The Financial Secretary, Mr Paul Chan, attended the Guangdong-Hong Kong-Macao Greater Bay Area and Europe (France) Economic and Trade Cooperation Conference in Paris this afternoon (May 24, Paris time).
      
     The Conference was jointly hosted by the People’s Government of Guangdong Province, the Hong Kong Special Administrative Region (SAR) Government, and the Macao SAR Government. The Governor of Guangdong Province, Mr Wang Weizhong; Mr Chan; and the Secretary for Social Affairs and Culture of the Macao SAR, Ms Ao Ieong U, gave keynote presentations to over 400 French and European leaders of the commercial and industrial sectors attending the event, to promote the enormous business opportunities brought by the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) for European businesses. The Chinese Ambassador to France, Mr Lu Shaye, and the Vice-President of the Society for the Encouragement of National Industry, Mr Gilles Henry Garault, also delivered speeches.
      
     Mr Chan highlighted at the Conference Hong Kong's unique advantages of having convenient access to the Mainland market under "one country”, and the practice of common law; the free flow of capital, goods, people and information; the maintenance of a simple and low tax regime and the linked exchange rate; and commercial rules that align with the best international standards, etc. under “two systems”. Hong Kong is an ideal entry point for French enterprises to develop the GBA market, and an optimal springboard and platform for further developing businesses on the Mainland and in Asia.
      
     Mr Chan said that Hong Kong, as an international financial centre, possesses a highly internationalised financial market, and has been deepening and expanding mutual market access with the Mainland's financial market. With a vibrant ecosystem of venture capital and private equity funds, Hong Kong is able to support the funding needs of French enterprises at different development stages. Apart from access to both Mainland and international capital, French enterprises can also utilise Hong Kong’s vast Renminbi (RMB) liquidity pool to raise RMB funding to support their business expansion in the Mainland. They can also leverage the offshore RMB products and risk management tools available in Hong Kong to manage the RMB funds acquired through trading activities.
      
     Mr Chan also introduced the development of Hong Kong as an international innovation and technology centre, including Hong Kong's advantages in basic research and collaboration with the sister cities in the GBA, in particular the progress of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone. Furthermore, he highlighted Hong Kong’s efforts in the development as an international green tech and green finance centre, facilitation in efficient matching for international green capital and green projects in the region, and active participation in formulating international green standards, certification and nurturing relevant talent.
      
     Hong Kong and France have long had deep exchanges in commerce and trade, culture and people. Hong Kong welcomes French enterprises to initiate businesses, set up research and development centres and regional headquarters. He also opined that the internationalised, safe and dynamic living environment of Hong Kong is highly attractive to French and European talent. 
      
     At the Conference, Mr Wang, Mr Chan and Ms Ao Ieong witnessed the signing of a Memorandum of Understanding by Invest Hong Kong and three French enterprises, namely Prophesee, SUEZ and Egis. Invest Hong Kong will provide support to the enterprises on stepping up investments and starting operations in Hong Kong.

        

     The Secretary for Innovation, Technology and Industry, Professor Sun Dong, attended VivaTech 2024 in Paris, France on May 24 (Paris time). In his keynote speech at a seminar themed "How Global Start-ups Succeed in Asia through Hong Kong's Innovation Ecosystem" organised by the Hong Kong Trade Development Council (HKTDC), Professor Sun gave the attendees an update on Hong Kong's ever-growing start-up scene, pointing out that Hong Kong values the potential and contributions of start-ups and that the city is one of the best destinations for global start-ups to thrive and flourish.

     "The greatest asset of Hong Kong's innovation and technology (I&T) development is our strong research capability. We support global startups with readily available source of research and development capabilities, knowledge and talent, as well as a vibrant I&T culture and atmosphere. We are also committed to providing comprehensive support to start-ups at different stages of their development. The two I&T flagships in Hong Kong, namely the Hong Kong Science Park and the Hong Kong Cyberport, play a vital role in nurturing and supporting start-ups in Hong Kong through various entrepreneurship schemes and incubation programmes, providing infrastructure, technical and funding support for their start-ups."

     Professor Sun highlighted that Hong Kong is well positioned to be the bridge connecting East and West, as the city enjoys the dual advantages under "one country, two systems" and strategic location on the doorstep of Mainland China. He said, "Setting up business in Hong Kong gives start-ups and enterprises much more than just a single market, but an ideal gateway to the gigantic market in the entire Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Mainland China and Asia with boundless opportunities. A solid industry chain and supply chain are essential for start-ups. The prospects and synergies of the GBA will be unlimited with a stable supply of talent and materials."
 
     Professor Sun also toured the Hong Kong Pavilion set up by the HKTDC at the VivaTech. The pavilion showcases Hong Kong's vibrant start-up and technology ecosystem and provides information on the unparalleled advantages the city offers for global start-ups. He also visited the pavilion set up by Japan, which is the "Country of the Year", as well as pavilions set up by institutions such as Centre national de la recherche scientifique and Région Sud of France, and had brief exchanges with representatives of some exhibitors to learn more about their innovative solutions. Afterwards, Professor Sun attended a networking reception hosted by the HKTDC to exchange views on the development and collaboration of I&T with local leaders of the I&T industry, entrepreneurs, influencers and investors.
 
