Hong Kong and Shenzhen team up to revolutionize the tech industry

After experiencing three years of economic stagnation due to strict Covid-19 restrictions, Hong Kong has initiated a significant effort to restore its economic status. The focus is on attracting global investment and talent while also enhancing business relations with mainland China. Futian, a crucial business and commercial hub that houses major multinationals like Walmart and Ping An Insurance Group, aims to modernize its economy through three growth drivers: technology and innovation, finance, and fashion.

At a briefing, officials from Shenzhen-based firms, such as the artificial intelligence drug discovery company XtalPi and Hong Kong’s C-MER Eye Care, stated their intent to increase cross-border collaboration and investments. This partnership emphasizes the shared desire to expedite the integration of the Greater Bay Area’s eleven cities, with economic recovery being a top priority set by Beijing for this year.

According to Bernard Chan Pak-li, the undersecretary for commerce and economic development, the two cities are set to embark on collaborative efforts aimed at luring foreign investment and companies. Chan went on to explain that Hong Kong’s role as a two-way platform will facilitate the attraction of foreign firms and funds to the Greater Bay Area, linking them with various enterprises. Moreover, the region’s firms will be supported in exploring overseas business opportunities together.

Since quarantine-free travel resumed on February 6, cities in the Greater Bay Area are also progressively engaging with each other.

Ronald Tam, CFO of XtalPi, noted that his company intends to accelerate its expansion in Hong Kong, in part, due to the government’s budgetary policies aimed at attracting top talent. Tam revealed that they are actively planning to establish their AI dry lab in Hong Kong and are hopeful of having between 10 to 30 colleagues relocate there.

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