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Zawya
an hour ago
- Zawya
HKSTP Takes Nine Game-Changing AI Tech Ventures to WAIC 2025 to Advance China's AI Plus Vision in Transforming Business and Industry
HONG KONG SAR / SHANGHAI, CHINA - Media OutReach Newswire - 27 July 2025 - Hong Kong Science and Technology Parks Corporation (HKSTP) is embarking on a mission to advance China's AI Plus vision with nine Hong Kong AI park companies at the World AI Conference & High-Level Meeting on Global AI Governance (WAIC) 2025, taking place from July 26-29 in Shanghai, China. In collaboration with the Hong Kong Trade Development Council and Cyberport, HKSTP is leveraging Hong Kong's growing global AI innovation hub status to advance the China's strategic AI initiative and applying AI and big data to transform old and new industry sectors to boost a new era of growth. Mr. Eric Or, Acting Chief Corporate Development Officer, HKSTP, said: "Hong Kong is a crucible for world-class AI innovation and our unique HKSTP ecosystem provides an ideal platform to empower AI tech firms with global fluency and pave the way for global expansion. By taking local tech companies on a global growth journey and attracting more international startups to land Hong Kong and integrating into the Mainland China or even the Asia markets means a growing critical mass of world-class AI innovators is created. This influx of global talent and technology will accelerate the country's high-tech industry and economic development, further fueling the national drive for new quality productive forces." The nine park enterprises participating in the Hong Kong Pavilion cover technologies in life and health tech, fintech, entertainment, aerospace tech, digital education and more, highlights included: Hong Kong Space Robotics and Energy Centre Limited (HKSRE) is an InnoHK R&D centre focuses on aerospace technology R&D to foster international collaboration for the Chang'e-8 mission. It brings together institutions from local and overseas to jointly develop the mission's Hong Kong-operated robot—a multifunctional lunar surface operations and mobile charging system. Centre for Artificial Intelligence and Robotics (CAIR) Hong Kong Institute of Science & Innovation Chinese Academy of Sciences is another InnoHK R&D centre, showcases MicroNeuro, the world's first flexible robotic system for minimally invasive neurosurgery to address challenges of fragile brain tissue and confined spaces, surpassing human surgical limits. Digital Domain, a global leader in Hollywood visual effects and AI virtual human technologies, showcases the AI-powered video creation solution "HANBAO" and "AI DOMAIN", an all-in-one content creation platform, empowering creators to tailor high-quality short videos for online platforms. Digital Domain has set up its state-of-the-art R&D centre in Hong Kong, driving the innovative development among entertainment and cross-industry. In addition to the showcase of tech firms, HKSTP also hosted a provoking panel discussion at WAIC 2025, exploring the theme of: "From Hong Kong to global impact: Shaping the future with AI and New Quality Productive Forces for Cross-industry Growth", moderated by Ms Pheona Kan, Director of Business Development at HKSTP with the fellow scientists and experts from the field. The discussion highlighted how Hong Kong has a unique role in global AI development by uniting international talent and technology behind the city's AI vision which also aligns with China's vision to transform industry through quality productive forces. As the largest I&T ecosystem in Hong Kong, HKSTP is home to over 500 AI startups, including home-grown unicorns that are shaping the future of artificial intelligence. In alignment with Hong Kong's bold vision for technological leadership, the HKSTP San Tin Technopole Campus—a 20-hectare site within the soon-to-be-built San Tin Technopole—will serve as a critical catalyst for the city's next wave of innovation. Strategically located in the heart of the Northern Metropolis, the Campus is poised to become a flagship landmark for AI+ and beyond, aiming to promote its widespread development and application across sectors. This year, WAIC 2025, themed "Global Solidarity in the AI Era," will bring together top scientists, global leaders, entrepreneurs, policymakers, and innovators in the AI ecosystem. KSTP's participation at WAIC 2025 is a testament to Hong Kong's role as a bridge between Chinese and global innovators, fostering collaboration and exchange of ideas, technologies, and governance philosophies. Appendix 1: List of park companies at Hong Kong Tech Pavilion Centre for Artificial Intelligence and Robotics, Hong Kong Institute of Science & Innovation, Chinese Academy of Sciences (CAIR) ClusterTech Limited Digital Domain Hong Kong Centre for Cerebro-cardiovascular Health Engineering (COCHE) HK INBOT TECHNOLOGY LIMITED Hong Kong Space Robotics and Energy Centre Limited MattVerse Limited Metapool Technology Limited Ultipa Hong Kong Limited Hashtag: #HKSTP The issuer is solely responsible for the content of this announcement. About Hong Kong Science and Technology Parks Corporation Hong Kong Science and Technology Parks Corporation (HKSTP) was established in 2001 to create a thriving I&T ecosystem grooming 13 unicorns, more than 15,000 research professionals and over 2,300 technology companies from 26 countries and regions focused on developing healthtech, AI and robotics, fintech and smart city technologies, etc. Our growing innovation ecosystem offers comprehensive support to attract and nurture talent, accelerate and commercialise innovation for technology ventures, with the I&T journey built around our key locations of Hong Kong Science Park in Pak Shek Kok, InnoCentre in Kowloon Tong and three modern InnoParks in Tai Po, Tseung Kwan O and Yuen Long realising a vision of new industrialisation for Hong Kong, where sectors including advanced manufacturing, micro-electronics and biotechnology are being reimagined. Hong Kong Science Park Shenzhen Branch in Futian, Shenzhen plays positive roles in connecting the world and the mainland with our proximity, strengthening cross-border exchange to bring advantages in attracting global talent and allowing possibilities for the development of technology companies in seven key areas: Medtech, big data and AI, robotics, new materials, microelectronics, fintech and sustainability, with both dry and wet laboratories, co-working space, conference and exhibition facilities, and more. Through our R&D infrastructure, startup support and enterprise services, commercialisation and investment expertise, partnership networks and talent traction, HKSTP continues to contribute in establishing I&T as a pillar of growth for Hong Kong. More information about HKSTP is available at Hong Kong Science and Technology Parks Corporation
Gulf Today
2 hours ago
- Gulf Today
US and China to resume tariff talks in effort to extend truce
Senior US and Chinese negotiators meet in Stockholm on Monday to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100%. The Stockholm talks, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, take place a day after European Commission President Ursula von der Leyen meets Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15% baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Trump and Chinese President Xi Jinping to meet later this year. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of U.S.-China trade talks,' said Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines, into deals accepting higher US tariffs of 15% to 20%. He said there was a 50-50 chance that the US and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Trump's top trade officials, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the U.S.-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. In the background of the talks is speculation about a possible meeting between Trump and Xi in late October. Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Wendy Cutler, vice president at the Asia Society Policy Institute. Bessent has already said he wants to work out an extension of the August 12 deadline to prevent tariffs snapping back to 145% on the US side and 125% on the Chinese side. Still, China will likely request a reduction of multi-layered US tariffs totaling 55% on most goods and further easing of US high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the US trade deficit with China, which reached $295.5 billion in 2024. China is currently facing a 20% tariff related to the US fentanyl crisis, a 10% reciprocal tariff, and 25% duties on most industrial goods imposed during Trump's first term. Bessent has also said he would discuss with He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Michael Froman, a former US trade representative during Barack Obama's administration, said such a shift has been a goal of US policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Froman, now president of the Council on Foreign Relations think-tank. Reuters
UAE Moments
3 hours ago
- UAE Moments
UAE's Growth: Economy, Culture, Sustainability & Innovation
