Hong Kong Anticipates IoT Will Underpin Its Drive Towards Higher Value-Add Sectors
Legal News & Analysis - Asia Pacific - Hong Kong - Telecommunications, Media & Technology
28 May, 2019
Setting up new traditional factories does not make much sense for Hong Kong, given that economies of scale, cheaper labour and a bigger market all exist in China.
Hong Kong is aware of these realities and envisions a future where innovations within the manufacturing space are conceived and developed in the city. It anticipates IIoT will underpin its drive towards higher value-add sectors
and is investing in a wave of multi-billion dollar industrial developments that include the Science Park expansion, the Data Technology Hub, the Advanced Manufacturing Centre and the Hong Kong-Shenzhen Innovation and Technology Park where R&D can be spearheaded.
Brinc.io’s McLaughlin said: “The opportunity really lies in R&D and not so much where you put things together.” Hong Kong is already beginning to attract China-based manufacturers that want to expand their R&D divisions beyond the constraints of the mainland. DJI, now the world’s largest drone maker, was conceived in Hong Kong before its founders moved to the manufacturing hub of Shenzhen. The company returned to Hong Kong in 2015 in search of R&D staff.
McLaughlin added: “One of the biggest disadvantages of R&D in China is that it’s so localised, and developers really do not have as easy access to Western talent. The point would be to stay on R&D and try to keep the marriage of Western innovation within Asia. That’s a unique role that almost only Hong Kong and Singapore can play.”
While establishing new traditional factories in Hong Kong may appear unlikely, IIoT can help existing players to improve their stock management and increase their speed to market through deployment of technology.
Our new report reveals the readiness of Asian manufacturers and supply chain enterprises in the adoption of innovation in the Industrial Internet of Things (IIoT) and how businesses plan to solve market-specific challenges.
The report, produced in association with Osborne Clarke, produced key insights into how the internet of things is changing the face of global business, creating new opportunities in automation, smart manufacturing and predictive asset management. Focused on China, Hong Kong, India and Singapore major IoT manufacturers provided their learnings and thoughts on how Asian governments are striving to stay ahead of the fourth industrial revolution as greater industrial connectivity offers up unique opportunities for Asian markets.
To find out more, please visit report here.
For further information, please contact:
Stephen Lai, Managing Director, Conventus Law