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Innovation takes Hong Kong forward

Industry 4.0Web 3.0

City’s hub status enhanced, as the region moves up the value chain.


Hong Kong is fast developing into an international I&T hub, one of the eight centres that China’s Five-Year Plan outlines for the city, offering many arising opportunities via its platform.

In his recent budget speech, Hong Kong SAR Financial Secretary Paul Chan spotlighted innovation as a key growth driver for the city.

Hong Kong is committed to strengthening cooperation with Mainland China and overseas, boosting its role as super-connector between the two and leveraging its proximity to the massive mainland market and its role as the most international city in the Guangdong-Hong Kong-Macao Greater Bay Area to drive innovation in the region.

The development of innovation and technology (I&T) cooperation between Hong Kong and the GBA, exemplified by the Shenzhen-Hong Kong-Guangzhou science and technology cluster, brings huge opportunities. The massive innovation and technology platform the three centres present was rated second in the world by the Global Innovation Index 2023.

The Hong Kong SAR Government is actively promoting the development of a South-North dual engine, with Hong Kong driving I&T development in Mainland China, especially the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone on the boundary between Hong Kong and Shenzhen as well as new industries in the San Tin/Lok Ma Chau area.

The Hong Kong-Shenzhen Innovation and Technology Park within the Hetao Zone will include development clusters for several fields, among them life and health technology,  AI and data science and advanced manufacturing using new technologies.

The first phase of planning is complete, and authorities expect the first three building will be completed gradually from the end of this year.

Data from Hong Kong’s Innovation, Technology and Industry Bureau showed that there were 40 I&T companies that had settled or were about to settle in the city, and the goal was to introduce 100 companies within five years.

Mr Chan said that the Government will launch a HK$10 billion (US$1.28 billion) industry acceleration plan this year to fund companies engaged in life and health technology, AI and data science, advanced manufacturing and new energy technology. Authorities expect the scheme will draw 50 to 100 companies to invest no less than HK$20 billion in the city.

The second edition of InnoEX, co-organised by the Hong Kong SAR Government and Hong Kong Trade Development Council (HKTDC), returns for its second edition on 13 to 16 April as a flagship event for the Business of Innovation and Technology Week (BITWeek).

With the theme Innovation for A Smarter World, InnoEX aims to promote cross-regional and cross-field cooperation and the development of new productivity. The Innovation and Technology Exhibition brings together global exhibitors from Europe, the United States, Southeast Asia and beyond to showcase new smart technologies and innovation and technology achievements, covering products and solutions for smart cities, smart economy, smart environment and facilities, smart government, smart life and smart travel.

There will also be seminars on site, inviting experts and I&T leaders to analyse I&T trends. The conference will also organise a series of activities to support start-ups, allowing entrepreneurs to promote products and solutions to potential buyers and investors.

InnoEX runs concurrently with a group of technology-focused HKTDC events, including the HKTDC Hong Kong Electronics Fair (Spring Edition).

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