Shot in the arm for newcomers

HONG Kong and Shenzhen (深圳 ) have sealed three agreements to woo mainlanders to invest in innovation and technology start-ups on both sides of the border.

Chief Secretary for Administration (政務司司長) Carrie Lam Cheng Yuet-ngor (林鄭月娥) and Shenzhen mayor Xu Qin (許勤 ) co-chaired the Hong Kong-Shenzhen Cooperation meeting (深港合作會議) at the government offices in Tamar (添馬) on Monday and witnessed the signing of the cooperation agreements.

Besides fostering innovation and technology industries, the pacts aim to promote more cross-border economic cooperation, with the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (前海深港現代服務業合作區) serving as the bridge.

“This year marks the start of the national 13th five-year plan,” Lam said. “It is clearly stated in the proposal from the central government that the mainland needs to step up efforts to further open up its markets to Hong Kong and Macau (澳門) and expedite the development of Guangdong-Hong Kong-Macau cooperation.”

Saying innovation and technology development will be the big focus this year, Lam introduced a key figure in Hong Kong’s efforts in the field to Shenzhen officials. He is recently appointed Secretary for Innovation and Technology (創新及科技局局長) Nicholas Yang Wei-hsiung (楊偉雄), the first person to hold that position.

Lam said the government is committing HK$2 billion to set up the Innovation and Technology Venture Fund (創科生活基金), and the new agreements will fit in with that scheme.

In addition, the two governments will set up a platform to encourage the exchanges of ideas.

(This article is published on The Student Standard on 2 March 2016)

Innovation and Technology Commission

$2b set for inno-tech fund