In a speech at the 2022 Greater Bay Area Global Innovation and Technology Summit yesterday, Lee said he "fully agrees" with the focus on innovation: "We should focus on developing innovation and technology, and grasp the opportunity to attract top talent. We should seize them," he said.

Lee vowed at the summit, held at Hong Kong Science Park, to introduce measures and give his views on the matter in his maiden policy address, adding that his administration will promote in-depth cooperation with cities in the Greater Bay Area to fulfill President Xi Jinping's wishes for the region to become a technological powerhouse.

"The central government's 14th five-year plan has clearly supported Hong Kong in building a global innovation and technology hub, which will bring historic opportunities to the city," he said.

Greater Bay Area Association of Academicians council chairwoman Nancy Chu Ip Yuk-yu said she looked forward to seeing Lee's direction on the five-year plan.

Minister of Science and Technology Wang Zhigang pointed out that Xi's visit to the park during his trip to Hong Kong last month shows that Beijing places great importance on the industry.

Secretary for Innovation, Technology and Industry Sun Dong vowed to provide a clear roadmap for the next five to 10 years.

The Beijing-born biomedical engineering researcher said the development of science and technology in Hong Kong and the GBA will make China a "technological superpower" and "realize the great rejuvenation of the Chinese nation."

"The nation has always been the strongest shield and greatest support behind Hong Kong. Central authorities have always attached significant importance to Hong Kong's technology sector and supported its developments and innovation and technology," he added.

Sun said local R&D expenditure exceeded HK$26.5 billion for the first time, while venture capital investments increased to more than HK$41.7 billion.