Blessed by its strategic location, robust legal system, and business-friendly environment, Hong Kong has regained its position as Asia’s top and the world’s third-ranking financial center in 2024. To revitalize the economic ecosystem beyond the financial sector, Hong Kong should leverage its unique strengths embedded in the textile industry to develop innovative start-ups.
To foster innovation, the Hong Kong government has developed initiatives like the Innovation and Technology Fund and set up the Innovation, Technology, and Industry Bureau to support research and development and promote technological advancements.
The Hong Kong government has allocated funding and resources in the latest financial budget for R&D, talent cultivation, and easing investment through initiatives like the Cyberport and Hong Kong Science Park incubation programs to cultivate technology startups.
Hong Kong’s startup ecosystem has flourished in recent years, with notable unicorns like Lalamove, Klook, and WeLab creating jobs and contributing to Hong Kong’s reputation as a hub for innovation and technology. However, the long-term success of these startups remains to be seen, as competition from other regions may arise.