Hong Kong Empowering Collaborative Innovation

The People’s Government of Zhejiang Province, the Department of Commerce of Zhejiang Province, InvestHK, and the Commercial Office of the Economic Affairs Department of the Liaison Office of the Central People’s Government (LOCPG) in the Hong Kong Special Administrative Region (HKSAR) organised an event titled “Forum on Hong Kong – Zhejiang Collaborative Innovation cum the International Investment of Zhejiang-based Multinational Corporations,”.

Key government representatives spoke, including the Deputy Secretary-General of the People’s Government of Zhejiang Province; the Under Secretary for Commerce and Economic Development of the Government of the HKSAR; and the Second-level Inspector from the Commercial Office of the Economic Affairs Department of the LOCPG in the HKSAR.

The Under Secretary for Commerce and Economic Development of the Government of the HKSAR highlighted the significant opportunities presented by the National 14th Five-Year Plan, affirming Hong Kong’s commitment to consolidating its traditional strengths as an international financial, shipping, and trading centre.

Additionally, the city aims to foster emerging industries such as innovation and technology (I&T). Zhejiang’s 14th Five-Year Plan also strongly supports the province in becoming a high-level innovation-driven dynamic technology hub. The emphasis on bilateral development between Zhejiang and Hong Kong in the realm of innovation will open up a broader horizon and create a solid foundation, allowing both regions to benefit from new cooperation opportunities in the future.

In his address, the Second-level Inspector from the Commercial Office of Economic Affairs Department of the LOCPG in the HKSAR highlighted that Hong Kong holds a significant position as the largest source of foreign investment in Zhejiang, as well as being the province’s primary investment destination. Zhejiang enterprises prefer Hong Kong as their top choice for expanding overseas operations. In recent years, numerous Zhejiang-based companies have successfully listed in Hong Kong, raising high-quality capital from international investors, and effectively venturing into the global market through the city’s platform.

As the representative of the Ministry of Commerce in Hong Kong responsible for facilitating economic and trade cooperation between the two regions, the Second-level Inspector from the Commercial Office of Economic Affairs Department of the LOCPG in the HKSAR assured that the Commercial Office of the Economic Affairs Department of the LOCPG in the HKSAR is fully committed to providing support and services to all Mainland enterprises, including those from Zhejiang, seeking to invest in Hong Kong and expand their presence in overseas markets via the city.

During the thematic sharing session, the Associate Director-General of Investment Promotion, and the Director of the Department of Commerce of Zhejiang Province, emphasised the collaboration opportunities between Hong Kong and Zhejiang Province in the realm of innovation and technology (I&T), envisioning a promising future for both regions.

The Associate Director-General of Investment Promotion commended the unwavering support from the Central Government’s 14th Five-Year Plan and the HKSAR Government’s dedicated efforts in promoting I&T. He highlighted the significant investments made by the HKSAR Government in the I&T sector, including the Hong Kong Innovation and Technology Development Blueprint with its comprehensive strategies.

Confidence was expressed in Hong Kong’s potential to become the leading hub for biotechnology fundraising in Asia, backed by its enduring business advantages and extensive market opportunities in the Greater Bay Area (GBA), supported by government policies.

Meanwhile, the Director of the Department of Commerce of Zhejiang Province emphasised the commitment of the Zhejiang Provincial Party Committee to transform the province into a high-level source of outward investment, which aligns with their aim to open up to the world. He stressed the importance of deepening collaboration between Zhejiang and Hong Kong in the field of innovation and technology as a key step toward achieving their goal of becoming a significant source of outward investment, thereby promoting the high-quality development of Zhejiang’s economy.

At the forum, the Head of Mainland and Greater Bay Area (GBA) Business Development of InvestHK, led a panel discussion focusing on Zhejiang-Hong Kong collaborative innovation. The panel featured speakers from various sectors, including technology parks, financial institutions, and stock exchanges.

They delved into topics such as how technology parks in Hong Kong can assist Zhejiang companies in developing innovation and technology, how Zhejiang companies can take advantage of Hong Kong’s comprehensive professional financial services to explore international business opportunities and the benefits for Zhejiang-based innovative companies when listed in Hong Kong. Additionally, representatives from Zhejiang companies shared their valuable experiences in collaborative innovation during the event.