With the coming of the new Budget of the Hong Kong SAR government and the Two Sessions in Beijing, the market anticipates the introduction of more pro-economic policies. To this end, Wen Wei Po interviewed major local chambers of commerce, which put forward a series of suggestions on key issues such as the consolidation and development of Hong Kong's economy and future policy directions.
Technology empowerment right now
In an era of booming artificial intelligence (AI) technology, promoting digital transformation for enterprises has become a key measure to enhance competitiveness. Anthony Lam, Chairman of the Federation of Hong Kong Industries (FHKI), said in an interview with Wen Wei Po that the scope of digitalization is far broader than commonly perceived.
"People think digitalization only involves 5G, networks, and data centers, but it's actually much more than that. Even e-commerce and electronic payments are also part of digitalization and data-driven processes."
Lam explained that before Industry 4.0, most companies only looked at their internal data. However, with the introduction of AI and the entry into Industry 5.0, the concept has shifted towards "human-machine integration": how to integrate AI and various types of data into one's industrial development. Companies can bring data from different parts of the world into Hong Kong for analysis and application.
Citing examples, Lam said that if a factory introduces AI, through human-machine collaboration, the AI or Industry 5.0 system can provide support on when to produce different types of products and what to produce. Take convenience stores as an example: deciding what stock to replenish before the Chinese New Year, Christmas, or Mid-Autumn Festival becomes predictable and plan-able across the entire supply chain with the help of AI and historical data. AI can play a significant role by learning the entire supply chain operation to make optimal arrangements.
He further noted that human-machine collaboration could even be applied in healthcare. In some green hospitals in Hangzhou, one can see prosthetic limbs or artificial hands that no longer require cable connections; they can automatically sense and function simply by wearing them. Another example is embedding sensors and adjustment devices in clothing to regulate temperature and other functions automatically, integrating sensing technology and computer systems into daily wear.
He predicts that, in the future, devices might even be implanted into the human body to assist in treating various diseases or supporting bodily functions. In terms of research, Lam believes Hong Kong can access a vast amount of diverse data, and its research findings hold a significant international position. Therefore, in the development of Industry 5.0, Hong Kong is a place with great advantages and opportunities.
Localization makes Hong Kong enterprises go global
Besides running a rice business as an experienced industrialist, Lam has also set up convenience store operations in Vietnam and other places, giving him unique insights into "going out" and management.
"When investing in different countries, the most important thing, I believe, is to respect the local people and their culture sincerely. After all, we are outsiders, 'guests'. It's not simply about bringing in capital; we also need to think about how to give back to the local society."
Regarding management, he believes modern management emphasizes communication and reasoning, rather than one-way commands. "Employees are not just 'subordinates' simply following your orders; they need to understand the company's development direction, grasp what you aim to achieve, and then work together to accomplish it."
He stated that whenever the company invests in a new place, it strives to implement localization, giving local employees opportunities in management and providing them with room for advancement to managerial positions.
"Whether in Thailand or Vietnam, whenever we hold special promotional meetings, I try to give a five-to-ten-minute speech in the local language. Even if it's not very fluent and they only understand about thirty percent, the key is to show them that we genuinely respect their culture and language."
Furthermore, he added that different countries have significant variations in certain matters. "Take Malaysia, for example, where many people are Muslims with halal dietary rules. So, when arranging team dinners, we don't choose ordinary Chinese food; instead, we specifically select halal restaurants to ensure every colleague can dine comfortably." These seemingly small gestures are important details for management to demonstrate cultural respect.
He emphasized Hong Kong's unique position: it backs onto a vast mainland market while possessing an independent and mature legal system based on the common law framework familiar internationally. For foreign investors, setting up companies and handling legal affairs in Hong Kong is relatively clear and transparent, and easy for them to understand and adapt to.
On the other hand, Hong Kong can also help enterprises access the mainland market while assisting mainland companies in "going global." He cited that while people in Chinese mainland primarily use WeChat for daily communication, many overseas markets use different platforms like LINE and WhatsApp. Hong Kong, acting as an intermediary and hub, can precisely help enterprises understand and bridge these differences, facilitating a smoother entry into the markets of different countries and regions.
(Source: Wen Wei Po; Journalist: Ivy Chong)
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