"Industry organization emphasizes that 'Hong Kong-produced' items can thrive with suitable technology and financing"
Get ready to boost your 'Hong Kong' pride 🚀
From mouth-watering mooncakes to fabulous fashion, the city's homegrown goods now shine brighter than ever thanks to technology, automation, subsidies, and even AI. That's according to the Federation of Hong Kong Industries, who recently dropped the findings from a study they commissioned.
This stunning reveal took place on Friday, where they announced that the local industrial sector added a whopping HK$127.1 billion (US$16.4 billion) to the economy in 2023. This equates to 4.4% of the city's GDP!
New Industrial Revolution: The Engine of Our Future 🚄
Ricky Chan Wai-chung, the executive deputy chairman of the federation, said, "Hong Kong is at a crossroads in its economic transformation. The new industrial revolution will be the main engine for our future economic growth."
But it's not all about the numbers. The study also lays out strategies for promoting "made-in-Hong Kong" products, all while harnessing the power of technology.
- Embrace Technology and Automation 🤖
The use of AI, automation, and advanced manufacturing processes will revamp the production of local goods. Companies are encouraged to take advantage of AI for streamlined manufacturing processes, cutting-edge product designs, and improved customization.
- Government Support and Incentives 💰
The HK$10 billion New Industrialisation Acceleration Scheme offers funding for companies seeking to upgrade their manufacturing capabilities and technology. This helps them stay competitive and get their products to the next level.
- Expand into new territories 🌍
From traditional loves like mooncakes to fashion-forward garments, a diverse range of products represents fantastic opportunities to capture various markets and cater to a multitude of consumer preferences.
- International Collaboration 🌐
The federation is looking into strengthening ties abroad, such as forging partnerships in the Middle East to explore potential new markets for Hong Kong products.
Tech for the win 🏆
A digital transformation is vital to stay ahead of the game. By adopting digital technologies, companies can improve production efficiency, boost product quality, and make intelligent data-driven decisions.
By leveraging technology, innovation, and collaboration, the "made-in-Hong Kong" brand will enjoy a bright and prosperous future! 🌟
- The new industrial revolution in Hong Kong stands poised to be the primary driver for the city's future economic growth, as stated by Ricky Chan Wai-chung, the executive deputy chairman of the Federation of Hong Kong Industries.
- In an effort to promote local products, the study advocates for the strategic use of technology and AI in the manufacturing processes, emphasizing streamlined production, innovative product designs, and personalized customization.
- The Hong Kong government is supporting this transformation by introducing the New Industrialisation Acceleration Scheme, providing HK$10 billion in funds for companies aiming to enhance their manufacturing capabilities and technological advancements.
- The expansion of local industries into international markets offers promising prospects, as there exists potential for diversified products, such as mooncakes and fashion-forward garments, to cater to various consumer preferences worldwide.
- International collaboration is essential for the growth of Hong Kong industries, with the Federation of Hong Kong Industries actively seeking partnerships in the Middle East to explore new market opportunities for the city's products.
