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Chief Executive CY Leung
Hong Kong is determined to build its future on innovation and technology. Our highly developed information and communications technology infrastructure presents a compelling I&T base and a compelling I&T case as well.
The World Competitiveness Yearbook has ranked Hong Kong number one worldwide in technological infrastructure five years in a row. Our average peak Internet connection speed is the world's second fastest.
In my Policy Address less than three weeks ago, innovation and technology dominated, continuing a year of notable I&T progress. Last November, among other major initiatives, we launched Hong Kong's own Innovation & Technology Bureau.
The bureau will co-ordinate the science and technology research efforts of our universities, as well as Hong Kong Science Park, Cyberport, the Productivity Council and other major Hong Kong research and development centres.
Beyond I&T Bureau, Sweden's Karolinska Institutet, one of the world's leading medical research institutes, will open its first ever overseas research centre in its 200-year history, in Hong Kong, and the research centre will be located in the Hong Kong Science Park. It's scheduled to open its doors in August this year. Hong Kong will also be home to the first Innovation Node of the renowned Massachusetts Institute of Technology.
InnoTech investment
In my Policy Address I earmarked more than US$1.1 billion to advance innovation and technology in Hong Kong. The money will kick-start a variety of new programmes and initiatives, including US$250 million for a university research fund. The fund will help our universities carry out more midstream research.
A similar cash infusion will be used for an Innovation & Technology Venture Fund, the money allocated on a matching basis with private-venture capitalist funds.
I'm particularly keen on a US$65 million initiative for an Innovation & Technology Fund for Better Living. The enterprising fund will support projects that use innovation and technology to enhance our everyday lives. I hope the fund will be put to good use to enhance the convenience and safety, and generally speaking quality of life, for everyone in Hong Kong.
I see a lot of room for co-operation between Hong Kong and India in scientific research, commercialisation and co-investment. We welcome Indian investment - Indian innovation and technology - to explore and develop together with Hong Kong.
India's fast-growing resources, technical expertise and human capital have much to offer Hong Kong companies and institutions. So too do such dynamic new initiatives as Make in India and 100 Smart Cities. And your latest venture, "Start-up India, Stand-up India", fits right in with Hong Kong's own thriving start-up ecosystem.
Freest economy
Beyond our promising I&T sector, Hong Kong has more to bring to the table. Yesterday the US Heritage Foundation announced that Hong Kong is again the freest economy in the world.
We have been ranked so for 22 years in a row. Among the 10 components measured in the report released yesterday, Hong Kong achieved high scores of 90 or above in seven components, with the top positions in three of these components and they are Business Freedom, Trade Freedom and Financial Freedom. The Hong Kong Government, additionally, does not own businesses - and so you do not need to worry about having to compete against government-owned business in Hong Kong.
More importantly Hong Kong is, after all, powered by the twin engines of China and the world. That's thanks to our "one country, two systems" arrangement.
It's a unique advantage giving us all the privileges of being part of China while ensuring that we are plugged in to the global economy. Ensuring too that information, capital and people move freely in and out of Hong Kong. And they do so with complete confidence in Hong Kong's freedoms, its independent judiciary, rule of law and reassuring intellectual property regime.
And that ability to stride both systems has made Hong Kong the world's undisputed "super-connector", a multi-level bridge bringing together China and a world of business. That definitely includes the whole of India's business.
Let me add that, more than an official language, English is widely spoken - on the streets, in the offices and in the classrooms of Hong Kong.
In short, Hong Kong is India's perfect base for regional and global collaboration. We have the experience, the expertise, and the connections to bring Hong Kong, and Indian entrepreneurs together for rewarding partnerships.
Chief Executive CY Leung gave these remarks at a luncheon hosted by the Federation of Indian Chambers of Commerce & Industry in Mumbai.
