Hong Kong ranks 7th globally in digital competitiveness

Hong Kong ranks seventh globally in the latest World Digital Competitiveness Ranking (WDCR) 2024 published by the International Institute for Management Development (IMD), up three places from last year.

Among the three factors in WDCR 2024, Hong Kong continued to perform well in technology and knowledge, ranking third and fifth respectively. The city’s ranking in future readiness also improved.

WDCR 2024 recognized Hong Kong remains one of the most digitally competitive economies in the world. As home to five of the world’s top 100 universities, Hong Kong possesses world-class research and development capabilities and I&T infrastructure, as well as a diverse talent pool, the Hong Kong Government added.

In addition, the Chief Executive announced a series of measures aimed at building a more comprehensive I&T ecosystem in Hong Kong in his 2024 Policy Address.

Such initiatives include establishing the third InnoHK research cluster, drawing up a medium-to-long-term plan for the development of new industrialization, setting up a HK$10 billion (US$1.28 billion) I&T Industry-Oriented Fund, optimizing the I&T Venture Fund and launching the Pilot I&T Accelerator Scheme.

The Government will continue to enhance the I&T infrastructure, including the first-phase facility of Cyberport's Artificial Intelligence (AI) Supercomputing Centre which will commence operation shortly, and the $3 billion (US$38.46 million) AI Subsidy Scheme now open for applications.

Going forward, the Government said it will continue to collaborate with various sectors of society to further enhance Hong Kong's I&T ecosystem, thereby upholding the city’s competitive edge in the global market and injecting new impetus to economic development.