Business research institute envisioned for Bay Area

Authorities in the Huangpu district of Guangzhou, Guangdong province, and the Guangzhou Development District are promoting construction of a research institute for the Greater Bay Area and a normalized matchmaking mechanism for strategic cooperation between Hong Kong and Macao think tanks.

The plan was announced after a delegation of business representatives from Hong Kong visited Huangpu district on Tuesday. They were jointly led by the Hong Kong Trade Development Council, a statutory body established in 1966 to promote, assist and develop Hong Kong's trade.

It was the first stop for council as it led Hong Kong business people to cities in the Greater Bay Area, after the resumption of quarantine-free travel between the Chinese mainland and Hong Kong on Sunday.

The visit was part of the council's GoGBA one-stop platform, a business support program that helps Hong Kong companies access the area.

During the visit, authorities in Huangpu district and Guangzhou Development District pledged to promote cooperation in the science and technology industries of Guangzhou, Hong Kong and Macao, especially in the fields of blockchain, artificial intelligence and virtual reality.

A matchmaking mechanism for innovation and entrepreneurship for young people from Hong Kong and Macao will be prioritized, the authorities said.

There are currently 1,075 Hong Kong-funded enterprises and 50 Macao-invested companies in Huangpu district and Guangzhou Development District, according to sources in the local government.

They will continue to improve the investment environment for Hong Kong and Macao businesses, with a cross-border helicopter airport being built within the Greater Bay Area.