     On May 23 (Paris time), Professor Sun departed Brussels, Belgium for Paris, France to continue his visit. In the afternoon, he toured the Institut Pasteur and visited its laboratories to gain an understanding of the institute's research areas and advanced research equipment, as well as programmes to accelerate the development potential of research discoveries and promote the creation of startups. The Institut Pasteur is an internationally-renowned private and non-profit infectious disease research institute which co-operated with the University of Hong Kong through InnoHK clusters to establish the Centre for Immunology & Infection in 2020 to use novel technology platforms for biomarker discovery and the development of new vaccine and therapeutic strategies. Professor Sun noted that international collaboration and talent development are key components under InnoHK. The Hong Kong Special Administrative Region Government strongly encourages strengthening academic exchanges to foster knowledge sharing, enhance research capabilities and promote scientific advancements for the benefits of the I&T development in both Hong Kong and France.
 
     Professor Sun will continue his visit in Paris tomorrow (May 25, Paris time) and conclude his visit in the afternoon. He will return to Hong Kong on Sunday (May 26, Hong Kong time).

                    

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by WeChat Pay Hong Kong Limited relating to bogus calls. The relevant stored value facility (SVF) licensee has reported the case to the HKMA.
      
     The HKMA wishes to remind the public that anyone who has provided his or her personal information or account credentials, or who has conducted any financial transactions, in response to bogus calls, should contact the relevant SVF licensee, and report to the Police or contact the Anti-Deception Coordination Centre of the Police at 18222.

     Following is the keynote speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the seminar "How Global Start-ups Succeed in Asia through Hong Kong's Innovation Ecosystem?" of VivaTech 2024 in Paris today (May 24, Paris time):

Shirley (Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung), Silas (Regional Director, Europe, Central Asia and Israel of the Hong Kong Trade Development Council (HKTDC), Mr Silas Chu), Chris (Director, France, Spain and Portugal of the HKTDC, Mr Chris Lo), distinguished speakers, guests, ladies and gentlemen,

     Good morning. Bonjour. It is my great pleasure to join you all today at VivaTech 2024, Europe's largest tech event here in the romantic and beautiful city of Paris.

     This year marks the 60th anniversary of the establishment of China-France diplomatic ties, and the Paris Olympic Games will officially begin just in two months. It makes me particularly excited to visit Paris this special year, and on this special occasion, I would like to shine a spotlight on Hong Kong and show the world how this Pearl of the Orient is transforming into an international innovation and technology (I&T) centre.

Hong Kong's ever-growing start-up scene

     Start-ups are the engine of innovation, the source of jobs and talent, the spirit of entrepreneurship, and the future of economic growth. According to the Global Start-up Ecosystem Report 2023, Hong Kong ranks the second in the world and the first in Asia in the top 100 emerging ecosystems, and is the only Asian city in the top 10. As of 2023, the number of start-ups in Hong Kong reached about 4 300, an increase of one-third as compared to 2019. Among them, a quarter of the start-up founders are non-locals, and founders from France account for 10 per cent of them. As "Asia’s world city" with an increasingly vibrant I&T ecosystem, Hong Kong has so much to offer.

Proactive government initiatives

     Similar to the France 2030 plan, which aims to develop industrial competitiveness and future technologies, the Hong Kong SAR (Special Administrative Region) Government promulgated the Hong Kong Innovation and Technology Development Blueprint in December 2022 to establish a clear development path and systematic strategic planning for Hong Kong's I&T development over the next five to 10 years, charting Hong Kong in moving full steam towards our vision of developing into an international I&T centre.

     To realise our grand vision, we have been adopting a multipronged approach to perfect our I&T ecosystem and promote industry development of strategic importance, including life and health technology, AI (artificial intelligence) and data science, as well as new energy and advanced manufacturing industries. We value the potential and contributions of start-ups. Let me share with you why Hong Kong is one of the best destinations for global start-ups to thrive and flourish.

Strong R&D (research and development) capability promoting global I&T collaborations

     The greatest asset of Hong Kong's I&T development is our strong research capability. As a knowledge-based society, Hong Kong is the only city in the world housing five of the world’s top 100 universities. We are also home to two world's top-40 medical schools. Hong Kong is an R&D powerhouse and an active promotor of global I&T collaboration. We support global start-ups with readily available sources of R&D capabilities, knowledge and talent, as well as a vibrant I&T culture and atmosphere.

     Yesterday, I got a chance to visit the renowned Institut Pasteur, which has been collaborating with the University of Hong Kong on infectious disease research projects for nearly 25 years with remarkable achievements. Yet, this is just one example among many global R&D collaborations taking place in Hong Kong. Under our flagship R&D initiative, InnoHK, a total of 29 research laboratories have been set up by 30 world-renowned universities and research institutes under two research clusters focusing on AI and robotics, and health technologies respectively, to conduct high-quality collaborative research. Our ultimate goal is to translate global innovations into values, and I believe that this is also the aspiration of many start-ups.

