Southern Daily 南方日报 – 05 January 2022
Hong Kong – In a significant move to bolster its technology sector, Hong Kong is embracing regional collaboration to enhance its innovation landscape, as highlighted in a recent report by Southern Plus. The launch of SenseTime, Asia’s highest-grossing artificial intelligence company, on the Hong Kong Stock Exchange marks a pivotal moment in the evolution of Hong Kong’s tech economy.
Historically reliant on finance and real estate, Hong Kong’s economy is undergoing a transformation as the government invests over HKD 130 billion to support technology and innovation. This shift comes in response to slowing economic growth and aims to position Hong Kong as a key player in the Greater Bay Area’s tech ecosystem.
During the recent Legislative Council elections, discussions around “innovation and technology” emerged as a focal point for many candidates, underscoring the government’s commitment to fostering a conducive environment for tech growth.
As part of the Greater Bay Area initiative, Hong Kong is poised to leverage its world-class universities and robust research capabilities, alongside the manufacturing and human resources strengths of neighboring cities. This collaboration aims to break through local market limitations and enhance competitiveness on a national scale.
Calvin Cheng, a young entrepreneur and founder of a local robotics company, exemplifies this trend. After observing the shifts in the job market, Cheng established his startup, which has already developed China’s first 5G simulation robot, showcasing how local talent can contribute to national technological advancements.
The Hong Kong government has also recognized the need for increased research and development (R&D) funding. In 2021, R&D expenditure in Hong Kong represented only 0.73% of GDP, significantly lower than that of South Korea and Shenzhen. However, recent initiatives, including the establishment of top-tier innovation platforms in sectors like medical technology and artificial intelligence, indicate a robust commitment to change.
The government’s efforts have resulted in a surge in tech employment and the number of startups. The number of startups in Hong Kong has increased from approximately 1,070 in 2014 to around 3,800 in 2021, reflecting a thriving entrepreneurial ecosystem.
As the city continues to evolve, industry leaders believe that the current environment presents a golden opportunity for tech innovation. With the central government’s backing and a focus on becoming an international innovation hub, Hong Kong is set to enhance its status as a key player in the global tech arena.
