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InvestHK Collaborating to Unlock Innovation Potential

Image Credits: InvestHK, Press Release

Invest Hong Kong (InvestHK) and Mainland government authorities are working together to promote the use of Hong Kong’s business strengths and opportunities in innovation development by Zhejiang enterprises, particularly in the context of the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development. A forum was organised to facilitate the overseas expansion of these enterprises at an accelerated pace.

Hong Kong’s commitment to leveraging the significant opportunities presented by the National 14th Five-Year Plan were highlighted. The region aims to strengthen its long-standing advantages as a global financial, shipping, and trading hub while also striving to foster growth in emerging sectors such as innovation and technology (I&T).

Zhejiang’s 14th Five-Year Plan emphasises the province’s development as a high-level innovation-driven technology centre. The collaboration between Zhejiang and Hong Kong in the field of innovation will create a broader horizon and a solid foundation, allowing both regions to benefit from new cooperative prospects in the future.

Second-level Inspector from the Commercial Office of Economic Affairs Department of the LOCPG in the HKSAR highlighted the significant role played by Hong Kong as the leading source of foreign investment for Zhejiang and the primary choice for Zhejiang enterprises seeking overseas expansion. He acknowledged that numerous Zhejiang enterprises have been successfully listed in Hong Kong in recent years, enabling them to secure high-quality capital from international investors and effectively access global markets.

As the representative of the Ministry of Commerce in Hong Kong responsible for facilitating economic and trade cooperation between the two regions, the Commercial Office of the Economic Affairs Department of the LOCPG in the HKSAR expressed its commitment to providing comprehensive support and services to all Mainland enterprises, including those from Zhejiang, looking to invest in Hong Kong and expand their presence in overseas markets through the city.

The Associate Director-General of Investment Promotion and the Director of the Department of Commerce of Zhejiang Province shared the cooperative opportunities between Hong Kong and Zhejiang Province in the realm of technology and innovation development. These avenues highlight the potential for a mutually beneficial future for both regions.

During the discussion, the unwavering backing of the Central Government under the 14th Five-Year Plan and the dedication of the HKSAR Government to fostering innovation and technology were highlighted. The forum shed light on the proactive measures that have been put in place to attract businesses and skilled individuals to Hong Kong. Notably, the HKSAR Government has made substantial investments in the realm of innovation and technology, demonstrating its commitment to driving growth and advancement in these sectors.

The Hong Kong Innovation and Technology Development Blueprint, introduced at the end of the previous year, outlines eight major strategies across four development directions, aiming to enhance the layout and industrialization of the innovation and technology sector.

Hong Kong has garnered confident support and, with its robust business advantages and the vast market potential in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) supported by comprehensive government policies, is expected to witness a golden era for the technology industry in the future.

The Zhejiang Provincial Party Committee affirmed its commitment to positioning the province as a hub for high-level outward investment, demonstrating its dedication to further opening up to the world. The significance of actively deepening cooperation between Zhejiang and Hong Kong in terms of innovation and technology development to realise Zhejiang’s ambition of becoming a source of high-level outward investment was emphasised. This collaborative effort was highlighted as instrumental in promoting the high-quality development of Zhejiang’s economy.

Discussions on Zhejiang-Hong Kong collaborative innovation saw participation from various organisations, including Hong Kong Science and Technology Parks Corporation (HKSTP).

The discussion delved into the role of HKSTP in supporting Zhejiang companies in their innovation and technology endeavours in Hong Kong. They explored the various ways in which HKSTP can provide assistance, ranging from infrastructure and research facilities to mentorship programmes and collaboration opportunities. Additionally, the discussion highlighted how Zhejiang companies can leverage Hong Kong’s comprehensive professional financial services to venture into overseas business opportunities, tapping into the city’s robust financial ecosystem.

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