Comprehensive support to start-ups with a business friendly environment

     We are also committed to providing comprehensive support to start-ups at different stages of their development. Like many start-up incubators and accelerators here with us today, the two I&T flagships in Hong Kong, namely the Hong Kong Science Park and the Hong Kong Cyberport, play a vital role in nurturing and supporting start-ups in Hong Kong through various entrepreneurship schemes and incubation programmes, providing infrastructure, technical and funding support for their start-ups. For example, Science Park's Corporate Venture Fund and Cyberport Macro Fund have altogether attracted more than HK$14.3 billion, equivalent to around 1.7 billion euros, of private investment over the years. Together with other government and private investment funds, there are multifundraising channels for start-ups.

     Funding aside, Hong Kong also offers a simple tax system with a low tax rate, a mature legal system and robust IP protection regime, world-class logistics and infrastructure, and a bilingual working culture with flexible and hard-working people. All these favourable factors create a business-friendly environment for start-ups to grow, expand and succeed in Hong Kong.

The bridge connecting East and West

     Enjoying the dual advantages under "one country, two systems" and strategic location on the doorstep of Mainland China, Hong Kong is well positioned to be the bridge connecting East and West. Its prime location puts Hong Kong within a five-hour flight of most major cities and markets in Asia and half the world's population. In other words, setting up a business in Hong Kong gives you much more than just a single market, but an ideal gateway to the gigantic market in the Greater Bay Area, Mainland China and Asia with boundless opportunities.

     In addition to markets, a solid industry chain and supply chain are also essential for start-ups. You may wish to know that the Shenzhen-Hong Kong-Guangzhou science and technology cluster continues to rank second in the world for the fourth consecutive year in the Global Innovation Index 2023. With a stable supply of talent and materials, the prospects and synergies of the Greater Bay Area will be unlimited.

     To capitalise on Hong Kong's I&T strength and advantages, we are moving at full steam to develop I&T infrastructure in the Hong Kong Park of Shenzhen-Hong Kong Innovation and Technology Co-operation Zone located in the Lok Ma Chau Loop, and at the same time attracting representative tech enterprises from mainland and overseas to set root or expand their business in Hong Kong.

Concluding remarks

     Ladies and gentlemen, innovation knows no boundaries and opportunities are within reach. I hope my sharing today can give you a refreshing idea of Hong Kong's ever-growing start-up scene. In addition, I visited the "So French So Innovative" Pavilion at InnoEX, the annual flagship I&T event in Hong Kong and I was deeply impressed by the I&T showcase of the French exhibitors. There is indeed so much we can do together in AI, green, waste management, climate change and so on. We welcome start-ups and enterprises from France as well as from all over the continent to set up or expand their businesses in Hong Kong. I am sure that the Hong Kong Trade and Development Council, and our Economic and Trade Offices in Europe will be more than happy to connect you with Hong Kong. Let us join hands to embark on an I&T journey across borders.

     In closing, may I wish VivaTech another year of great success and everyone here a fruitful exchange. Merci beaucoup.

    

     â€‹The Agriculture, Fisheries and Conservation Department (AFCD) signed a contract today (May 24) with Farm66 Investment Limited for the Pilot Project on Urban Farming in Ma On Shan Sai Sha Road Garden (MOSSSRG).
      
     An AFCD spokesman said, "The Pilot Project on Urban Farming is one of the key measures of the Blueprint for the Sustainable Development of Agriculture and Fisheries. The overall concept of urban farming is to integrate agriculture into the city and provide urban dwellers with high-quality, fresh and low-carbon food, as well as green landscapes and modernised farming experience, while improving the quality of urban life and liveability."
      
     Under the five-year pilot project, a modernised indoor crop farm with a land area of around 500 square metres will be set up in the MOSSSRG. The farm is expected to start production in the fourth quarter this year, with a view to providing the public with fresh agricultural products from farm to table with low-carbon footprints, as well as offering venues within easy reach for leisure, education and parent-child activities.
The AFCD will continue to search for suitable venues to conduct similar pilot projects.
      
     The Government will continue to implement measures related to urban farming through a multipronged approach, including introducing urban farming elements into the planning stage of New Development Areas (NDAs), making effective use of urban spaces in the Northern Metropolis and other NDAs. The Government will also set up modernised hydroponic farms and stalls on suitable rooftops of public markets. The concept of "harvest-to-sale" will first be adopted in Tin Shui Wai Public Market, which is under construction.
      
     Additionally, the Government will encourage business enterprises to develop modern urban farms, and explore the possibility of setting urban farming as one of the indicators of green buildings through working with public bodies or non-profit making organisations related to green buildings. At present, the urban farms of some projects are recognised by Building Environmental Assessment Method Plus (BEAM Plus) as innovative measures and rated. The Government will also explore officially incorporating urban farming facilities into the assessment scheme of BEAM Plus to encourage business enterprises to integrate elements of urban farming when planning property development projects, so as to blend agriculture into urban life, promote the physical and mental well-being of users of the building, and enhance Hong Kong's development and standards in sustainable architecture.