The project, which covers Hong Kong, Macau and nine Pearl River Delta cities, was proposed by Guangdong officials several years ago, and grew into a strategic project with the endorsement of Premier Li Keqiang in March.

According to a statement released by the Hong Kong government, the agreement stipulated that the goals of cooperation would include “consolidating and enhancing” Hong Kong’s status as a global financial, shipping and trade centre, as well as promoting Hong Kong’s innovation and technology industries.

The agreement also set out how Hong Kong, Macau and mainland authorities should work together, such as convening regular meetings to resolve major problems arising from the integration scheme, and drawing up annual work plans.

Local and mainland officials also agreed to cooperate on a series of goals, such as promoting infrastructure connectivity, enhancing the level of market integration and building a global technology and innovation hub.

Lam said Hong Kong’s strength will enable the city to play a key role in four main areas, including finance, logistics, trading, and innovation.

“My government will put in more resources for research and development in our universities ... Hong Kong has a lot of technology experts. This important talent pool will help to power the Greater Bay Area continuously,” Lam said.

Guangdong party secretary Hu Chunhua said the bay area concept will elevate cooperation between Guangdong, Hong Kong and Macau to a higher level.

“We welcome companies ... and young people to go to the provinces to innovate and start their new businesses,” Hu said.

Fanny Law Fan Chiu-fun, chair of the Hong Kong Science and Technology Parks Corporation, said the concept will benefit technology companies.

“Part of Hong Kong’s strength is its international connection – we can attract global talents to come to our city,” Law said. “But Hong Kong’s market is small and we have a shortage of land, so if we can expand to the mainland, it will be very good.”