How Hong Kong is developing its innovation sector

Given Hong Kong’s developed infrastructure and central location in the Greater Bay Area development zone, the HKSAR Government is focusing on the city’s strengths by encouraging development of innovation and technology – pledging over HKK$100 billion to initiatives across eight key areas, including research & development and the pooling of tech talent.

China has expressed its intentions to build the Greater Bay Area into an international innovation and technology hub to rival Silicon Valley. Likewise, the Hong Kong Government is transforming a greenfield site near the Lok Ma Chau Loop into the Hong Kong-Shenzhen Innovation and Technology Park – providing necessary infrastructure to nurture growing science and technology companies. As for Cyberport – one of Hong Kong’s existing high-technology development parks and home to approximately 1,500 companies – the area will receive a HK$5.5 billion allocation to expand its campus size and take on more start-ups and technology SMEs.

Under the government’s InnoHK Clusters scheme, two new research clusters will be established at the Hong Kong Science Park. Focused on artificial intelligence and robotic technologies and healthcare technologies, the area will bring together bright minds to further Hong Kong’s research and development in these two exciting fields. Additionally, research institutions and universities can now apply for science and technology funding (issued by the Central Government) for use in Hong Kong.

Manufacturers will also benefit under the new initiatives, as a HK$2 billion Re-industrialisation Funding Scheme will be implemented to set up smart production lines in the city.

Click here to learn more about the Hong Kong Government’s innovation development initiatives.

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