In Chief Executive Carrie Lam Yuet-ngor’s policy address last month, she expressed her ambition to turn Hong Kong into an international hub for innovation by grasping the opportunities arising from mainland China’s Greater Bay Area development.
“The Greater Bay Area can be the window for Hong Kong startups to enter the mainland market,” said Herman Lam Heung-yeung, chief executive of Cyberport, a key advocate of the startup ecosystem in Hong Kong.
Announced in March, the development plan for the Guangdong-Hong Kong-Macau Greater Bay Area covers Hong Kong, Macau and nine cities in Guangdong province. It is home to a population of nearly 70 million with great potential to boost the growth of the economy in the area.
As Lam suggested in an interview with Hong Kong Economic Journal, the Greater Bay Area is the perfect starting point for Hong Kong startups targeting the Chinese market.
“China is a big country with a variety of cultures and language, every province and even city has its customs. To begin by studying local culture, Hong Kong startups can get a foothold in the Greater Bay Area to pave the way for covering the whole Chinese market.”
Witman Hung Wai-man, principal liaison officer for the Hong Kong-Shenzhen Qianhai Authority told HKEJ that he believes the cultural proximity of both Hong Kong and the Greater Bay Area would accelerate the integration and blending of the cultures of the two areas.
Instead of focusing on the local market, Hung said Hong Kong startups should make use of the resources available in the Greater Bay Area to go global, citing Israel as an example of success in developing technology applicable to the global market. “You can conquer the global market by addressing one single market.”
This article appeared in the Hong Kong Economic Journal on Nov. 7
Translation by Ben Ng
[Chinese version 中文版]
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