BIT Week 2025: Hong Kong Showcases Innovation and Global Business Opportunities

Speech by FS at Opening Ceremony of BIT Week 2025 (with photos/video)

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Opening Ceremony of BIT Week 2025 today (April 13):

尊敬的徐曉蘭常委 (member of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference)、趙岩副省長 (Vice Governor of Jiangsu Provincial People's Government)、王偉明部長 (Director-General of the Department of Educational, Scientific and Technological Affairs of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region), Peter (Chairman of the Hong Kong Trade Development Council (HKTDC), Dr Peter Lam), Margaret (Executive Director of the HKTDC, Ms Margaret Fong), distinguished guests, ladies and gentlemen,

It is my pleasure to welcome you all to Hong Kong's Business of Innovation and Technology (BIT) Week. As Margaret eloquently highlighted, this week features a dynamic series of exhibitions, dialogues, summits and festivals – each designed to spark collaboration, inspire innovation and seek to map the future of the digital economy.

To our international guests: a very warm welcome to Hong Kong, Asia's World City.

Allow me to take a moment to highlight why Hong Kong is the ideal strategic destination for innovation and technology businesses.

In addition to our world-class infrastructure and business-friendly environment mentioned by Margaret, Hong Kong's "one country, two systems" arrangement has set us apart from any other city in Asia. To name just a few of our unique strengths, we have –

• first, convenient access to the vast Chinese Mainland and Asian markets;

• second, a trusted common law system and strong intellectual property protection;

• third, the convergence of Mainland and international data and capital; and

• fourth, a thriving international talent pool that attracts and nurtures the top minds from around the world.

These strengths have made Hong Kong a premier launchpad for companies looking to scale up their business in Asia and beyond.

Today, we are home to over 4 700 startups, and 28 per cent of their founders come from outside the city. For a glimpse of this dynamism, I encourage you to visit InnoEX, which showcase the ingenuity of our startups and talent, with groundbreaking innovations ranging from AI and robotics to green tech, smart mobility, and much more.

Hong Kong's appeal extends beyond these. We offer a comprehensive funding ecosystem, spanning angel investments, venture capital, private equity to one of the world's deepest and most liquid stock markets. Besides, together with Greater Bay Area cities like Shenzhen and Guangzhou, we offer you a vibrant ecosystem that caters to the needs of innovative companies from different sectors and different stages of development. In fact, we have been ranked the world's second most innovative cluster for five consecutive years.

Ladies and gentlemen, we gather at a pivotal moment. We are witnessing a shifting global landscape marked by a daunting trade war and technological fragmentation. Trade patterns, industrial chain, supply chain and partnerships are being reshaped. In this "new normal", many businesses will have to find new collaborators, explore untapped markets and embrace more agile business models.

In these turbulent times, Hong Kong remains open and welcoming to businesses and talent from all over the world. We are eager to establish new connections and forge new partnerships. These are in our DNA. Rest assured that our free port status and free trade policy remain unshaken. We are firm in our commitment to the free flow of capital, goods, talent and information.

Let me conclude by extending my gratitude to my government colleagues, the HKTDC, and all the exhibitors and partners who have brought the BIT Week to life. To our visitors: beyond networking and conducting business, please take some time to explore this vibrant city, not just our scenic hills, stunning coastlines and beautiful outlying islands, but also the 200+ Michelin-recommended restaurants. We impose no duty on wine. Coldplay was performing in our world-class Kai Tak Stadium. The Palace Museum and M+ museum are just across the harbour.

I am sure you will enjoy the city, and wish you all the best of business and health for the time ahead. Thank you very much.

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Speech by FS at Opening Ceremony of BIT Week 2025 Source: HKSAR Government Press Releases

Red tides sighted

A red tide was sighted during the past week, the Inter-departmental Red Tide Working Group reported today (March 6).

On March 2, staff of the Leisure and Cultural Services Department spotted a red tide at Deep Water Bay Beach, Hong Kong Island. The red tide has dissipated. No associated fish deaths have been reported as of today.

A spokesman for the working group said, "The red tide was formed by Noctiluca scintillans, which is commonly found in Hong Kong waters and non-toxic."

The Agriculture, Fisheries and Conservation Department (AFCD) urged mariculturists at Lo Tik Wan, Sok Kwu Wan and Po Toi fish culture zones to monitor the situation closely and increase aeration where necessary.

Red tide is a natural phenomenon. The AFCD's proactive phytoplankton monitoring programme will continue to monitor red tide occurrences to minimise the impact on the mariculture industry and the public.

Source: AI-found images