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 this statement at the opening of the inaugural Co-Development and Investment Conference, which brought together roughly 300 investors, over 500 startups, and industry leaders and academics from the region. The six-day event commenced at Hong Kong Science Park and continued in Dongguan and Hangzhou for the final four days.

Chan emphasized that global investors must focus on two key aspects: stability and security, as well as attractive returns. Innovators and entrepreneurs, on the other hand, require more than just capital. They need an industrial ecosystem, a consistent flow of talent, and access to comprehensive innovation resources. According to Chan, the Greater Bay Area, encompassing Guangdong, Hong Kong, and Macao, boasts the strongest combination of finance and innovation.

He praised Hong Kong for being a "magnet" for global talent and a hub for fast-growing innovation, highlighting its role as a natural complement to sister Greater Bay Area cities that excel in advanced manufacturing, commercialization, and scaling. Chan also pointed out that Hong Kong's capital ecosystem is being tailored to support startups and foster innovation.

These efforts have already shown results, he noted, with the technology sector's share of turnover on the Hong Kong stock exchange increasing from 15 percent to 47 percent over the past decade, and overall turnover growing more than eightfold.