Speaking on a radio program, Chai said the government has invested heavily in science and technology development, and with local universities constantly training industry talents, the city has long been well-developed in innovation and technology.

He said that more than 1,000 technology companies and 500 startups have so far moved into the Science and Technology Parks. They employed more than 15,000 personnel, of which 11,000 are research and development experts.

Chai added that technology experts are constantly on the move, but Hong Kong has policy benefits and cultural advantages to attract them to stay in the city.

The park has earlier announced that three industrial estates in Tai Po, Yuen Long and Tseung Kwan O would be converted into innovation parks.

So far, all the units at the new MARS Centre in Tai Po have been leased out to different industries such as electronics, textiles and planting, while the Microelectronics Centre in Yuen Long will open next year.