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Hong Kong, a dynamic global financial centre and a historical node for the Chinese diaspora, stands as a vibrant hub for tech and trade. Hong Kong’s start-up ecosystem is thriving. In 2022, the number of start-ups in Hong Kong grew by 6% to 3,985, employing nearly 15,000 people.
Hong Kong’s innovation and technology sector together with that of Shenzhen and Guangzhou – the Shenzhen-Hong Kong-Guangzhou science and technology cluster – ranks as the world’s second performing according to the Global Innovation Index 2023.
Biotechnology, artificial intelligence, smart city and financial technologies were identified as the four key areas for Hong Kong’s innovation and technology industry. The city’s expenditure in absolute amount on research and development has almost doubled compared to a decade ago.
With opportunities brought by the Guangdong‑Hong Kong‑Macao Greater Bay Area development, Hong Kong is set to further capitalise on its advantages in R&D capabilities, technological infrastructure, legal system and intellectual property.
The region intends to spearhead the I&T industry and act as a business platform for companies looking to access the Asia market (and China in particular), or for innovative mainland companies seeking to go international.
There is a sharp focus on pivotal tech-driven sectors – healthcare, youth development, and the Greater Bay Area (GBA) – that have the potential to shape Hong Kong’s business trajectory. From cutting-edge healthcare advancements to fostering youth entrepreneurship and capitalising on the economic powerhouse that is the GBA, the pathways for innovation and collaboration will be determined.
Its pivotal role in the global business landscape is further accentuated by the Federation of Hong Kong Business Associations Worldwide (FHKBAW), a sprawling network uniting 47 associations across 36 countries and regions. With a membership boasting nearly 11,000 executives and professionals worldwide, this federation serves as a linchpin for a diverse global business community.
An annual Hong Kong Forum, jointly organised by the Hong Kong Trade Development Council and the Federation, emerges as a pivotal event drawing in business leaders and tech innovators. Scheduled for 5th and 6th December, the 24th iteration promises an inspiring convergence of minds, ideas, and opportunities.
Sessions will explore the intricacies of navigating Hong Kong’s ever-evolving business landscape. Experts will elaborate on Hong Kong’s prowess as a global business platform and delve into how cultural exchange through the West Kowloon Cultural District could further elevate Hong Kong’s global cultural imprint.
As tech, innovation, and global business intertwine, Hong Kong is a testament to its unwavering commitment to fostering collaboration, innovation, and growth across industries that define the future.
The startup ecosystem is rapidly expanding and diversifying, stretching beyond conventional hubs like San Francisco and London to embrace emerging powerhouses like Hong Kong. Simultaneously, within the ASEAN region, burgeoning economies are evolving into significant nodes of innovation and entrepreneurship in their own right.
Acknowledging the borderless nature of the digital entrepreneurial landscape, the Hong Kong Trade Development Council unveiled Start-up Express International last year. This global iteration of its longstanding local entrepreneurship development programme acknowledges and taps into the interconnectedness of the worldwide startup community.
Hong Kong has launched multiple initiatives in line with its goal to expand its digital economy and propel technological advancements. Cyberport is Hong Kong’s digital technology flagship and incubator for entrepreneurship with over 2,000 members including over 900 onsite and close to 1,100 offsite start-ups and technology companies.
With a vision to become Hong Kong’s digital technology hub and stimulate a fresh economic impetus, Cyberport is dedicated to cultivating a dynamic tech environment.
This commitment involves nurturing talent, encouraging youth entrepreneurship, aiding start-ups, fostering industry growth through strategic partnerships with local and international entities, and driving digital transformation across public and private sectors, bridging new and traditional economies.
