HONG KONG – Hong Kong needs help from other cities in the Guangdong-Hong Kong-Macao Greater Bay Area to translate its scientific research results into products, Chief Executive Carrie Lam Cheng Yuet-ngor said on Wednesday.
Lam pointed out this need on the first day of her two-day visit to Bay Area cities Huizhou and Guangzhou, while meeting with Liu Ji, acting mayor of Huizhou.
On Monday, in response to a letter written by 24 Hong Kong-based academicians from the Chinese Academy of Science and the Chinese Academy of Engineering, President Xi Jinping issued an instruction to ensure the region becomes an international center for innovation and technology.
Lam stressed that Xi’s instruction was “encouraging”. She added that help from Bay Area cities was indispensable for achieving scientific outcomes for the special administrative region.
Bay Area cities have the potential to help Hong Kong develop useful applications from the results of its innovative research; they could also help promote the final products, she noted.
Against a background of deeper scientific cooperation between Hong Kong and Bay Area cities, Guangzhou’s biotechnology firms may be a highlight, Lam said.
New regulations issued by the Hong Kong Stock Exchange last month permit biotechnology firms that have yet to generate revenue to apply to list in the city. This will make it easier for these firms to raise funds.
She expects Hong Kong and other Bay Area cities to achieve “complementary development” since land scarcity in the SAR restricts its economic development and affects people’s livelihoods.
Huizhou, a city about nine times larger than Hong Kong in terms of land area, could provide a good example as the two cities have a close relationship, communicate well and share business investment.
Capital investment from Hong Kong enterprises accounts for about 60 percent of Huizhou’s offshore investment. Consequently, Lam expressed her willingness to explore more opportunities for industries from both cities – especially in the areas of innovative science and technology.