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Cultivating Hong Kong’s Innovation Ecosystem

Image Credits: HKSAR Government, Press Release
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The Office for Attracting Strategic Enterprises (OASES) hosted “Meet the Partners,” in collaboration with the Innovation and Technology Commission (ITC). Representatives from more than 40 strategic enterprises spanning diverse sectors, including life and health technology, artificial intelligence, data science, financial technology, and advanced manufacturing and new-energy technology were gathered.

Image Credits: HKSAR Government, Press Release

The ITC representatives provided an extensive overview of the various funding schemes designed to support innovation and technology (I&T) enterprises. The discussions focused on programs aimed at fostering research and development (R&D), such as the Enterprise Support Scheme, Research Talent Hub, and the Research, Academic, and Industry Sectors One-plus Scheme, a recent addition launched by the government in October. Attendees also had the chance to address specific concerns with the ITC representatives.

The ITC plays a pivotal role in administering the Innovation and Technology Fund (ITF), which seeks to enhance the added value, productivity, and competitiveness of Hong Kong’s economic activities. Currently, there are a total of 18 funding schemes under the ITF, offering support in five key I&T areas: “supporting R&D,” “facilitating technology adoption,” “nurturing technology talent,” “supporting technology start-ups,” and “fostering an I&T culture.” These schemes are tailored to meet the diverse business development needs of enterprises operating in the I&T sector.

In his opening remarks, the Director-General of OASES emphasised the pivotal role of I&T as one of the key development areas for the current-term Government. Attracting high-potential I&T enterprises is seen as crucial to promoting the development of strategic industries and building a robust I&T ecosystem.

OASES has been working in close collaboration with the Innovation, Technology, and Industry Bureau to support the Government’s efforts in consolidating and enhancing Hong Kong’s development, particularly in alignment with the objectives outlined in the 14th Five-Year Plan.

The overarching goal is to expedite the transformation of Hong Kong into an international I&T centre. Drawing on OASES’ experience over the past year, it has become evident that funding, talent acquisition, and policy measures are consistent major concerns for enterprises, irrespective of their size, industry, or development plans.

Identifying and implementing suitable I&T measures and resources are seen as critical steps in facilitating the establishment or expansion of strategic enterprises in Hong Kong. This, in turn, is expected to attract their upstream, midstream, and downstream partners to the region, creating synergies across the entire industry chain. The Director-General underscored the importance of addressing these common concerns to create an environment conducive to the growth and success of I&T enterprises in Hong Kong.

Looking ahead, OASES is committed to organising a series of promotional events aimed at providing networking platforms for strategic enterprises and stakeholders. These initiatives are intended to foster collaboration and partnerships, ultimately contributing to the vibrant development of Hong Kong’s I&T ecosystem. The strategic focus on I&T is aligned with the broader vision of positioning Hong Kong as a global hub for innovation and technology, with OASES playing a key role in driving this transformative agenda forward.

The Hong Kong Special Administrative Region (HKSAR) government is actively advancing its Innovation and Technology (I&T) agenda through the Innovation and Technology Commission (ITC) and collaborative efforts with the Office for Attracting Strategic Enterprises (OASES).

The ITC administers the Innovation and Technology Fund (ITF), offering funding schemes to enhance economic activities in areas such as research and development, technology adoption, talent nurturing, and start-up support.

OASES, in partnership with the Innovation, Technology, and Industry Bureau, focuses on attracting high-potential I&T enterprises. The government addresses common enterprise concerns, including funding and talent, demonstrating a commitment to fostering an I&T ecosystem. This aligns with the broader vision of transforming Hong Kong into an international I&T centre, as emphasised by its Director-General.


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