Advancing Hong Kong’s innovation landscape: trailblazing new industrialisation
- HKSTP’s InnoParks and government initiatives are propelling the city’s move towards smart manufacturing and new industrialisation
- Simon Yeung, COO of Time Medical, and Calvin Chan, CEO of Catalo Natural Health Group, say the drive will be a catalyst for growth
In a strategic move to become Asia’s innovation hub, Hong Kong is enhancing its efforts to attract start-ups and innovators. The Hong Kong Chief Executive’s 2023 policy address revealed a visionary plan, featuring the establishment of a New Industrialisation Development Centre backed by a HK$10 billion (US$1.3 billion) New Industrialisation Acceleration scheme. The measures are aimed at supporting leading innovators in the field of sustainable smart manufacturing, optimising and upgrading industrial chains in Hong Kong and the Greater Bay Area (GBA).
Spearheading this initiative, Hong Kong Science and Technology Parks Corporation (HKSTP) has transformed industrial estates into dynamic “InnoParks” in Tai Po, Yuen Long and Tseung Kwan O. This commitment marks a crucial turning point in propelling the city’s manufacturing sector towards a new era of creativity and technological advancement.
Simon Yeung, co-founder and chief operation officer, Time Medical, a leading enterprise in the medical imaging sector, is overseeing the first large-scale medical equipment production facility in Hong Kong. This 30,000 sq ft MRI production plant boasts advanced technologies, seamless logistics support and a tightly integrated manufacturing environment.
“Hong Kong, once an industrial hub, witnessed the expansion of many industries to mainland China and Southeast Asia,” Yeung says. With the government’s support in fostering new industrialisation, he says his company can benefit from tax-free importation policies and harness a pool of highly educated talent to streamline the end-to-end processes of research and development (R&D), design, production and sales for its paediatric products. “This showcases our prowess as one of the premium ‘Hong Kong brands’, delivering cutting-edge medical imaging solutions to the global market,” he says.
Formerly reliant on manual processes, Time Medical has optimised operations by integrating automated sensors and cutting-edge devices. “This transition not only enhances intelligent data collection, but also significantly reduces the duration of the quality control process from four to five days to an impressive two to three hours.
