Innovation and technology minister Sun Dong hopes contribution of the advanced manufacturing industry can increase to 5 percent of Hong Kong’s overall GDP by 2030, as the city is about to sign contracts with the second batch of imported companies within this month.

Speaking on a radio program on Saturday, Sun said many life and health corporations that have plans to expand their businesses overseas have set their eyes on Hong Kong, given how the city is connected to the world and its clinical data is internationally recognized.

Setting up a base in Hong Kong can benefit their research and development of new drugs as well, Sun said. He also said the dozen imported companies focus on life and health technology, AI and data science, and advanced manufacturing and new energy.

He continued that the city’s work in life and health medicine is outstanding and comes with an all-rounded medical system.

Yet, he recalled that resources were allocated rather diversely in the past and there wasn’t any platform to recruit overseas talent so that many brilliant minds opted to continue their careers elsewhere.

That is why the government proposes in the budget to spend around HK$6 billion to set up a life and health technology research institute, hoping to further strengthen the city’s traditional advantages and focus resources in the field in search of scientific breakthroughs, he noted.

Sun also said the advanced manufacturing industry currently takes up one percent of the GDP and admitted that the goal of bumping the number to 5 percent in just six years is challenging.

He believes the ratio of domestic expenditure on developing new industries to the GDP can increase from 1.07 percent in 2022 to 1.3 percent or even higher next year, adding that the government has allocated a significant number of resources over the past year.

Although some of the new industries have yet to be set up, the impact brought by them can be seen in the future, Sun added, saying the key is to enhance the industry’s level of participation.

On another note, Sun will lead a delegation of representatives from the I&T industry to visit Saudi Arabia and the United Arab Emirates (UAE) on Sunday.

Sun will visit Riyadh, Saudi Arabia, on March 3 and 4 to attend the LEAP 2024 technology conference and inaugurate the Hong Kong Pavilion staged by the HKSTP Corporation and Cyberport at the event.

He will also deliver a keynote speech at the conference on Hong Kong as the “super value-adder” in fostering global I&T collaboration. The delegation will then visit Dubai and Abu Dhabi in the UAE from March 5 to 7 and Sun will return to Hong Kong on March 8.

File photo.

I&T chief hopes advanced manufacturing sector to contribute more to city’s GDP