Hong Kong has set out its most ambitious targets for innovation and technology development with a plan to double the amount of talent, start-ups and unicorn enterprises in the city over the next decade, as well as a push for a fourfold increase in the economic contribution from manufacturing.

But the long-awaited policy blueprint released on Thursday included no detailed roadmap on how the Innovation, Technology and Industry Bureau proposed to achieve the targets.

The 78-page document, based on strategies unveiled in Chief Executive John Lee Ka-chiu’s maiden policy address in October, listed “reference development indicators” in key areas in the sector’s development – a new approach by the city leader’s “result-oriented” administration.

Secretary for Innovation, Technology and Industry Sun Dong said the document was important because it allowed the public to keep track of the government’s progress.

“We are prepared to give specific supportive policies for these strategic enterprises to develop and set up businesses in Hong Kong,” Sun said. “We hope to continue to gauge views from all walks of life, enabling us to formulate implementation measures.”

The bureau’s permanent secretary Eddie Mak Tai-wai admitted the indicators were reference points for reviews and not key performance indicators (KPIs).

“These development figures, they are not KPIs as such because these figures depend on a number of factors which are beyond our control, like the global investment climate and local economic situation and so on,” Mak said.

The document was released following a prolonged period of brain drain caused by stagnant economic growth as a result of the coronavirus pandemic and fierce regional competition such as Singapore.

Among the goals outlined in the blueprint, the bureau wrote that it aimed to increase the number of innovation and technology (I&T) professionals based in Hong Kong to at least 100,000 in 2032, more than double the 45,310 at present in the city.

It also set an interim target of attracting 60,000 experts in the sector by 2027.

The government added that it planned to double the number of start-ups operating in the city’s co-working spaces, incubators and accelerators from the present 3,755 to around 7,000 over the next 10 years.

Authorities also aimed to boost the number of city-based unicorn enterprises from 12 to 30 over the same period. Existing giants include SenseTime in artificial intelligence, DJI in robotics and WeLab in financial technology.

The bureau, which was revamped in July to focus more on the role of I&T in “new industrialisation”, set another major goal to increase the city’s ratio of gross domestic expenditure on research and development (R&D) to gross domestic product (GDP) from 0.99 per cent, or HK$26.6 billion (US$3.4 billion), to 2 per cent.

Rival Singapore’s figure stands at 1.99 per cent at present, one of the highest in the Asian region.

The bureau said it also planned to push up the manufacturing industry’s contribution to the GDP from 1.2 to 5 per cent in the next 10 years.

Contributions from Singapore’s manufacturing sector in comparison stood at around 20 per cent, with electronics and pharmaceuticals acting as major driving forces.

Asked if Hong Kong’s target was conservative given the status of its regional rival, Sun said: “If accomplished, the sector is expected to achieve an output value of HK$400 billion. You can’t say we’ve set a conservative target. We progress in stable pacing.”

He added: “Singapore spent 20 years of efforts to achieve the target. As long as we stride forward with perseverance along the same direction, we will have a double-digit increase in 15 to 20 years.”

The minister also highlighted the production of new energy vehicles and semiconductor chips as two of the strategic, advanced manufacturing industries that authorities sought to tap into to capitalise on opportunities in the Greater Bay Area and fulfil national development goals.

Sun said he has been in talks with his counterparts in Shenzhen, as well with private sector manufacturers across the border, on using Hong Kong as an R&D base for a potential vehicle production chain in the bay area.

“This could provide a large number of jobs for youths and boost economic growth,” he said.

He highlighted the contributions of BYD, a manufacturing company headquartered in Shenzhen which develops electric cars, as an example of what could be achieved.

The bay area is Beijing’s initiative to link Hong Kong, Macau and nine southern Chinese cities into an integrated economic and business hub.

The targets outlined in the blueprint are in lockstep with the bureau’s four broader policy goals – the creation of stronger growth through a larger talent pool, enhancing the I&T ecosystem, developing Hong Kong into a smart city, and integration to align with national development.

The central government has also underscored its support for the transformation of Hong Kong into an international technology hub in the country’s 14th five-year plan.

Mak admitted that the volatile political situation and US-China tensions were not favourable to international collaboration on the I&T front.

But he said that foreign policy on the mainland would have a limited impact on Hong Kong and the city’s established strengths.

Sun predicted the Lok Ma Chau Loop close to the border, with soon-to-be-reviewed talent policies, would become attractive to I&T enterprises and talent.

He added the Northern Metropolis, a planned housing development, would provide accommodation support.

Sun added he was confident that the HK$30 billion co-investment fund, set up aside from the Future Fund, could also lure enterprises to set up operations in Hong Kong.

Other initiatives covered in the national plan include fostering a “science and technology for all” culture in the community, promoting the popularisation of I&T, and enhancing the public’s knowledge of the sector.

Johnny Ng Kit-chong, a lawmaker and entrepreneur who incubated biotech and fintech start-ups in Hong Kong, mainland China and Korea, said the blueprint was a clear path for the city’s future industrial and economic development.

But he added the performance indicators set for start-up and talent were too conservative.

“Fintech alone can accommodate 100,000 people. As now we will develop more on biotech, semiconductor chips and new energy vehicles, we need more people,” Ng said.

He added he hoped to see the target boosted to 300,000 in 2032.

He added the authorities needed to take bolder steps to retain the city’s competitiveness in the face of strong regional competition.

Duncan Chiu Tat-kun, a lawmaker for the information and technology sector, said that the previous administration proposed to increase the ratio of R&D expenditure to 1.5 per cent of GDP, but had failed.

“I hope that the new administration can learn from the experience and not repeat the same mistake,” he said.

Hong Kong Innovative Technology Development Association president Leonard Chan Tik-yuen suggested that more short-term employment visa schemes and housing incentives should be introduced to attract talent.