Writing in their personal blogs, Paul Chan Mo-Po the financial secretary and secretary for innovation Nicolas Yang Wei-Hsuing said that Hong Kong’s economy and the technology sector can heavily benefits from China’s Greater Bay Area project.

This project aims at transforming Hong Kong along with its neighboring cities into innovation and finance hubs, which will be able to compete with Silicon Valley. As announced in Beijing, the technology and innovation centers in Hong are to benefit from a series of initiatives.

These initiatives include the setting up of two laboratories in the city’s science park. A cross border cooperation arrangement is yet to be signed.

These measures were exposed after a meeting in Beijing that was attended by the vice-premier and the chief executive.

Yang said that the two new laboratories that are backed by the state, along with Massachusetts Institute of Technology will have researchers from China as well as from abroad. These researchers have ful faith and confidence in Hong Kong’s IT scene.

There was a time in Hong Kong when they said Low-tech is profitable. Yang replied to this by saying that high tech can be just as profitable.

In his blog Chan talked about the research institutes. But, instead of mentioning the ones coming from across the border, he talked about the ones that were based locally. He said that the five research institutes set up by the government in 2006 will help Hong Kong reindustrialize.

He further said that they are working towards the establishment of a value-added manufacturing industry, driven by the latest technology. Interestingly, the new infrastructure will not need too much land.

Chan said that the government plans to support innovation and technology, by investing in new infrastructure. The government will further continue to provide technical and financial support to the sector.

One of the many big projects that the authorities and the Hong Kong Science and Technology Parks cooperation have been working diligently for is the Advanced Manufacturing Center. This new project will be situated at the Tseung Kwan O Industrial Estate.

Chan further revealed that the project will be completed by the year 2022. It will provide space for manufacturers that use smart manufacturing technology.

Lastly, he added that the government will continue to support conventional manufacturers to improve and utilize new technology, which will help them increase their efficiency and improve their quality.