Greater Bay Area 'fortes lie in finance, innovation'

Global investors and startups should consider establishing a presence in the Greater Bay Area, according to Financial Secretary Paul Chan. Chan made the remarks at the opening of the inaugural Co-Development and Investment Conference, which gathered around 300 investors and over 500 startups along with industry leaders and academics from the Greater Bay Area. The six-day event commenced at Hong Kong Science Park and proceeded to Dongguan and Hangzhou for the final four days.

Chan emphasized that global investors face a dual challenge in the current geopolitical climate: finding stability and security, while also seeking attractive returns. For innovators and entrepreneurs, he stressed, capital alone is insufficient. They require an industrial ecosystem, a consistent supply of talent, and access to a comprehensive range of innovation resources. Chan asserted that the combination of finance and innovation is strongest in the Guangdong, Hong Kong, Macao Greater Bay Area.

He highlighted Hong Kong as a "magnet" for global talent and a hub for burgeoning innovation. This makes it an ideal partner to the other Greater Bay Area cities that excel in advanced manufacturing, commercialization, and scaling. Chan also noted that the city is developing a capital ecosystem specifically designed to support startups and foster innovation.

These initiatives, he pointed out, are already showing results. He mentioned that the technology sector's share of turnover on the Hong Kong stock exchange has increased from 15 percent to 47 percent over the past decade, with overall turnover growing more than eightfold.