The Asia-Pacific region is facing a digital divide with digital transformation accelerating at an unprecedented pace, Hong Kong’s finance chief said on Tuesday, cautioning that the trade war is likely to extend into the technology sector, exacerbating digital fragmentation.
ADB members should work together to address these challenges and strengthen cooperation on digitalization, Paul Chan Mo-po said at the Governors' Plenary on day three of the Asian Development Bank (ADB) annual meeting in Milan, Italy.
Speaking at the meeting, which focused on promoting regional economic integration in the Asia-Pacific through digital transformation, he introduced Hong Kong's strategy and action plan for digital transformation, which includes advancing digital infrastructure, facilitating digital transformation and cross-boundary data flow, and nurturing talent.
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He shared details on the special administrative region’s strategy of using artificial intelligence to empower digital development and support small and medium-sized enterprises in their digital transformation.
Urging ADB members to collaborate on enhancing digital governance and nurturing talent, the financial secretary said Hong Kong is willing to share its experiences and technological solutions with other members to seize the vast opportunities presented by digital transformation and promote sustainable development in the region.
While meeting ADB President Masato Kanda the same day, Chan said the SAR supports the ADB's work and is willing to share its experiences in areas such as financial innovation, infrastructure financing, green finance as well as innovation and technology.
He also emphasized the importance of strengthening personnel training and exchanges with the ADB.
The same day, he met Uzbekistan’s First Deputy Minister of Economy and Finance Ilhom Norqulov and Tajikistan’s State Committee on Investments and State Property Management Chairman Sulton Rahimzoda to discuss mutual cooperation.
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Besides highlighting that Hong Kong, as an international financial center, can effectively match funds with infrastructure projects in both countries, provide relevant professional services and support the operation of projects, Chan stressed that there is significant potential for cooperation in the innovation and technology sector.
He invited delegations from both countries to visit Hong Kong to connect with local industries and explore collaboration opportunities.
