Hong Kong has firmly established itself as a global leader in innovation and technology, consistently ranking among the top players worldwide. It has consistently been placed in the top 10 of the IMD World Digital Competitiveness Ranking since 2019. The city’s start-up ecosystem is thriving, with over 4,200 start-ups recorded in 2023 - an increase of 7% from the previous year - employing more than 16,000 people.
In addition, Hong Kong’s strategic location within the Greater Bay Area (GBA) has positioned it as a critical business platform and technology marketplace. The city’s I&T sector, combined with those of Shenzhen and Guangzhou, forms one of the top science and technology (S&T) clusters in the world. Data from Hong Kong’s Innovation, Technology and Industry Bureau showed that there were 40 I&T companies that had settled or were about to settle in the city, and the goal was to introduce 100 companies within five years.
Several key sectors are fuelling Hong Kong’s substantial technological growth, including fintech, life sciences, AI, and smart city technologies. The fintech industry has seen significant expansion, with fintech start-ups rising from 138 to 601 in 2023. In the meantime, life sciences and AI are being boosted through government-backed initiatives such as the InnoHK Research Clusters at the Science Park: Health@InnoHK for healthcare technologies and AIR@InnoHK for AI and robotics technologies.
In terms of Hong Kong’s Smart City Blueprint, the city is focusing on six major areas: Smart Mobility, Smart Living, Smart Environment, Smart People, Smart Government, and Smart Economy. To date, more than 100 digital government and smart city initiatives are in progress to improve public services.
As Hong Kong’s statutory body, Hong Kong Trade Development Council (HKTDC) has made innovation a key driver of growth across all areas of its operations. These include the Virtual Event Platform (VEP), which provides additional business opportunities through live streaming, 3D virtual booths, and AI-powered business matching services. The Scan2Match and Click2Match tools facilitate offline-to-online and online-to-online engagement, enhancing the overall business matching experience.
Furthermore, the HKTDC introduced InnoEX in 2023 to bring together global tech experts, thought leaders, and investors, fostering connections and opportunities. It runs concurrently with a group of technology-focused HKTDC events, including the HKTDC Hong Kong Electronics Fair (Spring Edition).
The HKTDC has also integrated technology and innovation into several key conferences and events. For example, the Business of IP Asia (BIP Asia) Forum positioned intellectual property (IP) as a driving force behind innovation. Entrepreneur Day (E-day) served as a testing ground for new tech projects. The Start-up Express International event focused on fintech, greentech, and healthtech start-up growth, while the Asian Financial Forum (AFF) highlighted multilateral cooperation on innovation and technology-related topics and initiatives. Its InnoVenture Salon is dedicated to showcasing start-up exhibitors in sectors such as AI, blockchain, fintech, and more.
For further information on how you could tap into Hong Kong’s thriving innovation ecosystem and explore the business opportunities, please contact London.office@hktdc.org.