Secretary for Innovation and Technology Nicholas Yang Wei-hsiung said Hong Kong started off later than its rivals in the innovation industry.
However, he said Hong Kong could catch up with its peers, hk01.com reports. Yang made the remarks during a speech at the close of Innotech Expo 2017.
Yang said that although the Department of Innovation and Technology has only been established for 23 months, Chief Executive Carrie Lam Cheng Yuet-ngor has given eight main directives for innovative industries.
The government has allocated HK$18 billion to fast-track the industry and has set aside another HK$10 billion to sustain progress, Yang said, adding Hong Kong people will soon see the effects of those policies.
Yang said Hong Kong’s innovative technology is not a failure but has yet to reach a standard in which it can be called a “success”.
He urged Hongkongers to have faith in the industry’s future, saying a better innovative industry is key to improving living standards.
Victor Fung Kwok-king of Our Hong Kong Foundation said Hong Kong can push forward the development of innovative technology by commercializing technological advancements and leveraging technology in optimizing business models.
Fung said Hong Kong has distinct advantages including legal, financial, intellectual property and free economy frameworks or systems, to marry technology and markets.
Roland Chin, vice chancellor of the Hong Kong Baptist University, said the most popular university subjects are still medicine, law, and business.
In comparison, science and innovative technology lag behind, he said, adding it is only normal that graduates would like to find a stable job.
Chin said that one of the key reasons behind this phenomenon is that more than 60 percent of university students is the first one in their families to get a university degree.
“After the second world war, many university students in the US chose subjects that stand a better chance of setting them up for financially lucrative jobs,” Chin said. “It is possible that we will see a change in the future.”
Professor Dennis Lo Yuk-ming, associate dean of medicine in the Chinese University of Hong Kong, said the right government policies could help push forward innovative technology within the Bay Area and Macau.
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