Legislative Councillor for the Technology & Innovation Functional Constituency Duncan Chiu believes the Middle East can be a fertile market for Hong Kong tech companies looking to expand overseas.
Mr Chiu will be part of Chief Executive John Lee’s delegation on a visit to Qatar and Kuwait from Saturday and hopes the trip can provide insights into the two countries’ technology needs. Noting that both countries are reliant on imported technology, he stressed that Hong Kong companies’ strengths in areas such as artificial intelligence, life sciences and chip design mean they have much to offer the Middle Eastern market.
“I know that some Hong Kong people, especially people I know in the tech sector, they have moved to Qatar and were involved in the operation of the Tech Park (Qatar Science & Technology Park) and other university involvements,” he said. “Qatar is quite keen to have collaboration with Hong Kong and Mainland China in tech collaborations, not just in the purchasing of technology, but also collaboration in research and development.”
With the Hong Kong Special Administrative Region Government setting up a $10 billion Innovation & Technology Industry-Oriented Fund, Mr Chiu anticipates such funds can open the door to new investment in Hong Kong’s innovation and technology sector from the sizeable sovereign wealth funds in Qatar and Kuwait.
Mr Chiu also plans to invite stakeholders from Qatar and Kuwait to visit Hong Kong.
“We have put in a lot of resources and efforts in Hong Kong in building up the tech ecosystem. So, I want to first let them know what has been happening in Hong Kong. And second, I would like to invite them to join our conferences and exhibitions in Hong Kong in August.”
In the past two years, Mr Chiu has organised return visits to Hong Kong after accompanying the Chief Executive on trips to ASEAN (Association of Southeast Asian Nations) member states.
He said Hong Kong companies have successfully recruited talent and expanded their operations in Singapore and Indonesia as a result of these exchanges, adding that he hopes to replicate this approach in relation to the Middle East.
