This file photo dated Sept 20, 2019 shows a view of the Hong Kong Science Park, in Hong Kong, south China. (PHOTO / XINHUA)

Development of Hong Kong’s innovation and technology sector is gaining momentum as the city pours more resources into the field, but greater cross-border collaboration is needed to address the city’s challenges, a scholar said on Thursday.

Billy Mak, associate professor of School of Business at Hong Kong Baptist University, spoke to China Daily after the release of Global Innovation Index (GII) by the World Intellectual Property Organization on Wednesday, in which Hong Kong remained fifth in Asia and 17th globally among 132 economies.

A government spokesperson said in a Wednesday statement that nearly HK$200 billion ($25.6 billion) has been committed in the past few years to enhancing technological research infrastructure, subsidizing research and development activities

Hong Kong, with its relatively small population, has witnessed a greater inclination among undergraduates towards studying business and medicine rather than science and technology, resulting in a scarcity of technological talent in the past, Mak noted.

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“In recent years, the Hong Kong Special Administrative Region government has placed a strong emphasis on innovation and technology, allocating significant resources to support this sector. Institutions such as the Hong Kong Science Park and Cyberport have played a vital role in nurturing a wide range of science and technology projects,” he said. 

“As a result, the city has seen a notable rise in the number of emerging unicorn startups, exceeding the figures seen in Singapore.”

Mak emphasized the need to strengthen cooperation between Hong Kong and Shenzhen so as to address the challenges facing Hong Kong in developing the sector.

“While Hong Kong's universities have a strong foundation in basic research and development, there is a crucial need to translate these advances into application markets and production bases, both of which are currently lacking in Hong Kong,” he said. 

“The need for stronger cooperation between Hong Kong and Shenzhen is underscored by this inadequacy.”

The government promulgated the Hong Kong I&T Development Blueprint last year to establish a clear development path and formulate systematic strategic planning for Hong Kong's I&T development over the next five to 10 years.

A government spokesperson said in a Wednesday statement that nearly HK$200 billion ($25.6 billion) has been committed in the past few years to enhancing technological research infrastructure, subsidizing research and development activities, supporting collaboration among industry, academic and research sectors, as well as pooling and nurturing technology talent.

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According to the GII, the Shenzhen-Hong Kong-Guangzhou science and technology cluster grabbed the second place globally for the fourth consecutive year.

“Hong Kong holds a distinctive urban role in national planning. In addition to its role as a financial center, Hong Kong can offer financing opportunities to technology startups within the Shenzhen-Hong Kong-Guangzhou technology cluster,” Mak said. 

“While the ranking in the innovation index provides some guidance, the crucial aspect lies in effectively implementing innovative technologies, establishing industries, and subsequently driving regional GDP growth,” he stressed.

Contact the writer at zhoujianxin@chinadailyhk.com