FHKI 60th Anniversary Commemorative Album

in Hong Kong and fostering an enabling environment for re- industrialisation. This can be achieved by increasing industrial resources, of which sustainable supply of industrial manpower and talent is of utmost importance. Another area is to link up traditional industries with startups to achieve mutual benefits. Traditional industries can make use of the innovative ideas, new technologies and intelligent business models offered by startups to transform and upgrade, while startups will be able to access capital, production experience and business networks which can help secure their foundation for further growth. Hong Kong industries are now at an era of re-positioning and image re-building. While Hong Kong is dealing with monumental business challenges brought by the China-US trade disputes, social movements and coronavirus pandemic, Hong Kong industrialists will continue to uphold entrepreneurs’ can-do spirit and strive to open up new horizons so as to ensure sustainable prosperity for Hong Kong. Hong Kong industrialists also had to face the possible global market meltdown due to the sovereign debt crisis in Europe and the lacklustre growth of the US market. To seek a way out of these difficulties, Hong Kong industrialists had to explore and open up new potential overseas markets and to venture into the vast Mainland domestic market. Back in Hong Kong, the prolonged operation of Hong Kong industries in the PRD region and other places on the Mainland has resulted in the hollowing out of industrial activities, which has led to a serious talent gap and succession problems in the industrial sector that will limit the sustainable development of Hong Kong industries. Consequently, Hong Kong economy has increasingly relied on services and financial activities which are vulnerable to impacts from external global environment. There is an increasing need for Hong Kong to diversify its economy and seek new engines for economic growth. Having noted this imminent need, the industrial sector and the FHKI have advocated the re-industrialisation in Hong Kong by fostering the development of a number of identified high- end and emerging industries that can leverage on Hong Kong’s advantages. These industries include recycling and environmental industries, automobile and aircraft components, Chinese herbal medicine health supplements, medical device and diagnostic instruments. To reinvent industries in Hong Kong will need strong and effective support from the Government’s industry policies. Apart from allocating financial supports and tax incentives to encourage R&D expenditure and new industries, the Government needs to do more on the rebuilding of the foundation of industries Federation of Hong Kong Industries 60 th Anniversary Commemorative Album 59