Secretary Sun Dong Visits Toronto, Promotes Innovation and Technology Collaboration with Local Institutions

SITI commences visit to Canada

The Secretary for Innovation, Technology and Industry, Professor Sun Dong, began his visit to Toronto, Canada, on November 4 (Toronto time).

In the morning, Professor Sun visited MaRS Discovery District, an innovation hub, and met with its Chief Executive Officer, Mrs Alison Nankivell, to receive a briefing on the hub's successful experience in nurturing an innovation and technology (I&T) ecosystem. Located close to major universities and hospitals in downtown Toronto, MaRS focuses on nourishing deep technology industries including clean technology and life science. As the largest urban innovation centre in North America, MaRS Discovery District supports 1 200 enterprises and renders direct assistance to enterprises in the hub with a view to building communities of innovators and promoting the adoption of new solutions.

Professor Sun then visited the University of Toronto, and toured the Centre for Analytics & Artificial Intelligence Engineering of the Faculty of Applied Science and Engineering of the University. Professor Sun met with the Dean of the Faculty, Professor Christopher Yip, and the Acting Associate Vice-President International Partnerships, Professor David Wolfe, and was briefed on the latest developments and research and development (R&D) achievements of the Centre. The Centre brings together universities and industries to translate the latest advances of artificial intelligence and data analytics into technologies in areas ranging from advanced manufacturing to human health. Its team also delivers ongoing guidance for advanced analytics projects in industry settings. Professor Sun encouraged the University to co-operate with universities in Hong Kong to participate in the InnoHK research clusters to strengthen global R&D collaboration.

In the afternoon, Professor Sun visited a start-up that provides storage and delivery services in North America. The start-up adopts a smart platform that automatically processes orders and updates inventory levels in real time. It also utilises robotic shuttles to manage inventories automatically, thereby reducing the overall cost for logistics and delivery services.

Professor Sun attended a networking dinner organised by the Hong Kong-Canada Business Association (Toronto Chapter) in the evening, and had an exchange with Hong Kong young people studying and working in Toronto to learn more about their study and work lives in Canada. Professor Sun shared with them Hong Kong's efforts to develop as an international I&T centre and build an international hub for high-calibre talent. He noted that it is of paramount importance to enlarge the talent pool for the I&T development in Hong Kong, adding that the city is an ideal destination for young people to develop their careers and that Hong Kong youngsters are encouraged to seize the myriad opportunities there.

Professor Sun will proceed to Ottawa and continue his visit on November 5 (Ottawa time).

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SITI commences visit to Canada Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his visit to Zurich, Switzerland, yesterday (November 4, Zurich time) to promote Hong Kong's status as an international asset and wealth management and risk management centre.

Mr Hui in the morning met with the Chief Executive Officer, Corporate Solutions, Swiss Re Group, Mr Ivan Gonzalez, and the Chairman of the Board of Zurich Insurance Group, Mr Michel M Liès, respectively. During the exchanges with these two world-leading insurance services and risk-solution providers, Mr Hui updated them on Hong Kong's latest initiatives as announced in "The Chief Executive's 2024 Policy Address (Policy Address)" to further strengthen Hong Kong's position as a global risk management centre. The initiatives include reviewing the risk-based capital regime implemented in July 2024 and examining the capital requirements for infrastructure investment to enrich insurance companies' asset allocations for risk diversification, and drive investment in infrastructure; as well as continuing to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong.

Hong Kong is currently home to around 160 insurance companies. It has the largest concentration of insurance companies and the highest insurance density in Asia.

Mr Hui had a lunch meeting with the Swiss-Hong Kong Business Association (SHKBA), one of the members of the Federation of Hong Kong Business Associations. Mr Hui shared with SHKBA members the huge scale and diversified investment opportunities of Hong Kong's asset and wealth management business, adding that the city welcomes investors and family offices around the world.

At another gathering with leaders of a multinational financial service provider, Mr Hui briefed them on the enhancements proposed in the Policy Address that further strengthen Hong Kong's status as an asset and wealth management hub. Hong Kong will consult the industry on increasing the types of transactions eligible for tax concessions for funds and single family offices to cover emission derivatives/emission allowances, insurance-linked securities, loans and private credit investments, virtual assets, etc. He also updated participants that the Government's issuance of green bonds has been attracting strong interest from local and international investors. So far a total of HK$220 billion in government green bonds have been successfully issued, including a diverse array of bonds - retail, institutional, and tokenised - across multiple currencies and tenors.

On the same day, Mr Hui met with the Head of Bilateral Cooperation, Swiss National Bank, Ms Lena Lee Andresen, to discuss issues of mutual concern such as the global trend of monetary policies.

Mr Hui also visited the headquarters of Gategroup, and met with their Chief Financial Officer, Mr Urs Schwendinger. Gategroup is a market-leading inflight caterer with a global presence, including Hong Kong. Noting that Hong Kong is an international aviation hub with continuous development of the Airport City, Mr Hui welcomed Gategroup to further expand their business in the city.

Mr Hui will depart for Geneva in the morning of November 5 (Zurich time) to continue his visit in Switzerland.

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases