The global rise of artificial intelligence (AI) presents Hong Kong with a unique opportunity to accelerate economic growth. By embracing AI-powered tools, businesses can unlock greater productivity and innovation, particularly within the vital exports sector, which faced challenges in 2023.[1] Hong Kong’s Innovation and Technology Development Blueprint, coupled with its smart city initiatives aim to foster AI development in the city through infrastructure and skills development.[2] Moreover, the comprehensive Ethical Artificial Intelligence Framework aims to ensure responsible and socially beneficial use of AI technology.[3]
Our study finds that there is a sizeable AI opportunity for Hong Kong. With the right support in place, HKD 287.4 billion (USD 36.7 billion) of economic benefits are expected for businesses in Hong Kong in 2030 if AI-powered products and solutions are adopted. This is equivalent to the economic value added by its entire professional and business services sector today.
Digitalisation and AI adoption can also help to future-proof and fortify a vital pillar of Hong Kong’s economy – exports. Among various benefits, this can be done by creating new digital solutions that can be exported and by using AI technology to reduce the cost of accessing new overseas markets. As a result, HKD 577.6 billion (USD 73.8 billion) of annual export value can be added for Hong Kong in 2030 from the export of mobile apps, online video services, cross-border digital ads, cross-border e-commerce, and other digital services.
Google as a partner on Hong Kong’s AI journey
Google has been a key partner in advancing Hong Kong’s economic development and growth with its digital innovations, especially its AI-powered products and solutions.
Google empowers businesses in Hong Kong by democratising access to AI. In 2023, Google Search, Google Ads, Google AdSense, Google Play, Google Cloud, and YouTube helped provide HKD 51.6 billion (USD 6.6 billion) of economic activity for businesses. In the same year, Google and the Android app ecosystem also supported 65,800 jobs.[4]
Google also provides significant benefits for households by empowering them with access to AI-powered products and solutions. From being able to discover new local businesses via Google Maps, to using Google Workspace to co-create and collaborate across teams, Hong Kong’s citizens are benefitting from the use of Google’s tools. As a result, in 2023, Google products helped provide HKD 22.3 billion (USD 2.9 billion) of economic benefits for households.
With its dynamic digital economy, Hong Kong is perfectly placed to unlock significant economic potential through AI adoption. Private sector partners, like Google, play an important role in advancing AI adoption for economic growth, enabling Hong Kong to leverage the technology for both local betterment and to boost its exports. As a leading tech player, Google empowers businesses and households in Hong Kong by providing secure access to AI-powered products and services, and is driving positive economic change through its products and initiatives.
