HKPC Shares Nine Strategic Insights to Propel Hong Kong’s AI Industry
In Brief
HKPC unveiled nine key recommendations in its report to propel Hong Kong into the forefront of the global AI and data industry.
The Hong Kong Productivity Council New Industrialisation (HKPC New Industrialisation) has unveiled the intricate landscape of Hong Kong’s artificial intelligence industry, shedding light on challenges, triumphs and a roadmap for the future in a new report.
As per the report’s findings, 49% of surveyed enterprises face a daunting task of recruiting suitable technical talent. The high operating costs and perceived talent shortage in Hong Kong have created a recruitment conundrum, posing a considerable threat to the industry’s growth potential.
Contrastingly, the report reveals that 51% of large companies boast profitability, with an overall 31% of enterprises claiming financial success.
Insufficient processing power (44%), coupled with challenges in collecting data (44%), echoes a critical need for infrastructure development in Hong Kong. The reliance on cloud computing services (71%) signals a workaround, but the report strongly recommends the acceleration of high-performance computing (HPC) data center construction to meet the burgeoning demand.
The global stage is witnessing an AI revolution, with governments in Singapore, New York and Switzerland actively promoting development. The report emphasizes the need for Hong Kong to align itself with these global trends, particularly in sectors such as manufacturing, finance, and healthcare.
Nine Recommendations to Set Hong Kong as AI Hub
In a bold move to propel Hong Kong into the forefront of the global artificial intelligence (AI) and data industry, the government has unveiled a comprehensive plan encompassing nine key recommendations.
Constructing an Asia-leading HPC Centre: The government is set to invest in establishing a cutting-edge High-Performance Computing (HPC) center, marking a significant stride in technology infrastructure. Preferential policies will be introduced to attract both local and foreign enterprises to build private HPC centers, fostering an environment conducive to AI research and development in Hong Kong.
Establishing an International Big Data Hub: The newly formulated “Digital Policy Office” will spearhead the development of data policies. A “privacy policies-free” environment will be created, encouraging data circulation with Mainland China and overseas cities, particularly in sensitive areas like medical data, while safeguarding individual citizens.
Formulating Regulatory Policies for AI Technology: Striking a delicate balance between industry growth and public interests, the government will formulate regulatory policies and guidelines for the development and application of AI technology.
Strengthening Cooperation: A robust plan is in place to strengthen cooperation with the Greater Bay Area and other countries. Hong Kong will focus on developing its strengths in AI chip design, algorithms, frameworks, and application software to improve the AI and data industry.
Promoting Large-scale AI Applications: In line with the vision of a smart city and smart government, HKSAR Government will lead by example, developing and launching large-scale AI applications to catalyze industry development and attract AI companies to establish a presence in Hong Kong.
Empowering Industries with AI: Traditional industries will be empowered through collaboration with the AI sector. Government funding will be utilized to provide AI training to employees, fostering the application of AI to upgrade and transform traditional industries, and accelerating the development of emerging sectors.
Developing an International Financing Centre for AI Companies: The government will collaborate with public and private institutions to promote the newly launched “Specialist Technology Company Listing Rules” by the Hong Kong Stock Exchange.
These rules aim to allow pre-revenue, pre-profit specialized technology companies to list in Hong Kong. This is expected to attract more AI companies and venture capital funds to the city.
Popularizing AI Education: Universities, community colleges, and secondary schools are encouraged to incorporate AI education into compulsory courses and across multiple disciplines. This initiative aims to foster interdisciplinary “AI+ talent,” preparing the workforce for the demands of the evolving tech landscape.
Promoting Hong Kong as the Most Internationally Livable City for AI Talent: The HKSAR Government will actively promote the city’s AI industry development plan, emphasizing the international nature of Hong Kong.
The comprehensive plan underscores Hong Kong’s commitment to becoming a global leader in the AI and data industry, with a focus on innovation, collaboration, and talent development.
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About The Author
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
