Paul Chan Highlights Hong Kong’s Innovation and Technology Strategy at UK Luncheon

Speech by FS at Hong Kong Association Luncheon in London, UK

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Association Luncheon within the United Kingdom on November 26 (London time):

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Source: AI-found photos

Speech by FS at Hong Kong Association Luncheon in London, UK Source: HKSAR Government Press Releases

Speech by FS at Hong Kong Association Luncheon in London, UK Source: HKSAR Government Press Releases

Source: AI-found photos

Adrian (Chairman, Hong Kong Association, Mr Adrian Cartwright), Members of the Hong Kong Association, girls and gents, Friends of Hong Kong all,

Good afternoon.

Thank you for inviting me to as soon as once more to this welcome lunch.

As English author Douglas Adams as soon as mentioned, “When people you greatly admire appear to be thinking deep thoughts, they probably are thinking about lunch.” Now that we’re collectively, once more, over lunch, let’s transfer on to deeper ideas.

Starting with dinner. I belief you had a splendid night at the Hong Kong Dinner final night time ̶ good firm, good dialog and simply sufficient wine to encourage networking, however not sufficient to cloud your reminiscence of it.

This afternoon, I want to talk about a topic central to Hong Kong’s future: how we’re reinventing Hong Kong and securing long-term financial development by innovation and know-how.

Innovation as an Economic Driver

In Hong Kong, I&T is quick rising as a cornerstone of our financial transformation. Over the previous a number of years, we have now invested greater than £20 billion in I&T, underpinned by a complete technique that helps the whole innovation worth chain.

It helps that we’re blessed with appreciable strengths in fundamental analysis. Hong Kong is dwelling to 5 universities ranked among the many international high 100. Three are among the many world’s high 20 in synthetic intelligence and information science, whereas each our medical faculties rank within the high 25 globally.

We know that analysis with out commercialisation is a bit like inventing the lightbulb and forgetting to promote electrical energy. That is why we’re centered on translating data into usable, scalable innovation.

To that finish, we’re attracting strategic enterprises to Hong Kong ̶ corporations that deliver capital, in addition to jobs, worldwide networks, and ambition. We’ve launched a broad vary of funding schemes to spice up collaboration between academia, analysis establishments and trade. Because innovation thrives finest when silos are dismantled and partnerships constructed.

At final rely, Hong Kong was dwelling to just about 4 700 start-ups, up a exceptional 40 per cent over the previous 5 years. Hong Kong Science Park and Cyberport, our innovation flagships, proceed to assist start-ups and scale-ups, offering every part from incubation and funding to skilled consultancy and market improvement. I ought to be aware that 28 per cent of our start-up founders are non-locals, with the UK our largest supply of international founders.

Strategic Industries

We are prioritising 4 strategic industries: synthetic intelligence, biotechnology, fintech, and new vitality and new supplies. For the following few moments, permit me to elaborate on the primary two: AI and biotech, the place we’re making large strides.

Artificial Intelligence

AI is now not the longer term. It’s right here now, remodeling industries and methods of life at an unprecedented scale and tempo. In Hong Kong, we’re taking a dual-pronged technique. First, by nurturing AI as a core trade; and second, by embedding AI know-how into conventional sectors to enhance productiveness, effectivity, and competitiveness. We name this strategy “AI+”.

Our progress is constructed on six pillars: computing energy, algorithms, information entry, software improvement, capital funding, and expertise cultivation.

And there’s extra. Including the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, or Loop Area. There, Mainland and worldwide information will converge, opening up unprecedented alternatives for data-driven innovation, together with AI.

Then there’s the Greater Bay Area, which supplies Hong Kong a geographic and strategic edge. It is the one area on this planet the place mechatronics and AI applied sciences coexist at scale. For corporations seeking to transfer from algorithm to software to deployment, the Greater Bay Area is the perfect testing floor. There, prototypes could be refined, validated, and scaled inside a complicated provide chain.

Hong Kong can be quick turning into a magnet for international AI expertise. As Jensen Huang, CEO of Nvidia, identified, roughly half the world’s high AI researchers are ethnic Chinese. An excellent a lot of them are selecting Hong Kong as their base – for tutorial analysis, for business ventures, and for partnerships throughout Asia.

Biotechnology

Turning to biotech, we are actually growing a main analysis mechanism for drug approvals. This will permit Hong Kong to independently assess and approve medical merchandise and gadgets. And that, girls and gents, is a game-changer.

It will strengthen Hong Kong’s position as a regional centre for medical analysis and medical improvement. To assist this transition, we’re establishing the Hong Kong Centre for Medical Products Regulation, and we have now joined the International Council for Harmonisation as an observer. We are additionally investing within the infrastructure, programs and expertise essential to assist the brand new regulatory regime. The plan is to start phased implementation in 2026, with full rollout by 2030.

And Hong Kong and Shenzhen have established cross-boundary medical trial establishments within the Loop Area. These assist research complying with the requirements and necessities of each jurisdictions.

Already, main gamers like AstraZeneca and GSK have chosen Hong Kong as a base for R&D, whereas exploring alternatives within the Loop Area. For UK pharmaceutical companies and biotech ventures, it is a golden alternative to achieve direct entry to Hong Kong, and to the huge Greater Bay Area, with its shopper inhabitants of some 87 million.

