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HKPC Welcomes Policy Address Measures to Promote I&T Development to Power New Economy with Innovation

(Hong Kong, 6 October 2021) The Hong Kong Productivity Council (HKPC) welcomes the measures announced in the Chief Executive Mrs Carrie Lam’s 2021 Policy Address today to support the development of innovation and technology (I&T) through strengthening the cooperation of the Government, industry, academic and research sectors, so as to enable reindustrialisation to take root in Hong Kong and seize on the I&T opportunities of Shenzhen and the Greater Bay Area (GBA), thus developing Hong Kong as an international I&T hub as promulgated in the 14th Five-Year Plan.

HKPC also welcomes the Government’s proposal to expand the Innovation and Technology Bureau into the Innovation, Technology and Industry Bureau to change the perception that local industries are declining and highlight the role of I&T in promoting the development of reindustrialisation in Hong Kong. It will fully complement the Government’s effort in reindustrialisation in terms of talents, capital, technology and research, so as to make Hong Kong’s industrial value chain more complete and its economy more diversified. Also, through its team of professionals and application of Industry 4.0 and intelligent manufacutring technology, HKPC supports the establishment of high-value-added and high-tech advanced manufacturing and intelligent production lines in Hong Kong to demonstrate the power of “Made-in-Hong Kong” brand, leveraging innovation to pivot the new economy of Hong Kong.

HKPC is encouraged by the Government’s multi-faceted promotion of 5G development, meeting various 5G service needs in terms of speed, capacity and coverage, and funding more industries to adopt 5G innovative applications to improve efficiency and productivity through the Subsidy Scheme for Encouraging Early Deployment of 5G. As a driver of advanced technology and innovative services, HKPC established the 5G Future Hall in April this year as a superconnector of various 5G industry stakeholders and provide a comprehensive 5G testing service platform for the business sector; in the future, it will continue to fully support the Government in the promotion of the application and development of 5G technology.

The “14th Five-Year Plan Outline” emphasizes on frontier fields such as life and health disciplines. HKPC is happy to learn that the Government will leverage Hong Kong's strengths in life and health sciences to meet the “national needs”. With a solid foundation in research, HKPC will continue its efforts to cooperate with the Mainland on the scientific research work in the field of health with technology, allowing Hong Kong companies interested in the development of life and health technology to grasp the potential and development opportunities of the GBA market.

In view of the Government’s coming announcement of the Hong Kong’s Climate Action Plan 2050, HKPC will actively promote the conversion of waste into energy, research and development of new energy vehicles, green living and other technologies, in order to support Hong Kong in its effort towards low carbon and less waste, and strive to achieve carbon neutrality by 2035.

HKPC is even more pleased to see the investment by the government to cultivate I&T talents and support startups which are expected to draw more talents, enterprises and fund investors to participate in I&T development in Hong Kong. In the future, HKPC will strive to integrate into the overall development of the country, support government policies in innovation and technology, actively participate in national research and development initiatives, upskill and broaden the local I&T talent pool, drive the development of Hong Kong’s reindustrialisation and carry out technology R&D to support SMEs in Hong Kong.

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