Stop complaining about Shenzhen: here are three steps to make Hong Kong an innovation and technology magnet

There has been a chorus in Hong Kong of late about promoting innovation and technology: a relatively new bureau in the government; the chief executive’s budget request to support the sector; and, Beijing’s new policy allowing funds to support research here.

While this is a relatively new phenomenon, innovation and technology’s importance as an engine for economic growth and betterment of human life is not new. From the invention of steam engines to the development of artificial intelligence, it has repeatedly created new economies and transformed our lives. Seven of the world’s eight largest companies by market capitalisation today are in innovation and technology: Apple, Amazon, Alphabet, Microsoft, Facebook, Alibaba and Tencent.

That the top five are American did not happen by accident. The US has made innovation and technology part of its national strategy for many years. Most advanced economies, from large to small, have as well. Hong Kong, however, seems to have opted out, and the other Asian tigers have surpassed us.

But I believe Hong Kong has many of the key ingredients to be successful in innovation and technology: an international city, English-speaking, international legal and business systems, a well-educated workforce, world-class universities, free access to information, and leverage on the fast-rising Chinese economy. Just the presence of Shenzhen presents unrivalled advantages; with the Greater Bay Area initiative, opportunities can only be more plentiful.