Hong Kong has built up a solid foundation in artificial intelligence and life sciences to capture the “first-mover” advantages in the emerging biocomputing industry that combines the two, Financial Secretary Paul Chan Mo-po said.
Writing in his Sunday blog, Chan noted that biocomputing is a novel and promising field with applications in areas like drug development, medical diagnostics and green technology. As the industry is still in its infancy globally, Hong Kong can gain an early foothold by accelerating innovation and strengthening talent cultivation.
To seize the opportunity, the Hong Kong Special Administrative Region’s first International Bio-Computing Innovation Summit will be hosted by AI-powered life sciences company BioMap on Monday, bringing together international experts, scholars and industry insiders from the AI and life sciences sectors to discuss the prospects of biocomputing.
The Hong Kong Special Administrative Region’s first International Bio-Computing Innovation Summit will be hosted by AI-powered life sciences company BioMap on Monday, bringing together international experts, scholars and industry insiders from the AI and life sciences sectors to discuss the prospects of biocomputing
During the event, SAR government-owned Hong Kong Investment Corporation will sign a strategic cooperation agreement with BioMap - a Chinese mainland company initiated by Baidu’s founder Robin Li.
BioMap plans to establish its first global biocomputing innovation center in Hong Kong, leveraging its large language models to support more research and commercialization projects. The partnership will also create more employment and internship opportunities for Hong Kong, Chan said.
“We can see a growing number of tech enterprises making a presence in Hong Kong. They’re looking to delve deeper into research and development, develop tech applications, fast track commercialization of their innovations, and expand their reach into more markets and partnerships worldwide.”
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The SAR’s unique advantages under “one country, two systems” are conducive to the development of these firms, the finance chief said.
HKIC signed a cooperation pact with AI unicorn SmartMore two weeks ago to set up Hong Kong’s first AI research institute and bolster the city’s computing capabilities.
Hong Kong’s efforts to drive innovation and technology have helped to bolster its international competitiveness. In the latest world competitiveness rankings released by Switzerland-based International Institute for Management Development, the SAR climbed two places to rank fifth.
As more AI and biotechnology firms operate in Hong Kong, they’re expected to upgrade the local innovation and technology ecosystem, and support high-quality development, Chan said
Indicators relating to innovation and technology, including technological development and application, intellectual property rights and technology transfer, have also placed Hong Kong among the top 10 globally.
“These are key advantages that have attracted innovation and technology companies to expand their operations in Hong Kong,” Chan said, adding that the city’s robust financial system and fundraising platforms are also important aspects of its overall competitiveness.
Hong Kong ranked fourth worldwide in “finance” according to the IMD’s report, with its total stock market capitalization accounting for about 10 times the city’s gross domestic product - the highest ratio worldwide.
XtalPi – a US-China-based pharma tech firm -- became the first AI-powered drug development company to go public on the Hong Kong Stock Exchange on June 13 under the listing rules for specialist technology enterprises issued by the city’s bourse in March last year to enable innovation and technology companies to access capital markets.
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As more AI and biotechnology firms operate in Hong Kong, they’re expected to upgrade the local innovation and technology ecosystem, and support high-quality development, Chan said.
