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The first batch of 60 companies - about a quarter of which are from overseas - officially became partners with the Hong Kong-Shenzhen Innovation and Technology Park (HSITP) and are expected to invest billions of Hong Kong Dollars and create thousands of job opportunities.
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Around 45 percent of the companies are in the life sciences, health technology, new energy, and microelectronics industries, and 24 of them are new to setting foot or expanding business in Hong Kong.
The partnership launching ceremony took place at the Government Secretariat on Thursday, with the presence of Chief Executive John Lee Ka-chiu, Acting Financial Secretary Michael Wong Wai-lun, and Secretary for Innovation, Technology and Industry Sun Dong.
In his speech, Lee said Hong Kong enjoys the rule of law, a free and enterprising business environment, world-class infrastructure, a robust financial system, as well as established research and development capabilities with world-renowned institutions.
He said the partnership marks a significant milestone of the Park entering the operational phase.
Representatives from biopharmaceutical companies listed in the mainland stated that the cost difference between conducting medical research in Hong Kong and the mainland is insignificant.
With Hong Kong offers favorable conditions such as a low tax system, free capital flow, and the ability to attract high-tech talent, the businesses believe that operating in HSITP will enable them to develop faster than before when they were based in Shanghai.
