Hong Kong ‘lags Singapore and others’ in preparation for hi-tech future, Economist Intelligence Unit report says, citing failure to invest in R&D
City ranked alongside likes of Belgium and South Korea, while Lion City takes top spot
Hong Kong’s “persistent weakness in research and development” has left it lagging on a list of places best prepared for technological change in the next five years, a new report has said.
A report published by The Economist Intelligence Unit (EIU) on Tuesday placed the city 10th in a technological readiness ranking, alongside the likes of Belgium and South Korea. Regional rival Singapore was joint top with Australia and Sweden.
Hong Kong’s ranking stood in stark contrast to its position as the city with the greatest mobile phone use in 82 of the world’s largest economies, according to the report.
“Hong Kong ranks lower than Singapore, largely because of its persistent weakness in R&D,” said Duncan Innes-Ker, Asia regional director at the EIU. “R&D these days tends to be closely associated with hi-tech manufacturing, and there is little of this in Hong Kong.”
The Hong Kong government’s plans to double R&D spending in its current term of office were a positive signal, but even if Chief Executive Carrie Lam Cheng Yuet-ngor is able to achieve this difficult task it will still leave the territory lagging regional rivals, Innes-Ker said.