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Technology is the key to economic development

Updated: 2009-10-09 07:44

(HK Edition)

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Technology is the key to economic development

Technology is the key to economic development in Hong Kong, but Regina Ip is dissatisfied with one aspect of its direction, because she feels that the Hong Kong SAR government is relying too much on financial services and not attaching more than enough importance to technology.

Although Chief Executive Donald Tsang and the now defunct task force on economic challenges identified innovation and technology as one of the six major economic areas, no concrete details have been released after several months. Furthermore, the government has not provided any hard data as to how to promote the six sectors, Ip said

She also contended that technology is not a sector in its own right. Instead, it is an enabler because every sector needs to use technology, or a growth driver that cuts across all sectors.

"It is quite disappointing that the government does not even get these basic concepts right," she commented.

"Being a colonial legacy, the government relies on trade and so the officials lack the experience to promote industries due to the non-intervention policy. On the other hand, the mainland, Taiwan, Japan and South Korea are more proactive in promoting industries."

It is a pity that Hong Kong does not pay too much attention to technology. In her opinion, technology is the "holy grail" that both developed and developing countries are vying for in the course of economic development. "Hong Kong just misses the gate," she said, echoing Prof. Paul Chu, former president of Hong Kong University of Science and Technology, who has just retired from the post.

Ip also noted that technology is not on the agenda of Guangdong-Hong Kong cooperation. If China wants to upgrade and restructure its economy, it needs to transfer modern technology from other countries.

Knowing that many large US corporations are downsizing and selling unused technologies, she said Hong Kong, given its strengths in legal services, is well-placed to be a hub of transfer of intellectual property rights.

Ip is also strongly against the government classifying education as one of the six new industries.

"It is wrong to treat education as a money-making tool," she said. "In Hong Kong, only 18 percent of young people have access to tertiary education. If we open tertiary education to only those who can afford to pay, we owe a great debt to the local young people."

On development of talent, she said the mainland and Taiwan are doing much better than Hong Kong in inducing overseas technology experts to return home.

Many Hong Kong students stay in Silicon Valley, California, after graduation, because there are not any similar high-end technology jobs available in Hong Kong.

She has friends working as engineers for Yahoo and Google, but there are no suitable jobs for them in Hong Kong. Likewise, mainland students in technology fields do not stay in Hong Kong because the scope of industries is very narrow here.

"That's why our talent admission schemes can attract no more than athletes and performers," she grumbled.

(HK Edition 10/09/2009 page4)

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