Editorial | Hong Kong attracts hi-tech and R&D investment to shift spotlight to growth

Another 19 firms have signed on to invest under a programme aimed at spurring development of the city into Asia’s innovation and hi-tech hub. Chief Executive John Lee Ka-chiu said the companies from mainland China and the United States would join 30 announced in October to bring HK$40 billion in investment and 13,000 jobs to the economy in the next few years.

The timing of trumpeting the new business interest is perhaps no coincidence, coming after the legislature passed a domestic national security law the previous night. City leaders clearly wish to turn the spotlight back to building momentum for business and growth.

Wasting little time, Lee said at the Wednesday morning signing ceremony that he hopes the newly enlisted firms will attract partners and related companies to come and leverage Hong Kong’s status as a superconnector in line with the national emphasis on “new quality productive forces” to bolster innovation and advanced technology.

“And as we all know, Hong Kong is the only city in the world that converges both the China advantage and the global advantage under the ‘one country, two systems’ [governing] principle,” Lee added.

The chief executive’s repetition of the principle allowing the city considerable autonomy is no doubt aimed at easing concerns of foreign enterprises rattled by the new domestic national security law under Article 23, which takes effect on Saturday. Lee reminded them they are welcome. Local business groups signalled they were keen to put the controversial law behind them and resume business. But foreign chambers have urged the government to provide more clarity by engaging with business, and to set up a one-stop shop for those with further questions about the city’s security law. That Lee was out pushing Hong Kong’s innovation and tech agenda less than 24 hours later shows the government appears to get the engagement message.