The Northern Metropolis Development Plan has the potential to transform Hong Kong into a world-class innovation and technology (I&T) hub, driving economic growth as well as fostering closer ties with the Greater Bay Area. The project is part of the National 14th Five-Year Plan, dovetailing with the HKSAR Government’s Hong Kong I&T Development Blueprint, which outlines the city’s overall direction and key strategies for growth.
However, the success of the Northern Metropolis Development depends on careful planning to ensure that it leads to job creation, talent attraction, and investment opportunities.
At a seminar on 26 July, Kathy Lee, Head of Research, Colliers, gave Chamber members a broad overview of The Blueprint four broad development directions, comprising eight key strategies and four key industries: biomedical technologies, AI and data science, advanced manufacturing, and new energy. The flagship project of the Northern Metropolis, San Tin Technopole, is being heralded as a major tech park with the potential to become a future I&T centre.
The Blueprint includes various targets, such as factoring research and development expenditure into the calculation of GDP, boosting the number of start-ups and unicorn enterprises, and increasing the number of I&T practitioners by 2032. Success depends on many factors, such as attracting talent, ensuring planning flexibility, creating synergy with other I&T hubs, and prioritizing industries for development.
During the panel discussion, Hannah Jeong, Head of Valuation and Advisory Services, Colliers, and Professor Toa Charm, Founding Chairman of the Data Literacy Association, analyzed the potential impact of the Northern Metropolis Development Plan on Hong Kong’s economy. Lee emphasized the importance of competitive land prices as a consideration for attracting talent and companies. She cited examples from tech hubs such as Shenzhen and Guangzhou, where the average land price for I&T use is significantly lower than in Hong Kong.
Highlighting the importance of planning flexibility in city development and rezoning, Jeong identified potential business opportunities in infrastructure investment, including public facilities like MTR stations, and private sector opportunities in housing and hospitality.
An important point raised during the seminar was the need for strategic decisions in prioritizing industries for development and creating synergy for the Northern Metropolis. Charm suggested learning from the experiences of Hong Kong Science and Technology Park and Cyberport; i.e., turning the infrastructure into a “sandbox” and applying different types of technology within the community. Attracting strategic enterprises to Hong Kong is also key to bringing in other relevant businesses, thus cultivating a comprehensive ecosystem, while benefiting job creation, talent attraction and overall economic growth in the city.