Innovation, Technology Development and Entrepreneurship

Market Profile Industries

Innovation, Technology Development and Entrepreneurship

Hong Kong has a large and rapidly growing innovation and technology industry.

Market Profile Industries

Innovation, Technology Development and Entrepreneurship

Hong Kong has a large and rapidly growing innovation and technology industry.

Hong Kong's innovation and technology infrastructure is sophisticated and fast developing. Big players such as Facebook, Google, Telstra and NEC are placing their bets on Hong Kong as the data hub of the region. Hong Kong was chosen as a landing point for the three trans-pacific submarine cables, which are the Pacific Light Cable Network, the Hong Kong-Guam and the Hong Kong Americas Submarine Cable Systems. On cloud services, Google is going to open a Google Cloud Platform region in Hong Kong in 2018. Amazon Web Services will also launch an AWS region in Hong Kong.

“Hong Kong has unique competitive edges, such as the close proximity to the fast-growing China market, a competitive tax regime, the rule of law, an open and free market and a can-do mindset in the business sector.” Source:The Government of the Hong Kong Special Administrative Region

On top of the Hong Kong Science Park, Cyberport, key research labs, and various incubation and funding programs, a “Hong Kong-Shenzhen Innovation and Technology Park” at the Lok Ma Chau Loop will be established. Through the Guangdong-Hong Kong-Macao Bay Area development initiatives, the Park will showcase the collaboration between Hong Kong and Shenzhen for the development of an international innovation and technology hub in the Bay Area. 

The Hong Kong Special Administrative Region Government will continue its role as a promoter and facilitator to drive innovation, R&D, and technology development, and to nurture start-ups. The financial commitment and significant investment in both software and hardware help build a vibrant ecosystem for start-ups - more than ever before.

A major policy breakthrough is the goal to double the Gross Domestic Expenditure on R&D as a percentage of the GDP from the current 0.73% to 1.5% (about HKD 45 billion; CAD7.36 billion a year) within the current-term Government’s five-year tenure, starting July 2017. Corresponding measures include:

  • the Innovation and Technology Fund,
  • the Research Endowment Fund, tax incentive and
  • the Super tax deduction for qualifying R&D expenditure. 

The followings areas have been identified to be the priority areas for Hong Kong, which are also in synchronization with the Alberta interest and expertise:

Biotechnology, Health care technologies

  • Biomedical research, gene chip technology
  • Medical device
  • Digital radiology and medical imaging
  • E-Health Care
  • Sensor and Artificial Intelligence (AI) deployed in the healthcare sector
  • Seniors care and rehabilitation

Artificial Intelligence and Robotics

  • Applications in FinTech, and Smart City
  • Machine learning

Smart City

The Smart City Blueprint of Hong Kong will include:

  • eID for residents to use a single digital identity and authentication to conduct government and commercial transactions online
  • Smart lamppost scheme with city-wide coverage of data and network
  • e-Government system to build the big data analytics platform/support the adoption of cloud services
  • Universal broadband coverage; infrastructure development for 5G mobile communication services
  • Smart mobility
  • The establishment of a Common Spatial Data Infrastructure, a geo-platform for the integration, exchange and sharing of geographic spatial data, to support the development of a smart city
  • Opening up of government data for use as raw material in technological research, innovation and development of smart city
  • Internet of Things (IoT)

Financial Technologies

  • Online and mobile financial services and payments
  • Big data analytics
  • Applications, platforms
  • Cybersecurity
  • InsureTech
  • RegTech
  • Block Chain
  • Artificial Intelligence

Opportunities for Alberta Companies

Opportunities for Alberta companies in the innovation and technology arena include:

  • Export of products and services, as well as technology commercialization, typically in areas relating to e-health care, smart city development in Hong Kong, and the establishment of common spatial data infrastructure
  • Investment, including venture capital, into Alberta
  • Nurturing entrepreneurship and start-ups
  • International collaboration, joint R&D programs among Hong Kong, mainland of China, and Alberta