

“Hong Kong has an all-round and mature financial ecosystem and an open business environment that provide a good basis for further cooperation with the mainland in the inno-tech sector,” says Peter Yan King-shun, CEO of Hong Kong Cyberport Management Co.

Hong Kong can also act as a launch pad for mainland companies to attract international capital and abundant talents from around the world.

The SAR’s global financial links will benefit local enterprises in global trade, while its “East-meets-West” culture offers the city a unique position and a window for mainland companies to learn and familiarize themselves with overseas markets, says Yan. He says global technology talents can contribute a lot to Hong Kong’s innovation and technology field. This is a vital step to enabling local enterprises to excel on the world stage.

Peter Yan King-shun, CEO of Hong Kong Cyberport Management Co. (PHOTO PROVIDED TO CHINA DAILY)

Increasing appeal

Hong Kong Productivity Council Executive Director Mohamed Butt believes talent is very important for the city to achieve reindustrialization.

“Hong Kong definitely needs to have a new engine of growth and reindustrialization is right on,” Butt says, citing the ongoing Northern Metropolis Development Strategy as an example.

It is necessary to attract science and technology talents from overseas and the mainland, especially from Greater Bay Area cities.

Mohamed Butt, executive director of Hong Kong Productivity Council

“The Hong Kong government could attract global companies to come to the city, and conduct research and manufacturing,” he says, adding that doing so could create jobs offering a high standard of training for young people and also complete the supply chain for the whole industry, which is very important as the growth engine.

Also, he says it is necessary to attract science and technology talents from overseas and the mainland, especially from Greater Bay Area cities. 

To increase Hong Kong’s appeal to global talents, various sectors have called on the government to introduce more favorable measures to address the main concerns of those considering relocating to the city, such as the high living costs and education for their children.  

“Hong Kong government could promote Hong Kong’s role as an international innovation and technology hub, which is supported by the central government, to attract big companies from the mainland and overseas,” says Butt, “promoting both the road map and the vision about how we want to make it an international (innovation and technology) hub,” he adds.

In addition, Butt says Hong Kong can also play an important role in helping small and medium-sized businesses from the mainland to meet international standards for commercialization. 

Mohamed Butt.jpgMohamed Butt, executive director of Hong Kong Productivity Council. (PHOTO PROVIDED TO CHINA DAILY)

As Hong Kong aims to become an international inno-tech hub, Butt points out that Hong Kong can leverage its existing strengths in and further develop high-value-added industry, such as intelligent manufacturing, research and development and new material development, to achieve that goal.

“Those sectors can help not only Hong Kong but the whole GBA (to become an international inno-tech center),” he says.

Yan, meanwhile, notes that the mainland’s vast market offers Hong Kong technology startups and enterprises greater opportunities to expand their operations.

“There will be greater diversity for various business models, and inclusiveness for those that are relatively unsuccessful. This is vital for the innovation and technology industry.”

Contact the writer at aoyulu@chinadailyhk.com


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