Keynote speech by SITI at seminar “How World Originate-America Succeed in Asia through Hong Kong’s Innovation Ecosystem?” of VivaTech 2024 in Paris (English only) (with photos)

Following is the keynote speech by the Secretary for Innovation, Technology and Commerce, Professor Sun Dong, on the seminar “How World Originate-americaSucceed in Asia thru Hong Kong’s Innovation Ecosystem?” of VivaTech 2024 in Paris this day (May presumably 24, Paris time):

Shirley (Particular Representative for Hong Kong Financial and Commerce Affairs to the European Union, Ms Shirley Yung), Silas (Regional Director, Europe, Central Asia and Israel of the Hong Kong Commerce Vogue Council (HKTDC), Mr Silas Chu), Chris (Director, France, Spain and Portugal of the HKTDC, Mr Chris Lo), accepted speakers, site visitors, ladies and gentlemen,

Good morning. Bonjour. It is my great pleasure to be with you all today at VivaTech 2024, Europe’s premier tech event here in the romantic and beautiful city of Paris.

This year marks the 60th anniversary of the establishment of China-France diplomatic ties, and the Paris Olympic Games will officially start in two months. It makes me seriously angry to focus on over with Paris this special year, and on this special occasion, I would favor to shine a highlight on Hong Kong and uncover the sector how this Pearl of the Orient is reworking valid into a world innovation and technology (I&T) centre.

Hong Kong’s ever-increasing start-up scene

Originate-americaare the engine of innovation, the provision of jobs and talent, the spirit of entrepreneurship, and the model ahead for financial swear. In accordance with the World Originate-up Ecosystem Represent 2023, Hong Kong ranks the 2d on this planet and the principle in Asia in the long creep 100 rising ecosystems, and is basically the most attention-grabbing Asian metropolis in the long creep 10. As of 2023, the sequence of start-americain Hong Kong reached about 4 300, an construct higher of one-third as when when in contrast with 2019. Among them, a quarter of the start-up founders are non-locals, and founders from France legend for 10 per cent of them. As “Asia’s world metropolis” with an increasingly more vivid I&T ecosystem, Hong Kong has so great to give.

Proactive government initiatives

Similar to the France 2030 initiative, which aims to boost industrial competitiveness and future technologies, the Hong Kong SAR (Special Administrative Region) Government promulgated the Hong Kong Innovation and Technology Development Blueprint in December 2022 to establish a clear development roadmap and systematic strategic planning for Hong Kong’s I&T development over the next 5 to 10 years, charting Hong Kong’s path toward our vision of becoming a global I&T hub.

To realise this grand vision, we have been adopting a multi-pronged approach to strengthen our I&T ecosystem and promote development in strategically important areas, including life and health technology, AI (artificial intelligence) and data science, as well as new energy and advanced manufacturing industries. We value the potential and contributions of start-ups. Let me share with you why Hong Kong is considered one of the best destinations for global start-ups to thrive and flourish.

Strong R&D (research and development) capability promoting global I&T collaborations

The most attention-grabbing asset of Hong Kong’s I&T trend is our sturdy research skill. As a records-primarily based mostly mostly society, Hong Kong is basically the most attention-grabbing metropolis on this planet housing 5 of the sector’s top 100 universities. We are also dwelling to 2 world’s top-40 clinical faculties. Hong Kong is an R&D powerhouse and an stuffed with life promotor of world I&T collaboration. We strengthen global start-americawith obtainable sources of R&D capabilities, records and talent, as effectively as a vivid I&T culture and atmosphere.

The day before this, I had the opportunity to visit the renowned Institut Pasteur, which has been collaborating with the University of Hong Kong on infectious disease research projects for nearly 25 years with remarkable achievements. But this is just one example among many global R&D collaborations taking place in Hong Kong. Under our flagship R&D initiative, InnoHK, a total of 29 research laboratories have been established by 30 world-renowned universities and research institutes under two research clusters focusing on AI and robotics, and health technologies respectively, to conduct high-quality collaborative research. Our ultimate goal is to translate global innovations into value, and I believe this is also the aspiration of many start-ups.

Full support for start-ups with a change-friendly environment

We are also committed to providing full support to start-ups at various stages of their development. Like many start-up incubators and accelerators here with us today, the two I&T flagships in Hong Kong, namely the Hong Kong Science Park and the Hong Kong Cyberport, play a crucial role in nurturing and supporting start-ups in Hong Kong through various entrepreneurship schemes and incubation programmes, providing infrastructure, technical and financial support for their start-ups. For example, Science Park’s Corporate Venture Fund and Cyberport Macro Fund have altogether attracted more than HK$14.3 billion, equivalent to around 1.7 billion euros, of private funding over time. Alongside other government and private funding funds, there are multi-fundraising channels for start-ups.

Funding apart, Hong Kong also presents a straightforward tax system with a low tax rate, a sound legal system and strong IP protection regime, world-class logistics and infrastructure, and a bilingual working culture with flexible and hard-working people. All these favourable factors create a change-friendly atmosphere for startups to grow, expand and reach Hong Kong.

The bridge connecting East and West

Taking advantage of the dual benefits under “one country, two systems” and strategic location in your step of Mainland China, Hong Kong is effectively positioned to be the bridge connecting East and West. Its high location puts Hong Kong within a 5-hour flight of most major cities and markets in Asia and half of the world’s population. In other words, establishing a business in Hong Kong offers you much more than just a single market, but an ultimate gateway to the vast market in the Greater Bay Area, Mainland China and Asia with boundless opportunities.

In addition to markets, a strong supply chain and value chain are also crucial for start-ups. You should also note that the Shenzhen-Hong Kong-Guangzhou science and technology cluster continues to rank 2nd in the world for the fourth consecutive year in the Global Innovation Index 2023. With a stable supply of talent and materials, the opportunities and synergies of the Greater Bay Area will almost certainly be limitless.

To capitalise on Hong Kong’s I&T strengths and advantages, we are inviting full steam to develop I&T infrastructure in the Hong Kong Park of the Shenzhen-Hong Kong Innovation and Technology Cooperation Zone located in the Lok Ma Chau Loop, and at the same time attracting leading tech enterprises from the mainland and abroad to establish or expand their operations in Hong Kong.

Concluding remarks

Ladies and gentlemen, innovation knows no boundaries and opportunities are within reach. I hope my sharing today can give you a refreshing insight into Hong Kong’s ever-growing start-up scene. Moreover, I visited the ‘So French So Innovative’ Pavilion at InnoEX, the annual flagship I&T event in Hong Kong, and I was deeply impressed by the I&T showcase of the French exhibitors. There is indeed much we can achieve together in AI, green technology, waste management, climate change and so on. We welcome start-ups and enterprises from France as well as from across the continent to set up or expand their businesses in Hong Kong. I am confident that the Hong Kong Trade Development Council, and our Economic and Trade Offices in Europe, will be more than pleased to connect you with Hong Kong. Let us join hands to embark on an I&T journey across borders.

In closing, may well moreover honest I wish VivaTech any other three hundred and sixty five days of vast success and everyone right here a fruitful alternate. Merci beaucoup.

Ends/Friday, May 24, 2024
Issued at HKT 20:20

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