Experts have called for Hong Kong to enhance its involvement in international technological collaboration, with a strategic focus on sectors like healthcare and battery technology, to engage with developing economies amid rising geopolitical uncertainties.

Their remarks came as Financial Secretary Paul Chan Mo-po departed for Davos, Switzerland, on Monday to attend the World Economic Forum Annual Meeting, themed “Collaboration in the Age of Intelligence”.

During the five-day event, which will gather nearly 3,000 political, financial and business leaders and heads of major international organizations and academic institutions from over 100 countries and regions, the finance chief will participate in and speak at several sessions to highlight Hong Kong’s opportunities on the global stage.

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Hong Kong lawmaker William Wong Kam-fai stressed that collaboration is essential to overcoming inefficiencies in isolated technological development. “To maximize the value of data and achieve meaningful progress, open-source development and cooperation across economies are indispensable,” said Wong, who also is associate dean of the Faculty of Engineering at the Chinese University of Hong Kong.

While the concept of open-source collaboration and cross-economy partnerships has gained traction, Wong said that meaningful implementation is fraught with challenges. Geopolitical tensions have created significant roadblocks, he said. “The two largest players in technology — China and the US — haven’t found common ground,” Wong said, illustrating the difficulty of fostering collaboration at a global level.

Despite these challenges, Wong highlighted areas where Hong Kong could thrive. One promising frontier is digital twin — virtual representations of physical systems. These tools hold immense potential for industrial optimization by capturing and analyzing production data to enhance decision-making, streamline workflow, and improve efficiency.

Foreign companies’ production lines on the Chinese mainland, for example, could leverage better data management to localize solutions and optimize processes, Wong said.

Acknowledging regulatory and privacy restrictions often make data-sharing difficult, Victor Kwok, deputy research director at Our Hong Kong Foundation, a Hong Kong-based think tank, underscored the importance of healthcare technology and green innovation as areas ripe for collaboration.

With aging populations across the globe, the demand for healthcare solutions is growing rapidly. Technologies such as artificial intelligence (AI) can play a transformative role in reducing the burden on healthcare professionals by automating routine tasks, improving diagnostics, and enhancing patient care.

In his third Policy Address in October, Hong Kong Chief Executive John Lee Ka-chiu announced a raft of measures to promote the upgrading and transformation of traditional industries while actively nurturing emerging ones. These include increasing research funding and amending regulations on the low-altitude economy.

Pointing to Hong Kong’s strengths in its internationalization, robust legal system, financial expertise, and ability to translate research into tangible outcomes, Kwok said that talent cultivation remains a top priority to truly establish Hong Kong as a global innovation and technology hub.

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He added Hong Kong needs to ramp up efforts in education while attracting the brightest minds from across the globe and thus create a dynamic exchange of ideas and resources.

Koh Weng Siang, co-founder and vice-president of Hong Kong-based green aviation firm Volar Air Mobility, cited emerging markets such as Southeast Asia, the Middle East, and Africa as critical areas for expansion. On applications, battery technology is particularly promising, Koh said, emphasizing its critical role in the development of electric vehicles (EVs) and sustainable aircraft.

Koh highlighted the need for greater integration of talent and resources to elevate technological development in Hong Kong. “Through collaboration, we can foster a more skilled workforce, expand our technological capabilities, and ensure Hong Kong’s innovation gains traction globally,” he said.