Hong Kong authorities have saved about HK$190 billion (US$24.4 billion) in costs from more than 540 public works projects over the past nine years, according to a top official who also pledged to further advance construction innovation.
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Deputy Financial Secretary Michael Wong Wai-lun said on Friday that the city had improved its performance in lowering construction costs, as Hong Kong’s position in the Arcadis International Construction Costs report dropped from third in 2020 to 10th this year.
“This reflects a clear trend that projects in Hong Kong are becoming more affordable and more competitive in the global construction market,” Wong said during his opening remarks at the Project Cost Management Forum organised by the Development Bureau.
Looking ahead, Wong said the city could “play a key role” in enhancing the global standing and competitiveness of the construction industry, to echo China’s 15th five-year plan last month.
Noting that Hong Kong has an edge in technology, international connectivity, talent and professional standards and services, Wong said the city would take “decisive steps” to advance construction innovation, such as through the use of robotics.
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Wong highlighted that the bureau’s Project Strategy and Governance Office, established in 2016, had saved almost HK$190 billion from more than 540 projects over the past nine years.