Further potential

Yiu said that INNOPARK sites at Tai Po, Tseung Kwan O, and Yuen Long are based on eight principles: output as to economic value-added contribution; investment in capital expenditure for equipment together with fit-out or building construction; high-skilled employment creation; advanced technology content or novel application in products or services; advanced process applied in the manufacturing of products or delivery of services; R&D activities and capabilities; local consumption for a stable supply chain; and sustainability in terms of business, environment or resources.

Some high-value enterprises have already relocated. "The MARS Center is fully occupied, with 11 businesses mainly focused on medical accessory resilience supplies and equipment, plus health products and precision manufacturing," Yiu said.

Among the major tenants at MARS Center is Time Medical, which specializes in magnetic resonance imaging and plans to list in Hong Kong. It has invested between HK$90 million and HK$120 million to produce MRI equipment for infants and young children, and for breast screening. Other tenants include CATALO, Emerging Viral Diagnostics, GeneHarbor and Koln3D.

"The DT Hub is fully occupied with tenants, including NiroTech, a Hong Kong intelligent home access and safety control company that uses smart robots empowered with AI for automated assembly and quality assurance. Their data intensive operation requires data infrastructure," Yiu said.

"The AMC has tenants that include LUMI Technology, an advanced materials company, which uses the DT Hub for data processing. It will also expand into the AMC to develop prototypes. Sanwa BioTech will also base its new manufacturing facility at AMC and that will help it to expand capacity to supply diagnostics products to Asia and world markets."

"HKSTP is assuming a strategic approach in delivering the next generation of innovators and technology pioneers. Reindustrialization is transforming labor-intensive industries into I&T-driven industries, which will be more attractive to the youth," said Yiu. "For an advanced economy like Hong Kong, intangibles such as technology have to be the focus as the workforce is aging and population growth is low, while land is scarce with costs rising. But what is important is to invest in technology that will make workers smarter and more efficient, and not simply work longer."

Yiu said reindustrialization is a significant part of elevating Hong Kong's advantages and position in the Greater Bay Area. "Hong Kong's prospects for advanced manufacturing are bright. It has a rich legacy and inherent industrialist expertise combined with growing I&T investment."

There is also HKSTP's "innovation to industry" concept. "HKSTP is home to the likes of smart manufacturing unicorn, SmartMore, as well as Geek+, the global smart logistics company, which opened its global research and development center in the park last year, and OrbusNeich, a vascular medical devices maker. OrbusNeich recently filed to go public in Hong Kong."

Yiu said that in terms of InnoHK research clusters, the focus on artificial intelligence and robotics, and health "symbolize the types of companies we want to nurture and grow from HKSTP to INNOPARKs".