Hong Kong Is Creating The Future Through Innovative Technology
The introduction of the 13th National Five-Year Plan has opened the doorway for more opportunities for innovative technology in Hong Kong.
This plan, combined with the development of the Guangdong-Hong Kong-Macau Greater Bay Area puts Hong Kong in a prime position to capitalise on its advantages within the research and development (R&D) area, technology infrastructure, and other key areas such as the legal system and intellectual property.
All these together will act as the bridge that will strategically link Hong Kong with innovative companies who are hoping to get a foothold in the Mainland China market too.
Developing the 8 Major Innovative Technology Areas
The Hong Kong Special Administrative Region plans to promote the development in key areas within the innovation and technology field. These areas include:
- Increasing R&D resources
- Pooling together talent in technology
- Providing the necessary funding and investment for innovative technology infrastructure
- Opening government data from the administration
- Reviewing the existing regulations and the legislations in place
- Enhancing the popularity of science education
- Leading the way for change to happen within the procurement arrangements
These investment projects are a representation of what the city envisions for its long-term development. This development is not just within local Hong Kong, but in the Mainland too.
Infrastructure To Support Technology
The projects lined up include:
- Development of the Hong Kong Science Park, Cyberport, cable links for submarines and the Hong Kong-Shenzhen Innovation and Technology Park.
- Implementing a Funding Scheme for reindustrialisation worth $2 billion.
- Another $500 million is earmarked to implement an IT Innovation Lab as part of the Secondary Schools Programme. The first batch of labs are expected to be set up sometime in early 2020 progressively.
Major Stakeholders Involved in Innovative Technology
The continued growth and development of Hong Kong is a necessity, especially with the major stakeholders who are heavily invested in the country. For example, the Science Park alone has 710 tech-based companies. Not to mention the Cyberport, which is home to approximately 1,500 businesses.
Hong Kong is building its future one innovative step at a time, and it is set to continue its reign as one of Asia’s most successful business hubs.