The report to the 20th National Congress of the CPC stated to develop the marine economy. Hong Kong, which is located in China’s southern marine economic circle and serves as a key node of the “Belt and Road” Initiative, should leverage its advantages to actively participate in and promote the development of our country’s marine economy.

According to a report, looking ahead to 2030, many ocean-based industries have the potential to outperform the growth of the global economy as a whole and could provide approximately 40 million full-time jobs. In recent years, our country has been committed to promoting the high-quality development of the marine economy, and its technology innovation capability for ocean development has gradually strengthened. According to the 2023 China Ocean Development Index Report, the technology innovation index in the China Ocean Development Index for 2022 reached 124.2, representing a year-on-year growth of 2%. The talent team had also gradually expanded. At the same time, the achievements of marine technology innovation had continuously emerged.

Start with biopharmaceutical R&D to create new marine industries

As an international innovation and technology (I&T) hub developed with national support, Hong Kong should engage in the industry chain of marine technology innovation to drive the development of the marine economy. In the Hong Kong Innovation and Technology Development Blueprint released in 2022, the authorities stated to develop and participate in marine technology innovation. However, there are very few concrete measures, other than mentioning that a joint laboratory has been set up through in-depth collaboration with Fujian Province in the area of marine technology.

The ocean is a frontier field for the development of high and new technology. In fact, since the 1980s, countries such as the United States, Japan, the United Kingdom, France and Germany have all formulated their respective plans for marine technology development. Internationally, there are five key areas for marine high-tech development, namely marine biotechnology, marine ecosystem modelling technology, efficient exploration and exploitation technology for marine oil and gas resources, marine environmental observation and detection technology, and seabed survey and deep diving technology.

In view of Hong Kong’s traditional strengths in basic scientific research and medical research, coupled with the extremely high nutritional value of and market demand for marine biomedicine, I think that Hong Kong can start from the direction of marine biotechnology to seek room for development and create new industries in areas such as biopharmaceuticals and environmental protection. At the same time, there are challenges posed by the relatively long R&D cycle for marine biomedicine, the high research risks, and the lack of objective evaluation criteria for medicine during the R&D process. In this regard, the Government may consider taking the lead in establishing a service platform for the marine biotechnology industry and accelerating the construction of a marine biomedical research and technology management platform and innovation incubator. Given that Guangdong’s marine economy has ranked first in the country in terms of gross volume for 28 consecutive years, and enjoys first-mover advantages and economies of scale, Hong Kong should work with Guangdong Province to jointly promote the synergistic development of marine biomedicine, innovative marine technology, or even the marine economy as a whole in the Guangdong-Hong Kong-Macao Greater Bay Area.

Strengthen professional maritime services to enhance international competitiveness

Hong Kong can play a unique role in promoting the development of our country’s marine economy. However, faced with international and regional competition, Hong Kong’s maritime industry has slipped all the way to fourth place in international rankings, behind Singapore, London and Shanghai. In the future, the Government should find the right positioning for development and work with other ports in the region for coordinated and complementary development.

Our country has clearly stated that it supports the development of high value-added maritime services in Hong Kong. Hong Kong, which has mature professional services, is one of the four places for arbitration designated by the Baltic and International Maritime Council. It is also the world’s second largest insurance center. The Government should expand and strengthen Hong Kong’s professional maritime support services, actively promote the international recognition of its advantageous services, and expand the customer base for its high-end services. At the same time, Hong Kong has the ability to assist the Mainland’s maritime-related enterprises in the Greater Bay Area to go global and promote the integration of the maritime industry into our country’s overall development.