The Government seeks to develop the innovation and technology sector as one of the key economic areas in Hong Kong. Over the years, new initiatives have been introduced to support the development of the sector such as Technology Talent Admission Scheme, Reindustrialisation and Technology Training Programme, Reindustrialisation Funding Scheme, and Technology Voucher Programme. With the supportive measures and funding schemes provided by the Government, enterprises are more willing to adopt technologies to enhance productivity. Particularly, the Government has put significant efforts in promoting reindustrialisation, attracting advanced technology companies to set up their own businesses in Hong Kong. The innovation and technology applications have grown even stronger in recent years.
The Industry 4.0 is progressing rapidly across the globe and business leaders in Hong Kong are getting aware that the integration of Industry 4.0 technologies into their operations will be the way forward for business success. The digital transformation happens in all industries and companies which are trying to adopt advanced technologies such as artificial intelligence, blockchain, robots, drones, cloud computing, augmented reality & virtual reality, and internet of things with an aim to expediting the business process, enhancing flexibility, making intelligent and market driven decisions as well as engaging customers through better experiences. The digital revolution is reshaping the way how businesses are functioning and how companies are interacting with customers.
Hong Kong has its own strength in research and development with a diverse talent pool equipped with international experience and professionalism in intellectual property, though the local market in Hong Kong is too small for high technology companies to sustain profitability and growth. With opportunities brought by the Greater Bay Area, Hong Kong's innovative companies could expand their market to Mainland China, a springboard to strengthen the innovation development of Hong Kong, making it an international innovation and technology hub through mutual collaboration with cities in the Greater Bay Area.
The COVID-19 crisis is expected to last for a considerably long period of time and bring dramatic changes to how individuals live and work as well as how companies manage business resilience, continuity and risk management. Despite the challenges from economic downturn due to COVID-19, the innovation and technology sector has risen to new heights by leveraging technologies in different industries to overcome geographical barriers and social distancing measures. There are different local technological applications being developed in Hong Kong such as solutions applied for quarantine measures, face masks production, and temperature checking equipment. In addition, shopper behavior is changing which leads to exponential growth of e-commerce and online shopping. Education technology is rapidly adopted and penetrated with new ways of learning through digital tools. Robots are also deployed to disinfect public areas and deliver meals to guests in hotels to reduce human interaction. All in all, opportunities arisen will stimulate technological development for the benefit of the local society.