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News Flash > Aug 2009 > page 3 of 8
Six Economic Areas of Potential Identified by the Hong Kong Government Task Force
The Hong Kong Government’s Task Force on Economic Challenges, formed to tackle the effects of the global economic downturn, has proposed a host of measures to boost the development of six industries in which Hong Kong has an edge. The identified industries are testing and certification, medical services, innovation and technology, culture and creative, environmental and educational services. These industries aim to complement Hong Kong’s economic pillars of finance, tourism, trade and professional services, and to broaden the economic base of the city.
On education, the Government plans to establish additional private universities and collaborate closely with overseas tertiary institutions to strengthen Hong Kong’s position as an education hub. Two sites in the urban areas will be reserved for private tertiary education purposes. The details will be announced by end of this year. Hong Kong has doubled the number of undergraduate places allotted for non-locals students from ten to twenty percent. And the institutions would focus on developing quality self-financed programs, such as business administration and hotel management, which are popular with overseas students.
As to medical services, four sites will be allocated for private hospital development. The market for medical services provided by private healthcare institutions is growing rapidly in recent years, as Hong Kong is becoming one of Asia’s favourite medical tourism destinations, especially for tourists from Mainland China. Due to the increased standard of living and affluence in coastal cities of China, mainland Chinese demand better service and care and can afford to pay premium for healthcare services overseas.
A Hong Kong Council of Testing and Certification will be formed to promote the professional standards and international recognition of Hong Kong’s industry. The Council will work with the industry to formulate a three-year market-oriented development plan within six months of its establishment. Quality certification for areas such as food safety, electronics, and toys would benefit from this government initiative because of the demand from manufacturers in the southern mainland China.
The Government will also take the lead in making Hong Kong a green city, through legislation and formulating guidelines and providing new resources to encourage departments to procure green products.
On innovation and technology, the Government will look into the possibility of new financial or tax incentives to support the private sector to increase investment in research and development.
Hong Kong is actively developing its creative industries, especially in potential areas such as design, animation, film, digital media technology, comics, advertising and architecture. A new office, Create Hong Kong, has been set up in June 2009 to assist the sector. This office is dedicated to promoting the development of created industries in Hong Kong. It provides one-stop services as fund approvals, marketing and the nurturing of young creative professionals. To provide more venues for artists to perform and display their works, the Government will also consider redeveloping under-utilized industrial buildings for use by cultural and creative industries.
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