49% of AI enterprises expressing difficulties in recruiting technical talent HKPC provides nine major recommendations for establishing Hong Kong as a well-recognised "International AI and Data Industry Development Hub"

HONG KONG SAR  - 10 November 2023 - Hong Kong Productivity Council (HKPC) released the key findings on their "Hong Kong AI Industry Development Study" today, focusing on the status of Hong Kong's artificial intelligence (AI) industry development, domestic and overseas competition and local corporate utility.

HKPC also provided nine major recommendations for establishing Hong Kong as a well-recognised "International AI and Data Industry Development Hub".

As one of the highlights of "2023 Policy Address", the HKSAR Government has stated "AI and data science" as one of the three focuses of new industrialisation development. Upon receiving LegCo funding a few years ago, Hong Kong now hosts 14 cross-industry AI research laboratories and three universities ranking in the world's top 30 universities with AI-related subjects and research, the HKSAR Government will also establish a "Digital Policy Office" to accelerate the construction of a high-performance computing (HPC) data centre, which is slated to complete in 2024-2025 and is already gradually applying AI technology into its public services.

In order to build Hong Kong into an "AI and Data Industry Development Hub", how should enterprises and governments respond? In light of this, HKPC collaborated with the Hong Kong Institute of Economics and Business Strategy (HIEBS), HKU Business School at The University of Hong Kong to conduct a "Hong Kong AI Industry Development Study" in mid-2023 to explore the various needs, opportunities and challenges the industry is currently facing. A total of 216 AI-related enterprises participated in the survey, and the key findings of the research are as follows:

Overview of the development of Hong Kong's AI industry: 49% of participants expressed encountering difficulties in recruiting technical talent

Among the AI ​​enterprises interviewed, 25% are large companies, and 75% are small and medium enterprises (SMEs). Of these, 17% said they are developing at all three levels (basic layer, technology layer and application layer), and 22% said they intend to extend their development to other layers in the future. 55% of the companies are looking to expand their businesses into both international and local markets. In comparison, 14% and 11% of companies will choose to focus their businesses in Hong Kong and the Mainland, respectively.

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