Hong Kong's Path to Becoming an Innovation and Technology Hub Like Silicon Valley

Sunday, 1 September 2024, 07:30

Research and development initiatives highlight Hong Kong's long journey ahead before becoming a global innovation and technology hub. Minister Sun Dong emphasizes the need for increased private sector capital to foster growth. While substantial investments have been made, the government must leverage more resources to create a vibrant I&T environment.
South China Morning Post
Hong Kong's Path to Becoming an Innovation and Technology Hub Like Silicon Valley

Ambitions for Hong Kong as an I&T Hub

Hong Kong has a long way to go before it can become a global innovation and technology (I&T) hub comparable to Silicon Valley.

Need for Increased Private Sector Investment

Minister Sun Dong stated that cultivating a flourishing tech landscape requires more capital from the private sector. He remarked that the government has already invested over HK$200 billion in recent years, representing more than 1% of the city’s GDP in 2022.

Challenges Compared to Mainland China

  • In contrast, mainland China spends about 2.7% of GDP, with cities like Shenzhen and Beijing contributing even more.
  • To truly develop, Hong Kong needs to motivate companies to invest in research and development.

Strategic Focus Areas

Hong Kong's approach includes establishing specialized technology parks.

  1. Cyberport will focus on digital technologies.
  2. The Science and Technology Park will specialize in R&D.

Future Developments and Cooperation

The San Tin technopole is set to emerge close to the city’s border with the mainland, acting as a vital industry base. Moreover, the cooperative zone with Shenzhen, proposed in 2017, aims to position Hong Kong as a significant international platform within the I&T sector.

Conclusion

The government’s ambitious plans include gathering international I&T resources and transforming Hong Kong into a competitive industrial base. More details are anticipated by the end of the year, with new developments expected before 2025.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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