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Reindustrialization Reboot HK
"Most of all, the government should put more effort into increasing information transparency so as to earn the trust and confidence of the commercial and industrial sectors," Winnie Tang Suk-ming, an adjunct professor at the University of Hong Kong's Faculty of Engineering, Faculty of Social Science and Faculty of Architecture, said "For example, all procurement of local products and services should be displayed on an interactive map dashboard so that everyone can view the big picture at a glance and monitor the work of the government."
In Hong Kong, application or commercialization of research results and technology transfer are not part of the mechanism assessing the performance of academic professors. Institutions have not affirmed the contribution of scholars involved in technology transfer through performance assessment, which will discourage their participation in these activities.
"To address the issue, we need to expand the criteria in assessing university performance and to properly recognize the contributions of scholars who participate in applied research," Tang asserted.
In addition, the government's vetting committees that are responsible for funding approval should recruit more members from the technology and innovation industry so that projects can be reviewed with a broader perspective.
Last but not least, Hong Kong's reindustrialization should be addressed at the regional level of the Guangdong-Hong Kong-Macao Greater Bay Area and the Association of Southeast Asian Nations as both the collaboration platform and potential export market, thus addressing the issue of a lack of local demand, which makes technology product commercialization not economically viable.
"The government should promote cross-border cooperation and work with local companies to establish a sustainable reindustrialization ecosystem by actively promoting R&D collaboration with Shenzhen and the Bay Area and entering into the mainland market," Tang said.
She adds that ASEAN countries will have a strong demand for technology products and services originating in Hong Kong as they need the smart city expertise to help solve their problems in housing, security and employment that come with their booming economies.
As the Chinese mainland and ASEAN countries are the largest trade partners, these two market blocs offer huge market potential to manufacturers and technology companies based in Hong Kong.