Kriti PatelTLDR:
More than 10 technology firms are expected to establish a base in Hong Kong under a government initiative to attract foreign and mainland Chinese companies. These firms specialize in areas such as life and health technology, artificial intelligence, data science, advanced manufacturing, and new energy technology. The move aligns with the government’s budget address, which earmarked subsidies for universities to set up life and health technology research institutes in the city.
In a radio program, Secretary for Innovation, Technology and Industry Sun Dong mentioned that overseas companies are interested in Hong Kong for its potential in developing in mainland China. Hong Kong’s local health sector’s global links and research capabilities make it an attractive location for companies to set up research centers. The government will sign agreements with these companies in March, building on a previous agreement with 20 strategic enterprises.
This initiative aims to strengthen Hong Kong’s advantages in medical research and drive the city’s GDP growth through investment in the technology sector. The government’s investment covers 53% of the sector, showcasing a commitment to fostering growth in technology and innovation.
Secretary Sun Dong will lead a delegation to Saudi Arabia and the United Arab Emirates to strengthen cooperation in technology. The trip will include attending a technology conference and showcasing the Hong Kong pavilion organized by local technology parks.
