Hong Kong


Hong Kong

Attracting innovation

International companies continue to establish a presence in Hong Kong to capitalize on its unique position as a gateway to mainland China.

Investing in technology

Hong Kong continues to encourage foreign investment, having solidified its reputation as one of Asia’s leading business hubs. As a result, a vast array of international companies have established a presence in Hong Kong to capitalize on its unique position as a gateway to mainland China.

To meet the needs of modern businesses, the Government has allocated almost $130 billion to digitalization initiatives since 2017, and encourages businesses to broaden their use of technology for their own and the city’s benefit. One outcome was that Hong Kong became one of the world’s earliest adopters of 5G technology.

Hong Kong is investing in technology infrastructure
Source: Invest Hong Kong

Research and development

The city is keen to attract more technology businesses and start-ups, and incentivizes research and development in fields that accelerate its smart city ambitions. For example, Siemens is supporting IoT development through its Smart City Developer Community, which provides educational and networking opportunities, and helps to facilitate co-creation and partnership.

IoT innovation is also the focus of a partnership between Siemens and tertiary educational institutions such as the Vocational Training Council. The program aims to nurture homegrown talent by enhancing the digital skills of students, and includes on-the-job training at Siemens, and opportunities to visit its facilities.

Toward City 4.0

The next step for Hong Kong is to move toward a City 4.0 model, which is a term that draws its significance from the way data has revolutionized manufacturing.

The core concept of City 4.0 is to connect buildings, energy grids, mobility networks, and other infrastructure into a holistic, self-learning system that continually creates new value. The Siemens Smart City Digital Hub at Hong Kong Science Park showcases how this intelligent infrastructure will unleash the city’s potential to achieve more with less.

Hong Kong in numbers

#4

Hong Kong is the fourth leading financial center in the world

Source: Statista

53%

Number of executives prioritizing R&D investment in Hong Kong over ASEAN and other international locations

Source: KPMG Future Hong Kong 2030

Resources

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