Saudi links will allow Hong Kong’s tech firms to shine
- As city continues to benefit from an increasingly close relationship between China and the Middle East, start-ups need to seize opportunities
Partnering with deep-pocketed Saudi Arabia may be Hong Kong’s big break to advance local science and technology internationally.
Having languished for many years in the shadows of hi-tech Shenzhen and other mainland tech hubs, Hong Kong Science and Technology Parks and Cyberport need to seize this opportunity to prove their mettle.
The two tech centres have each signed a memorandum of understanding (MOU) with the King Abdulaziz City for Science and Technology in Riyadh.
That is the result of a high-profile visit by Chief Executive John Lee Ka-chiu to the Middle Eastern oil giant a year ago.
Hong Kong start-ups see potential in Saudi Arabia, but no immediate gains
It shows high-level contacts can bear fruit for the local economy, and tech development, and are not just for public relations. Lee can build on this kind of success overseas for the city’s international profile.
The latest MOUs aim to promote such hot fields as biotech and healthcare-related technologies, construction, media platforms, cloud storage and environmental, social and governance (ESG); and help start-ups gain access to each other’s market.
But all are tied to the ubiquitous quest for artificial intelligence (AI) and its wide applications. It is encouraging that officials on both sides recognise the importance of AI.
Their partnerships will hopefully offer new opportunities for locals to break into the Middle East while Hong Kong can serve as a stepping stone for Saudi start-ups into China.
Hong Kong is benefiting from the increasingly close relationship between China and Saudi Arabia, especially through the Belt and Road Initiative.
Hong Kong start-up hubs expand city’s collaboration with Saudi Arabia
The city took part at the Riyadh International Convention and Exhibition Centre where officials and company executives touted its tech prowess and the benefits it has to offer Saudi counterparts.
While Hong Kong start-ups are not household names, some have shown great promise in speech recognition, warehouse automation, robot-assisted surgery and cost-effective gene-editing.
Cyberport has long been plagued by a reputation of being a glorified property development while the science parks are often seen as little more than subsidised offices for companies, not all of them known for hi-tech development.
After so many years of lacklustre performance, now is the time for them to shine.
