HK still needs time to become international I&T hub: Sun Dong
Secretary for Innovation, Technology and Industry, Sun Dong, highlighted the achievements and ongoing challenges facing Hong Kong's innovation and technology sector since the government unveiled the "Hong Kong Innovation and Technology Development Blueprint" in a radio program today.
"Over the past two years, various measures have been implemented, resulting in a promising start. Notably, the current administration set a goal in its first Policy Address to attract 100 key enterprises within five years and has successfully achieved this target three years ahead of schedule."
However, Sun acknowledged that while progress has been made, there is still a long way to go for Hong Kong to become "another Silicon Valley" or an international innovation and technology hub. He emphasized the need to transform the city's I&T foundations and advantages into tangible productivity and economic growth.
Sun pointed out that Hong Kong has limited time to capitalize on its historical advantages and faces significant financial challenges. He underscored the importance of funding for industrial development, urging the government to explore ways to leverage limited resources to encourage greater capital participation from society.
"The government has invested over HK$200 billion in I&T in recent years, with the majority of this funding directed toward infrastructure."
Despite the annual increase in investments in cutting-edge technology, Sun emphasized that the latest statistics reveal the ratio of research and development expenditure to local GDP has reached a record high, yet it remains comparatively low when measured against surrounding regions.
He suggested adopting models from the mainland, emphasizing the need for long-term strategies to enhance high-quality development and encourage corporate investment in research and development.
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