Entrepreneurship

Debate is raging around the ethics and prospects for AI, but the field is proving a boon for at least one group – Hong Kong’s exporters.

Following US President Donald Trump’s sweeping imposition of tariffs on exports from Mainland China in 2018 followed by pandemic lockdowns and travel restrictions, supply chains across the world sunk into crisis in 2020.

The bento box – a metal, plastic or even wooden compartmentalised container carrying cooked meat, vegetables, rice, noodles and condiments neatly separated – is one of Japan’s best-known cultural exports.

The Belt and Road Initiative (BRI) links economies, companies and organisations across the world in a decade-old programme to innovatively fast-track development for all.

Innovation and technology (I&T) are important forces driving long-term economic development. The Hong Kong SAR Government has contacted more than 200 companies so far in its drive to attract innovative companies to the city, of which more than 25 had already settled or were planning to settle in Hong Kong, or expand their business scale in Hong Kong, with an investment of more than HK$17 billion (US$2.17 billion).

Those who were already in work during the heady 1990s, when simply tagging “.com” to the end of a brand name brought sky-high valuations, will also remember the blowout in the 2000s when most of the “dotcoms” vapourised leaving just a few to soar.

The inaugural InnoEX, co-organised by the Hong Kong Special Administrative Region Government and the Hong Kong Trade Development Council (HKTDC, promoted Hong Kong’s strengths in innovation and tech.

The Hong Kong Trade Development Council (HKTDC) helped the Chinese University of Hong Kong (CUHK) reach a research agreement with AI Medical Service (AIM) – a Japanese medical start-up which develops artificial intelligence (AI) endoscopic diagnostic technology – to accelerate development, promote it in Hong Kong and enhance clinical application in other Asian economies.

Innovation was front and centre in the maiden Policy Address of Hong Kong Special Administrative Region Chief Executive John Lee on Wednesday. The innovation and technology (I&T) concept ran through many of the moves Mr Lee plans for the city, ranging from expanding Hong Kong’s role as a renminbi trading centre and fintech hub to becoming a magnet for technological talent. Fintech plans include laying the groundwork for a digital Hong Kong dollar.

As the shift to vegetarian diets becomes more deeply rooted in Hong Kong, local start-ups are seizing the opportunity to develop new food technologies. Hong Kong start-up Good Food Technologies has developed a plant-based pork substitute made from konjac (a root vegetable widely cultivated in Asia), coconut oil and soyabeans. The firm's first round of financing attracted HK$12 million (US$1.53 million) which will be used to build new production facilities, develop retail capabilities and grow beyond Hong Kong.

Anyone who has programmed a computer and driven a car knows that developing a self-driving vehicle would require a herculean effort – hence the name of Hong Kong’s first self-driving vehicle.