Revealing the Game Plan for Innovation and Technology in Hong Kong

Priming the Blueprint for Innovation and Technology in Hong Kong

Government ready to promote innovation and technology in Hong Kong

Taking centre stage in the Government’s reindustrialisation strategy is Innovation and technology in Hong Kong (I&T). This is the core idea behind the Hong Kong I&T Development Blueprint. The game plan is to position HK as a global super hub and centre for innovation and technology.

The I&T sector is a crucial enabler for HK to build momentum towards first-rate economic growth and reindustrialisation. HK’s reindustrialisation strategy will fall under the purview of the newly created post of Commissioner for Industry. The Commissioner’s role is to coordinate and drive transformation via I&T. Support from research and development (R&D) solutions will also increase with a stronger direction towards commercialisation.

To achieve these aims and more, the HK Government is focusing its energies on aggressively promoting the Blueprint. Awareness and adoption campaigns will roll out this year to ensure a broad reach and quick implementation. The Government will also be introducing key development policies under four general categories.

 

Reindustrialisation and Commercialisation

One of the primary goals of the Blueprint and policies is to drive reindustrialisation. The way forward is to augment the innovation and technology in Hong Kong. The aim is to create an ecosystem that attracts world-class investors, entrepreneurs, and the workforce to HK.

The Government plans to allocate HKD10 million towards facilitating scientific research and incentivise industry collaboration towards transformative industry development. It will include promoting opportunities to international investors and better utilisation of the Hong Kong-Shenzhen Innovation & Technology Park (HSITP).

Under the Re-Industrialisation Funding Scheme, more smart manufacturing and production will be set up, including a Science Park and Cyberport. Opportunities for local STEM (science, technology, engineering, and mathematics) university students will expand to include I&T internships. Also in the works are plans and programmes to expand and attract international I&T talents and enterprises.

The Government is aiming to ensure Hong Kong transitions into a smart city, beginning with a smart government. Changes will include moving towards a comprehensive online portal for all government services, streamlining data flow, etc. The Government will also be amending legislation to accommodate changes brought about by the expansion of the 5G network.

 

The International City of Hong Kong

As the Government accelerates its plans for innovation and technology in Hong Kong, savvy entrepreneurs should take heed. HK is well on its way to becoming an international city and a frontrunner in I&T. By leveraging the HSITP, Hong Kong and Shenzhen will be blazing new arenas of collaboration and expansion.

3E Accounting Hong Kong is ready to do its part in accelerating the push for I&T adoption. We offer a comprehensive range of business solutions for entrepreneurs, including a full suite of IT services. Our global team of professionals offers impeccable world-class service along with extensive and customisable solutions. Contact 3E Accounting Hong Kong today to do business the 21st century way.