We are additionally investing within the subsequent technology of medical innovators. The Hong Kong University of Science and Technology is establishing Hong Kong’s third medical college, which is able to admit its first cohort in 2028/29. This will enhance our provide of clinician-scientists. I’m assured, too, that it’s going to appeal to high worldwide school and college students, deepening our position as a centre for medical schooling and translational analysis. The medical college will ultimately relocate to the Northern Metropolis, alongside the world’s innovation clusters.

Capital for Innovation

For that, and extra, we’d like capital. Hong Kong’s capital markets have undergone substantial reforms to allow simpler itemizing for biotech, deep-tech, and innovation-driven corporations. These reforms are already making a distinction, permitting high-potential companies to lift development capital from international traders.

We’ve up to date our itemizing guidelines to make it simpler for biotech, hard-tech, and different strategic corporations to go public in Hong Kong. Our aim is straightforward: to mobilise market funds that assist their improvement.

Beyond the general public markets, Hong Kong boasts a dynamic personal capital sector. Our personal fairness funds handle about US$230 billion in property, second solely to the Mainland in Asia.

And, by the Hong Kong Investment Corporation, we’re strategically investing in high-potential, high-risk and high-return ventures, significantly in laborious tech. The Investment Corporation has, up to now, invested in additional than 150 tasks, taking in over six {dollars} of personal funding for each public greenback invested.

The Corporation can be working intently with worldwide companions to assist commercialisation and international growth. I invite British companies to discover co-investment alternatives, joint ventures, and know-how partnerships by the Corporation. Innovation, in spite of everything, respects no borders; nor ought to funding methods.

Northern Metropolis: Infrastructure for Innovation

More than dwelling to Hong Kong’s third medical college, the Northern Metropolis will rise as Hong Kong’s new financial engine and innovation and know-how centre. We are fast-tracking its improvement by devoted laws and versatile land improvement initiatives.

Three key anchors inside the Northern Metropolis will, I consider, be of explicit curiosity to British companies and establishments.

First is the Loop Area, which I’ve already talked about. The zone is being designed to allow seamless collaboration between Hong Kong and Shenzhen. That contains cross-boundary medical trials and information stream from the Mainland to Hong Kong.

Then there’s the San Tin Technopole, which spans 210 hectares and is devoted to high-end I&T improvement. Its define plan has simply been launched. When absolutely realised, the Technopole is anticipated to contribute £25 billion yearly to our GDP, producing 300 000 high-quality jobs.

And third, the Northern Metropolis’ University Town, which is able to cowl some 90 hectares. University Town will appeal to top-tier native and worldwide universities, encouraging collaboration between academia and trade, creating an surroundings the place college students, researchers and entrepreneurs work aspect by aspect, bridging principle and observe, classroom and commerce. And it is going to be the place we advance the deep and built-in improvement of know-how, schooling and expertise.

The Northern Metropolis is a mission of scale, ambition, and function. We are constructing it to combine know-how, sustainability, and cross-boundary connectivity. And I want to construct it with you, with companions who share our imaginative and prescient, and our prodigious urge for food for doing huge issues exceedingly nicely.

I invite British building, structure, and engineering companies to participate in bringing to shiny life this next-generation innovation hall. And I additionally welcome UK universities, analysis establishments, and schooling companions to discover alternatives inside University Town – and all through this unprecedented innovation-driven improvement.

Ladies and gents, the alternatives Hong Kong presents are as numerous as they’re substantial. For UK companies, companies and tutorial establishments, that is your second to interact. Whether in AI, biotech, superior manufacturing, or different new tech areas, Hong Kong is the place world-class concepts are impressed, funded and commercialised – throughout Asia and past.

I look ahead to welcoming you to Hong Kong, whether or not for enterprise, pleasure or just a well-earned break from the English climate.

My thanks, as soon as once more, to the Hong Kong Association – to you all – for giving me this welcome alternative to talk to you once more. Over lunch.

I’m now able to take your questions.

Thank you.

Additional short-term shelters opened and interdepartmental assist desk arrange (2)

Due to the hearth incident at Wang Fuk Court, Tai Po, the Tai Po District Office (TPDO) right this moment (November 26) has opened the next extra short-term shelters for individuals in want:

The TPDO has opened short-term shelters at Kwong Fuk Community Hall (Kwong Fuk Estate, Tai Po), Tung Cheong Street Community Hall (1/F, Tai Po Tung Cheong Street Leisure Building, 25 Tung Cheong Street, Tai Po), Tai Po Community Centre (Heung Sze Wui Street, Tai Po), Fu Shin Community Hall (12 On Po Road, Tai Po) and “Good House” (The Society of Rehabilitation and Crime Prevention) (168 Shuen Wan Chan Uk, Tai Po) earlier right this moment for residents in want. CCC Fung Leung Kit Memorial Secondary School can be open to accommodate residents evacuated.

Due to police operations, the short-term shelter beforehand opened at Kwong Fuk Community Hall (Kwong Fuk Estate, Tai Po) has now been closed.

In addition, aside from the interdepartmental assist desk at Alice Ho Miu Ling Nethersole Hospital (hotline: 2658 4040) arrange by the TPDO and the interdepartmental assist desk at Prince of Wales Hospital (hotline: 3505 1555) arrange by the STDO earlier right this moment, the North District Office has arrange an interdepartmental assist desk at North District Hospital (hotline: 2683 7567) for help and public enquiries.

The TPDO will intently monitor the scenario, open extra short-term shelters as wanted, and liaise with different authorities departments to offer residents with applicable help.