Facing a business environment that has changed profoundly over the past few years, the Hong Kong SAR Government’s budget, recently announced by Financial Secretary Paul Chan, spotlights three newer sectors – innovation, sustainability and wellness, all of which are key growth drivers.
The global fisheries and aquaculture industry are evolving rapidly to increase resource efficiency, boost output sustainably improve food security. Aquaculture – farming freshwater fish and crustaceans – is developing more rapidly in emerging markets than mature ones, and is growing strongly in Hong Kong.
Biotechnology and sustainability are key factors in the development of the Belt and Road Initiative. These technology-heavy fields received extensive attention at last month’s Belt and Road Summit, organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC).
As the shift to vegetarian diets becomes more deeply rooted in Hong Kong, local start-ups are seizing the opportunity to develop new food technologies. Hong Kong start-up Good Food Technologies has developed a plant-based pork substitute made from konjac (a root vegetable widely cultivated in Asia), coconut oil and soyabeans. The firm's first round of financing attracted HK$12 million (US$1.53 million) which will be used to build new production facilities, develop retail capabilities and grow beyond Hong Kong.
With Mainland China setting 2060 as the deadline for carbon neutrality, sustainable development has become an important goal for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The Hong Kong Trade Development Council (HKTDC) and global bank HSBC have teamed up to help small and medium-sized enterprises (SMEs) upgrade in order to achieve environmental, social and governance (ESG) objectives.
Learn about latest market updates and insights to empower your business.