Using innovation and technology to upgrade traditional industries and spur the growth of future industries under the national “new quality productive forces” impetus is the key priority for economic development in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), according to speakers at the GoGBA Development Day organised by the Hong Kong Trade Development Council (HKTDC) in February.
The event was held as part of the GoGBA initiative - HKTDC’s business support and development programme designed to assist businesses tap into arising opportunities in the city’s 9 neighbouring cities in Guangdong and Macao SAR.
The Hong Kong SAR (HKSAR) Government Commissioner for the Development of the Guangdong-Hong Kong-Macao GBA Maisie Chan opened the gathering by noting Hong Kong - as one of the core growth engines of the region - plays a pivotal role in promoting the development of new quality productive forces in the GBA and said the Government is working to achieve high quality economic development through technological empowerment. She indicated the HKSAR Government will explore more preferential policies conducive to the development of innovation and technology, with a view to attracting more enterprises and innovators to set up operations and invest in Hong Kong.
The goal is to realise a multi-pronged vision of building Hong Kong into an international innovation and technology centre, she said.
Initiative connects businesses with opportunities
Since 2021, HKTDC’s GoGBA initiative has provided free and comprehensive online and offline support services through information, consultation services and promotional activities. The GoGBA website and WeChat mini-programme provide practical business information for enterprises that are keen to expand into the Greater Bay Area market.
Patrick Lau, HKTDC Deputy Executive Director, said in the coming year the organisation will launch more activities and workshops to provide SMEs with practical knowledge on topics such as the new quality productive forces effort, and organise visits to nearby cities aimed at promoting dialogue between SMEs on progressing innovation and technology development.
In terms of on-the-ground support, HKTDC operates GoGBA Business Support Centres in all 9 mainland GBA cities in collaboration with local partners. These centres assist enterprises to keep informed about the latest developments in each city and find partners and customers. HKTDC is planning to establish a new centre in Macao this year to assist more businesses in seizing development opportunities.
Region’s development to centre on tech
Multiple speakers at the event emphasised the potential for Hong Kong businesses and innovators to collaborate with partners across the GBA.
Chairman of Shenzhen China-Europe Investment Fund and former Vice President of Huawei Zhang Jun said Hong Kong enterprises can provide new technologies and substitute products for industries in Mainland China experiencing critical reliance bottlenecks through focusing on AI, blockchain, quantum technology, industrial software and 5G.
Reinforcing this point, smart manufacturing company SmartMore CFO Li Wei noted Hong Kong has a deep pool of highly qualified tech professional which can complement the strong manufacturing capacity of other GBA cities in developing new business opportunities.
Assistant Director of the China (Shenzhen) Comprehensive Development Research Institute and Director of the Digital Economy and Global Strategy Institute Cao Zhongxiong suggested Hong Kong could play multiple roles, such as training research personnel and entrepreneurs across the GBA and encouraging the transformation of its enterprises in digital and AI technology. He further suggested adapting Hong Kong’s legal and institutional mechanisms to support the application of innovation and technology, transforming financial capital into venture capital and tech capital, and providing resources for SMEs to pursue and develop opportunities in the GBA.
To tie in with national efforts to achieve high-quality development, the HKSAR Government has proposed investing HK$1 billion (US$128 million) in a new Hong Kong Institute of Artificial Intelligence to accelerate upstream R&D, as well as convert research results into industrial applications and products.
The government also proposed injecting HK$1.5 billion (US$192 million) into the BUD (Branding, Upgrading and Domestic Sales) Fund and the Trade and Industrial Organisation Support Fund amid other measures to support SMEs.
Guangdong province also recently launched the 2025 Action Plan to Build a Modernised Industrial System which aims to promote intelligent manufacturing and cultivate emerging and future industries.
With multiple national, Hong Kong and Guangdong government initiatives underway, the time is ripe for Hong Kong businesses to reduce costs, improve quality and efficiency, and create business opportunities together with other enterprises in the Greater Bay Area by complementing each other's strengths.
