Financial Secretary Paul Chan Mo-po speaks at a forum titled "The Future of Hong Kong as a Regional Innovation Hub" held by the Our Hong Kong Foundation in the city, on Sept 13, 2022. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR)

The Hong Kong Special Administrative Region (HKSAR) government is working out a roadmap that will set out the directions and objectives of Hong Kong’s innovation and technology development in the coming five to 10 years, the city’s finance chief said on Tuesday.

“We plan to roll it out within six months of this new government,” Paul Chan Mo-po said in his speech at a forum titled "The Future of Hong Kong as a Regional Innovation Hub". It was organized by Our Hong Kong Foundation.

Highlights of the development plan include the establishment of an innovation and technology ecosystem, which will help integrate resources in the region, connect upstream, midstream and downstream stakeholders, and promote cross-sector and cross-regional collaboration

With all our endeavors and the strong support from our country, the future of Hong Kong as a regional innovation hub looks extremely promising.

Paul Chan, Financial Secretary, HKSAR

“Hong Kong has long been well regarded for excellence in research. But only when research outcomes are better integrated with commercialization and products could we expect our I&T development to be more sustainably powered,” said the financial secretary.

Talking about I&T infrastructure, he said under the Northern Metropolis Development Strategy, the Hong Kong-Shenzhen Innovation and Technology Park and the Lok Ma Chau/San Tin area will form the San Tin Technopole. 

Together with the Shenzhen I&T Zone, the technopole will rise as a world-class I&T hub, with Hong Kong at the fast-beating heart of it, he added.

Joint venture in I&T infrastructure also signifies booming collaboration between Hong Kong and our sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Chan pointed out. 

“If Hong Kong wants to become a regional innovation hub, we must see each of our strengths and capitalize on them. Indeed, there is much room for Hong Kong and other GBA cities to work together, such as consolidating our I&T resources, including people and capital, and synergizing our research capabilities and marketing potential.”

Financial Secretary Paul Chan (center); Vice Chairman of the Our Hong Kong Foundation Dr Victor Fung (third right); President of the Our Hong Kong Foundation, Eva Cheng (second left); and other guests pose for a photo at a forum titled "The Future of Hong Kong as a Regional Innovation Hub" held by the Our Hong Kong Foundation in the city, on Sept 13, 2022. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR)

Underscoring that people are the most valuable asset for I&T, he said in consultation sessions for the Chief Executive’s Policy Address over the past month or two, the government heard the need for Hong Kong to attract more talent and strategic enterprises “to come here to help power our whole I&T sector”. 

“We believe Hong Kong is on the right track for I&T. With all our endeavors and the strong support from our country, the future of Hong Kong as a regional innovation hub looks extremely promising.”

Eva Cheng, president of Our Hong Kong Foundation, said the country's 14th Five-Year Plan explicitly supports Hong Kong's development as an international innovation and technology hub, bringing unprecedented opportunities to the city.

Hong Kong's infrastructure, science and innovation ecosystem, legal and professional services, venture capital and incubators, and stock exchange financing are all developing and growing, said Cheng. 

With inputs from Xinhua