The Hong Kong-Shenzhen Innovation and Technology Park welcomed its first batch of partners from some 60 companies and organizations on Thursday, with their investment expected to top HK$1 billion, paving the way for deeper cross-border technology collaboration.

Apart from those from Hong Kong and the Chinese mainland, about a quarter of the companies are from overseas, including the United States, France, Japan, the United Kingdom, Australia, Thailand and Singapore, according to Hong Kong officials. Some 24 of the companies are either new to or expanding their business in the Hong Kong Special Administrative Region.

Their specializations range from life and health technology to new energy and microelectronics. Notable names include UK biopharmaceutical company AstraZeneca and Shenzhen-based biotech firm BGI Genomics.

These enterprises and enterprising partners will help to attract talent and investment, cultivate industry collaboration, facilitate market access, and offer other essential services, Hong Kong Chief Executive John Lee Ka-chiu said.

The 87-hectare park’s strategic importance lies in its location at the Lok Ma Chau Loop, which is northeast of Yuen Long, on the Hong Kong-Shenzhen border and the banks of the Shenzhen River.  

The GBA will create new quality productive forces to boost the high-quality development of our country. Inspired by innovation, they include high-tech, high-efficiency and high-quality productivity.

John Lee Ka-chiu, Hong Kong Chief Executive

Also known as the Hong Kong Park of the Shenzhen-Hong Kong Innovation and Technology Cooperation Zone, it will be developed in two phases. The first three buildings under phase one are scheduled for completion from the end of 2024 onwards.

The partnership came as the Guangdong-Hong Kong-Macao Greater Bay Area became even better connected with more transport and border links. According to Lee, the GBA has a combined GDP of 14 trillion yuan, equivalent to one-ninth of that of the country, which is the world’s second-largest economy.

“The GBA will create new quality productive forces to boost the high-quality development of our country. Inspired by innovation, they include high-tech, high-efficiency and high-quality productivity,” said Lee.

Secretary for Innovation, Technology and Industry Sun Dong said the diverse portfolio of the park’s partners highlights Hong Kong’s unique advantage as an international city.

“Also, today's partnership casts a big vote of confidence in the development of the HSITP, as well as Hong Kong’s I&T development,” he said.

Under the Hong Kong innovation and technology development blueprint promulgated in 2022, one of the city’s key strategies is to consolidate its role as a bridge connecting the mainland and the rest of the world.

“Today’s ceremony is one of our key milestones and I can say it is just a beginning. More good news is coming,” Sun said.

Being home to five world’s top 100 universities, and numerous world-class experts and scholars, Hong Kong has access to the best resources available, forming a solid foundation and network for its journey to become an international innovation and technology center, Sun said.  

“To realize this goal, fostering collaborative efforts from the government, industry, academic, research and investment sectors is of utmost importance for all of us,” he said.