10 technology firms to establish base in Hong Kong as part of government efforts to lure foreign, mainland companies: innovation chief
- Firms expected to sign agreement specialise in areas such as life and health technology, artificial intelligence and data science
- Many life and health technology companies want to set up shop in city to access mainland Chinese market, innovation chief Sun Dong says
More than 10 technology firms are expected to establish a base in Hong Kong under a second round of agreements to be signed this month as part of a government initiative to lure foreign and mainland Chinese companies, the city’s innovation chief has said.
Secretary for Innovation, Technology and Industry Sun Dong on Saturday expressed confidence in the IT sector, pointing to a projected 1.3 per cent or higher rise next year in the ratio of gross domestic expenditure on research and development to gross domestic product (GDP), up from 1.07 per cent in 2022.
Sun said the companies signing the agreements specialised in areas such as life and health technology, artificial intelligence, data science, advanced manufacturing and new energy technology.
“Many overseas companies focusing on life and health technology have been eyeing Hong Kong as they want to develop in mainland China as well,” he told a radio programme, adding that such firms had great potential despite being smaller compared with their mainland counterparts.
The local health sector’s global links were another reason for overseas firms to set up research centres in Hong Kong, Sun added.