Keynote speech by SITI at Hong Kong-Australia Business Association National Business Awards Gala Dinner in Melbourne
Following is the keynote speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Hong Kong-Australia Business Association (HKABA) National Business Awards Gala Dinner in Melbourne, Australia, today (June 23, Melbourne time):
Distinguished guests, ladies and gentlemen,
Good evening. It is a great pleasure to join you at the 2026 Hong Kong-Australia Business Association National Business Awards Gala Dinner.
Tonight, we recognise not only commercial excellence, but also the spirit of innovation and partnership that defines both Hong Kong and Australia. These values also underpin Hong Kong's innovation and technology (I&T) development. Allow me to share the three pillars that guide us through this journey: Aspiration, Access and Assurance.
Aspiration is where every success story begins. Every company recognised tonight started with a bold idea and the determination to pursue it. This same aspiration is driving Hong Kong to transformation into an international I&T centre.
Guided by the Hong Kong I&T Development Blueprint promulgated in December 2022, we are enhancing our I&T ecosystem, from basic research and technology transfer to industrial application, by a series of targeted, forward-looking initiatives. A new I&T development framework anchored by three major I&T parks and five R&D (research and development) institutions has taken shape. We are adopting an industry-oriented approach to promote the development of I&T industries with an edge and of strategic importance to Hong Kong.
Hong Kong's research strength is exceptional. Backed by five of the world's top 100 universities, we are building a global R&D powerhouse through InnoHK, our flagship R&D initiative. Today, the InnoHK platform hosts 38 laboratories in partnership with top-notch universities and research institutes from 12 economies, including the University of Melbourne, bringing together over 3 000 international researchers. Their work spans life and health sciences, AI and robotics, as well as advanced manufacturing and materials. They are strategic technologies that will not only become core industries of Hong Kong but also define the next wave of global growth. We look forward to deepening collaboration with Australia, particularly in areas where Australia excels, such as quantum computing, aerospace, and renewable energy.
If aspiration is the spark, Access is what turns ambition into achievement. Access to capital, talent, supply chains and markets determines the ability to scale and succeed.
Hong Kong has always been a place where opportunities converge. We offer access to global finance, international talent, and world-class research. Through our proximity, Hong Kong provides researchers and enterprises vast opportunities to tap into the Greater Bay Area, a dynamic economic region with a population exceeding 88 million and a GDP exceeding US$2.2 trillion, approximately AUD3.1 trillion. The powerful synergy of the region's research excellence, industrial depth and global reach is fully recognised by WIPO (World Intellectual Property Organization), which ranks the Shenzhen-Hong Kong-Guangzhou innovation cluster first globally in 2025.
In northern Hong Kong, we are building two flagship innovation hubs: the Hetao Hong Kong Park (Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone) and the San Tin Technopole. Hetao leverages Hong Kong's unique advantages under "one country, two systems" and Shenzhen's world-leading manufacturing ecosystem, while the San Tin Technopole integrates R&D, prototyping and production in one seamless corridor. Together, they form a complete research-to-market chain as well as a market unmatched in the region.
Nearby, the Sandy Ridge Data Facility Cluster, now under construction, will become a major advanced data infrastructure. Together with the existing AI Supercomputing Centre, Sandy Ridge will provide 180 000 PFLOPS (peta-floating point operations per second) of computing power by 2032, 36 times Hong Kong's current capacity. This new cluster will play a vital role in facilitating cross-boundary data flow and strengthening Hong Kong's position as an international data hub.
Strategically located on the southern coast of China, Hong Kong's premium location allows international partners to reach half of the world's population and major Chinese and Asian cities via a five-hour flight. For Australian companies, Hong Kong is not just a gateway. It is the most efficient and trusted platform to enter Asia's fastest-growing innovation, consumer and industrial markets. At the same time, we are the ideal window for enterprises from the Chinese Mainland to go global.
The third pillar, Assurance, is what allows businesses to innovate boldly and invest with confidence. It is essential for companies expanding across borders, and they are central to the success of the businesses we honour tonight.
Hong Kong provides this assurance. Our fundamentals remain strong: the rule of law, free flow of capital, world-class professional services and a simple, low-tax regime. Just a few days ago, Hong Kong ranked second globally in the latest World Competitiveness Yearbook 2026, which is a recognition of the city's efficiency, openness and global connectivity. It also explains why Hong Kong is home to 5 200 start-ups, where we offer a stable foundation for innovation and long-term growth.
To catalysemarket investment in Hong Kong's emerging sectors, we will soon launch a HK$10 billion Innovation and Technology Industry-Oriented Fund, equivalent to AUD1.8 billion. By co-investing with market players, this fund-of-funds acts as "patient capital" to channel more social capital to invest in I&T industries and support the development of emerging and future industries of strategic importance.
Hong Kong also provides strong assurance through a capital market that actively supports innovation. Our Chapter 18C listing regime allows high-potential tech companies in specific fields such as AI, advanced hardware and semiconductors to list before reaching conventional revenue milestones - of course at the same time maintaining robust investor safeguards. Since its launch in 2023, 14 emerging-tech firms have listed under this pathway, demonstrating Hong Kong's commitment to making innovation investible and reinforcing its role as a trusted global hub for tech enterprises.
Ladies and gentlemen, Aspiration, Access and Assurance are the shared values that explain why Hong Kong and Australia remain natural partners in trade, investment and innovation. This is the moment for Australian businesses to deepen your presence, expand your partnerships, and co-create the next chapter of innovation with Hong Kong. We welcome your ideas, talent and investment.
Finally, my warmest congratulations to all the award winners. Your achievements reflect the strength of Hong Kong-Australia collaboration and the shared aspiration to build a more innovative, more connected and more prosperous future. I look forward to welcoming you to Hong Kong soon. My thanks also go to the HKABA for having me tonight. I wish you all an enjoyable evening. Thank you.
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Keynote speech by SITI at Hong Kong-Australia Business Association National Business Awards Gala Dinner in Melbourne Source: HKSAR Government Press Releases
