63 7.1 The development of Hong Kong’s technology and innovation industries is no longer a new topic. However, after experiencing the social unrest of 2019 and the severe COVID-19 epidemic since 2020, Hong Kong is facing the problem of how to start again. At this moment, it is timely and necessary to conduct a review on how to develop Hong Kong’s technology and innovation industries and rethink its development with new mind. 7.2 Starting from “output thinking”, this report clearly states that the goal of Hong Kong’s development of technology and innovation industries is to “create greater space for the development of Hong Kong’s young people in technology and innovation industries and promote upward social mobility.” It then points out the path of Hong Kong’s development of technology and innovation industries and puts forward corresponding policies. 7.3 This report believes that Hong Kong should achieve industrial diversification and use existing technologies, such as artificial intelligence, to empower existing industries by promoting the development of both Type I and Type II technology and innovation industries, so as to provide young people with technology and innovation-related entrepreneurship and employment opportunities, and ultimately create space for the realization of social upward mobility. 7.4 In order to promote the development of Type I technology and innovation industries and achieve industrial diversification, Hong Kong urgently needs to attract large overseas technology companies to set up research centers in Hong Kong, henceforth build and improve Hong Kong’s innovation ecosystem and cultivate local technological entrepreneurial talents. In this regard, Hong Kong can learn from the policies of countries and regions such as Ireland, Singapore and Israel. 7.5 Problems such as the shortage of talents encountered by large overseas technology companies in Hong Kong can be solved by the Lok Ma Chau Loop’s technology park. It may not be extravagant to claim the Loop as the last opportunity for the development of Hong Kong’s technology and innovation industries. It is recommended to establish a brand-new management company and adopt brand-new strategic thinking to turn the Loop into a high-tech park that can attract talents from all over the world, comparable to the Cambridge Innovation Park. 7.6 In addition to the development of emerging technology and innovation industries, the development of Type II technology and innovation industries, so as to enhance the production efficiency and dynamic efficiency of Hong Kong’s existing enterprises, will also play a decisive role in enhancing Hong Kong’s long-term competitiveness, while also creating demand for local technology companies. It is recommended to review the role and functions of the Hong Kong Productivity Council to make it able to play a leading role in promoting the development of Type II technology and innovation industries in Hong Kong. 7.7 The atmosphere of knowledge transfer in Hong Kong’s universities has not been strong enough. If large technology companies can relocate their R&D center to Hong Kong, they may promote knowledge transfer in Hong Kong’s universities, as AstraZeneca’s R&D center near Cambridge University helped make Cambridge the world’s premier biotechnology park. 7 Conclusions
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