Lam leads growth of technology and innovation in Hong Kong

The sector is receiving more investment as a result of the introduction of new policies, as He Shusi reports.

A year after Carrie Lam Cheng Yuet-ngor, Hong Kong's fourth chief executive, took office, policies introduced to bolster the tech sector are playing a major role in the promotion of innovation and technology in the city.

According to stakeholders in the sector, the government's initiative has boosted optimism about the future among the younger generation, which was once concerned about a lack of opportunities, and promoted a more relaxed social atmosphere.

Lee George Lam, chairman of Cyberport, a government-run innovation incubator involving more than 1,100 digital technology companies, said the confidence and determination to develop innovation and technology has grown thanks to the government's strong support.

He noted that Cyberport was home to about 600 startups two years ago, but now the number has almost doubled.

Hong Kong now boasts more than 2,000 tech startups, half of which are being developed with the help of Cyberport, he added.

The Technology Talent Admission Scheme, which was announced in May, has helped to shorten the visa application process for hiring nonlocal tech talent by the adoption of a quota system rather than a personal basis. After the plan was unveiled, Cyberport received more than 50 applications even before the quota application process formally opened.

Given the shortage of talent in Hong Kong, the quota of 1,000 is a good start, according to Lee George Lam. "But the most important thing is to have successful applications as soon as possible, so entrepreneurs will realize how effective the program is," he said.