“Made-in-Hong Kong” products ranging from mooncakes to garments can shine with the help of technology, automation, subsidies and even artificial intelligence (AI), one of the city’s largest industry groups has said.
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The Federation of Hong Kong Industries revealed the findings of its recent study on Friday, saying that the city’s industrial sector added HK$127.1 billion (US$16.4 billion) in value to the economy in 2023, or 4.4 per cent of gross domestic product.
The study also mapped out strategies to further promote made-in-Hong Kong products and harness the power of technology.
“Hong Kong is currently at a crossroads in its economic transformation. The new industrialisation will be the main engine for our future economic growth,” said Ricky Chan Wai-chung, executive deputy chairman of the federation.
The federation commissioned the Hong Kong Institute of Economics and Business Strategy at the University of Hong Kong (HKU) to conduct the study, which began in June last year.
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Chan and federation chairman Steve Chuang Tzu-hsiung also gave examples of how companies had used the government’s HK$10 billion subsidy initiative, the New Industrialisation Acceleration Scheme.