Northern Metropolis and AI vital to Hong Kong’s 5-year plan: business chambers

Hong Kong's inaugural five-year plan should focus on the Northern Metropolis mega development, bolster the city's standing as a global financial hub, and advance its artificial intelligence (AI) strategy, according to major business chambers. The Chambers of Commerce received over 16,000 submissions as authorities prepared the blueprint, which is set to be released in September.

The Northern Metropolis aims to turn approximately 30,000 hectares of land near the Chinese border into a catalyst for growth, residential area, and university town.

AmCham and FHKI maintain that Northern Metropolis development should be guided by industrial growth, business presence, and employment results. AmCham also proposes a single regulatory body to coordinate efforts and foster public-private alliances. AmCham further advocates for a unified AI strategy, demanding the creation of a top-level government plan covering both "AI industrialisation" and "industrial AI adoption."

The Chambers encourage the government to facilitate SMEs transitioning from efficiency-enhancing AI use to value creation. They also suggest increasing public access to data, enabling businesses and academia to conduct research and commercial activities.

FHKI emphasizes Hong Kong's role as a "superconnector," "super value-adder," and "super collaborator," facilitating international alignment for local and mainland enterprises. The Hong Kong University of Science and Technology (HKUST) recommends developing a space economy, encompassing space computing, high-precision payload development, and space robotics.

HKUST warns that Hong Kong risks falling behind if it does not devise a strategic plan for the space sector promptly, suggesting the creation of a specialized capital-market platform for aerospace businesses and a robust legal and compliance service system.