Financial Secretary Paul Chan Mo-po has urged APEC economies to collaborate on leveraging emerging tech to drive benefits for people and economies across the region amid enormous uncertainties over the global economy.
The world economy is currently facing tremendous uncertainties, and some economies have to make a choice between cooperation and coercion, and between shared prosperity and narrow self-interest, Chan said when attending the APEC Finance Ministers' Meeting and Structural Reform Ministerial Meeting in Incheon, Korea.
Chan believed that APEC should strengthen capacity building, knowledge and experience sharing, and technical support, particularly helping emerging and developing economies bridge the digital divide.
Moreover, member countries should deepen cooperation on digital governance and promote policy dialogue on issues such as AI regulatory frameworks, cross-border data flows, and digital trade.
Last but not least, it is time to jointly build a regional innovation and technology ecosystem, supporting the development of start-ups and cross-border research and development collaboration.
He stressed that Hong Kong is willing to strengthen collaboration with all member economies to jointly promote the tangible benefits of emerging technologies for the people and economic development of the region.
As artificial intelligence and digital transformation are currently among the most transformative forces, Hong Kong has invested over HK$200 billion in innovation and scientific research.
The city has also proposed a dual-pronged strategy, targeting AI development in five key areas: computing power, algorithms, application scenarios, data, and funding support.
At the same time, the SAR is actively attracting top-tier talent from relevant fields globally to develop in Hong Kong, Chan added
Additionally, Chan noted that Hong Kong places high importance on the digital transformation of small and medium enterprises, launching multiple funding schemes and support measures to help businesses adopt emerging technologies and enhance their competitiveness.
