InvestHK encourages Zhejiang companies to go global via opportunities arising from innovation co-operation between two places

​Invest Hong Kong (InvestHK) and Mainland government authorities co-hosted a forum in Hangzhou, Zhejiang Province today (18 May 2023), encouraging Zhejiang enterprises to make use of Hong Kong's business advantages and opportunities in innovation development amid the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development to accelerate their overseas expansion.

Entitled "Forum on Hong Kong - Zhejiang Collaborative Innovation cum the International Investment of Zhejiang-based Multinational Corporations", the event was organised by the People's Government of Zhejiang Province. It was jointly organised by the Department of Commerce of Zhejiang Province, InvestHK, and the Commercial Office of the Economic Affairs Department of the Liaison Office of the Central People's Government (LOCPG) in the Hong Kong Special Administrative Region (HKSAR).

The forum began with welcoming remarks by Deputy Secretary-General of the People's Government of Zhejiang Province Mr Jiang Zhengui; the Under Secretary for Commerce and Economic Development of the Government of the HKSAR, Dr Bernard Chan; and Second-level Inspector from the Commercial Office of Economic Affairs Department of the LOCPG in the HKSAR Mr Yan Yongqing.

Dr Bernard Chan said, given the historic opportunities brought by the National 14th Five-Year Plan, Hong Kong will continue to consolidate its traditional advantages as an international financial, shipping and trading centre, and strive to develop emerging industries such as innovation and technology (I&T). The 14th Five-Year Plan of Zhejiang also clearly supports the province to develop as a high-level innovation-driven dynamic technology hub. The bilateral development between Zhejiang and Hong Kong on the innovation front will create a much wider horizon and a more solid foundation allowing both sides to gain amid new co-operation opportunities ahead.

Delivering his remarks, Mr Yan said, "Hong Kong has been the largest source of foreign investment in Zhejiang and Zhejiang's largest investment destination. The city is the primary choice for Zhejiang enterprises to expand overseas. In fact, many Zhejiang enterprises have already been listed in Hong Kong in recent years, raising high-quality capital from international investors and entering into the global market successfully via the city. As the representative of the Ministry of Commerce in Hong Kong responsible for the economic and trade co-operation between the two places, the Commercial Office of the Economic Affairs Department of the LOCPG in the HKSAR is willing to provide support and services for all Mainland enterprises, including Zhejiang enterprises, to invest in Hong Kong and expand to overseas markets via the city."

At the thematic sharing session, the Associate Director-General of Investment Promotion, Dr Jimmy Chiang, and the Director of Department of Commerce of Zhejiang Province, Mr Han Jie, talked about the co-operation opportunities between Hong Kong and Zhejiang Province in terms of innovation development that will help cement a better future for both places.

Dr Chiang indicated the unwavering support from the Central Government under the 14th Five-Year Plan, as well as the HKSAR Government's dedication to promoting I&T, and also the proactive initiatives to attract enterprises and talent. He said, "The HKSAR Government has made tremendous investment in the I&T sector in recent years. At the end of last year, the HKSAR Government promulgated the Hong Kong Innovation and Technology Development Blueprint, which sets out eight major strategies under the four broad development directions. The Blueprint further enhances the I&T industry layout, and moves forward the industrialisation in I&T sector. Hong Kong is the largest fundraising hub for biotechnology in Asia. Together with its enduring business advantages, as well as the huge market potentials in the GBA with comprehensive government policy measures, we are confident that Hong Kong will embrace the golden era of I&T industry in the future."

Mr Han said that the Zhejiang Provincial Party Committee is committed to making the province a source of high-level outward investment, which sets out clearly the direction for the province to continue to open up to the world. In fact, deepening the co-operation between Zhejiang and Hong Kong in terms of innovation development forms an important part of making Zhejiang a source of high-level outward investment, which is conducive to promoting the high-quality development of Zhejiang's economy.

The Head of Mainland and GBA Business Development of InvestHK, Ms Loretta Lee, hosted a panel discussion on Zhejiang-Hong Kong collaborative innovation at the forum with speakers including Senior Manager of Business Development of Hong Kong Science and Technology Parks Corporation (HKSTP) Mr Matt Hu; the Country Head of Technology and Healthcare Sector of HSBC Bank (China) Company Limited, Mr Ray Liang; and Vice President of Global Issuer Services of Hong Kong Exchanges and Clearing Limited Ms Sarah Zhang. They discussed how HKSTP can assist Zhejiang companies to develop I&T in Hong Kong, how Zhejiang companies can leverage Hong Kong's comprehensive professional financial services to explore overseas business opportunities, and the advantages of Zhejiang innovative companies listed in Hong Kong. Zhejiang company representatives; the China Business General Manager of Ant Group-OceanBase, Mr Frank Wang; and the Managing Director of Hangzhou Qiantang New Area Industrial Development Group Co Ltd, Mr Yao Chenpeng, also shared their experience in collaborative innovation at the forum.

For photos of the forum, please visit: www.flickr.com/photos/investhk/albums/72177720308356460.

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