Hong Kong’s John Lee wants to fast-track I&T sector growth. So what’s the plan?
Chief Executive John Lee makes expedited growth pledge at ceremony marking 10th anniversary of the Hong Kong Academy of Sciences
Hong Kong’s leader has vowed to expedite the growth of innovation and technology (I&T) across the product development cycle by streamlining the path from lab to market, including using a “dual-engine” strategy that partners with the finance industry.
Chief Executive John Lee Ka-chiu made the pledge at a ceremony on Thursday that marked the 10th anniversary of the Hong Kong Academy of Sciences.
“I&T is shaping the future of our generation and our world,” Lee said. “And the government is committed to ensuring Hong Kong’s rise as an international I&T centre.”
Lee highlighted the “notable progress” made over the past decade, noting that the city’s gross expenditure on research and development (R&D) had more than doubled from around HK$16 billion (US$2.05 billion) in 2014 to about HK$36 billion in 2024.
He noted that the sector’s workforce had mirrored the growth, with the number of employees surging 70 per cent to 59,000 over the same period, while pointing to the establishment of 20 unicorn companies and the city’s thriving community of about 4,700 start-ups.