Hong Kong's Government Policies and Development Strategies and How Your Design and I&T Career Prospect Can Benefit from Them

Hong Kong has established a reputation as an international business hub and is ranked #2 in Asia as one of the top countries/ regions with economic opportunities by the World Citizenship Report. The reputation can be attributed to its few barriers to trade, low tax and compliance costs, and easy work visa approvals.

The city's openness to foreign talents has also contributed to the growth of R&D activities. According to the 2021 start-up survey by InvestHK, around 28% of start‑ups were founded by non‑locals. In addition, many multinational companies targeting the Mainland market tend to have their R&D employees working in Hong Kong where they find it easier to adapt to life and work.

Hong Kong has now become one of the fastest-growing hubs for emerging fields like biotech and telemedicine. (iStock)

Committed over HK$100 billion (US$12.9 billion) to innovation in recent years, Hong Kong has now become one of the fastest-growing hubs for emerging fields like biotech and telemedicine. Apart from government support, universities like the HK Polytechnic University (PolyU) aim to foster an entrepreneurial mindset and to accelerate the translation of innovations and technologies. PolyU has fronted several ground-breaking projects, including an AI-powered smart fever scanning system to keep Covid-19 in check.

Contribution of PolyVentures in Start-ups

One of Hong Kong's most significant innovators, Hong Kong Science & Technology Parks Corporation (HKSTP), is constructing the largest R&D facility in the city to convert concepts into products ready for the market. HKSTP supports enterprises on infrastructure, incubation and acceleration programmes, tech-driven facilities for large-scale production, and software platforms to further develop Hong Kong's competitive advantage as a world-class innovation and technology (I&T) powerhouse. More than 1,100 technological enterprises and over 11,000 R&D professionals are based in HKSTP.

Government policies and development strategies can significantly impact the industries' competitiveness and profitability, attracting corporations and organisations to establish and expand their business and services in a particular market.

Supported by national and regional policies, there have been increased funding and investments in the essential infrastructure since the 13th Five-Year Plan for the National Economic and Social Development of the People's Republic of China. Hong Kong's start-up ecosystem has grown considerably in recent years. Primary research focuses of Hong Kong start‑ups include information and communication technologies (ICT), software as a service (SaaS), the Internet of Things (IoT), data analytics, biotech, artificial intelligence (AI), robotics, virtual reality (VR) and augmented reality (AR), as well as new materials. In terms of funding applications, fintech (financial technology), smart city and smart home, healthcare, and big data applications are among the most popular sectors.

The largest gerontechnology annual public education event in Hong Kong showcased 600+ innovative products and solutions by over 160 exhibitors. (Photo Credit: GIES Facebook Page)

Gerontech and Innovation Expo cum Summit (GIES) is a platform that showcases the transformation of research and development into products and services that benefit society. Hong Kong has the longest life expectancy in the world, according to data from the World Bank in 2020. The dependence and need for medical and home care services have been growing. The GIES, co-hosted by the Hong Kong government and the Hong Kong Council of Social Service (the council coordinating NGOs in the social service field in Hong Kong) and co-organised by the HKSTP, is the largest gerontechnology annual public education event in Hong Kong. Well attended by over 30,000 participants worldwide, the event in Nov 2022 showcased 600+ innovative products and solutions by over 160 exhibitors.

Employment in Hong Kong has benefited from its overriding advantages and abundant opportunities under the "One Country, Two Systems" governance. According to the latest labour force statistics, the unemployment rate decreased to 3.8% in August - October 2022. The never-ending job opportunities offered in Hong Kong and the welcoming Immigration Arrangements for Non-local Graduates scheme (IANG) are conducive to non-local students starting their post-graduation careers in Hong Kong. Non-local graduates may apply to stay/return and work in the HKSAR under the IANG.

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