The United Arab Emirates: A Comprehensive Insight into Progress, Culture, and Economy Introduction to the United Arab Emirates The United Arab Emirates (UAE) is a modern nation recognized globally for its remarkable advancements in technology, architecture, and economic development. Situated in the southeastern corner of the Arabian Peninsula, the UAE comprises seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Fujairah, and Ras Al Khaimah. Since its formation in 1971, the UAE has transformed from a desert economy reliant on pearl fishing into a global hub for trade, tourism, finance, and innovation. With a strategic location connecting Asia, Europe, and Africa, the UAE serves as a focal point for international businesses and cultural diversity. The blend of traditional Arab heritage and futuristic modernization makes it one of the most intriguing destinations for tourists, investors, and expatriates. Through strategic planning and visionary leadership, the UAE has established itself as a powerhouse in the Middle East and beyond. A Thriving Economy Built on Oil, Trade, and Diversification The Role of Oil in UAE's Economic Beginnings The foundation of the UAE's economic development began with the discovery of oil in the region. Oil exports led to a rapid influx of wealth, allowing the country to invest heavily in infrastructure and public services during the 1970s and 1980s. Abu Dhabi, which holds the majority of the UAE's oil resources, became the primary financial contributor to the federation's prosperity. However, while oil revenues played a significant role in the initial phase of development, the UAE understood that reliance on a single resource posed risks to long-term stability. This insight led to a concentrated effort to shift the economy towards diversification. Today, oil contributes less than 30% of its GDP, showcasing the success of its strategic planning. Economic Diversification and Innovation To reduce dependence on oil, the UAE has invested heavily in industries such as tourism, technology, real estate, aviation, and renewable energy. Dubai, often regarded as the face of UAE's economic success, has become a global hub for trade and tourism. Attractions such as the Burj Khalifa, Palm Jumeirah, and events like the Dubai Expo highlight its ability to attract visitors and investors from all over the world. Real-world examples include Dubai International Airport, which consistently ranks among the busiest airports globally, showcasing the UAE's importance in global connectivity. Another instance of innovation is Masdar City in Abu Dhabi, an urban development focused on sustainability and renewable energy, supporting the UAE's vision for a green future. Statistical Insights into UAE's Economy According to data from the World Bank, the UAE's GDP reached approximately $421 billion in 2022, reflecting its impressive economic growth. Non-oil sectors account for over 70% of this GDP, indicating the effectiveness of its diversification policies. Additionally, international trade amounts to nearly $600 billion annually, positioning the UAE as the Middle East's trade capital. The UAE has also ranked among the top 10 countries globally for ease of doing business, with various free zones like Jebel Ali Free Zone (JAFZA) and Dubai Airport Free Zone providing incentives for international companies. Such initiatives have driven the UAE to become a preferred destination for global investors. Culture: A Unique Blend of Tradition and Modernity The Heritage of the UAE and Preservation of Arab Identity Despite its rapid modernization, the UAE prides itself on maintaining its Arab roots and heritage. Traditional values of hospitality, family, and respect still dominate everyday life. Cultural landmarks such as the Sheikh Zayed Grand Mosque in Abu Dhabi serve as symbols of both religious devotion and architectural genius. Festivals like Eid Al Fitr, Eid Al Adha, and National Day highlight the UAE's rich cultural traditions. These events are celebrated with grandeur and serve as moments where residents, expatriates, and tourists come together to appreciate the Emirati way of life. Integration of Global Customs and Diversity The UAE is home to over 200 nationalities, making it one of the most multicultural nations globally. The Emirati people have embraced diversity by integrating various cuisines, languages, and customs into their culture. For example, Dubai hosts the Dubai Shopping Festival, an event that attracts international participants and showcases a blend of global traditions. Cultural exchange is evident in the UAE's educational institutions as well, where schools offer curricula from countries such as the United Kingdom, United States, India, and more. Expatriates find comfort in the UAE's inclusive laws, while Emiratis retain their heritage, creating a harmonious society. Sustainable Urban Development and Architecture Modern Architectural Wonders The UAE has become synonymous with groundbreaking architectural achievements. From the tallest tower in the world, Burj Khalifa, to the artificial islands of Palm Jumeirah, the country's innovative spirit knows no bounds. The Louvre Abu Dhabi offers another example of architectural ingenuity, combining traditional Arab designs with modern aesthetics. Such projects have not only captivated the world's attention but have also driven economic growth by attracting millions of tourists annually. For example, statistics show that Dubai received nearly 16 million visitors in 2022, making it one of the most visited cities globally. Sustainable Development Projects The UAE has also taken a leadership role in promoting sustainable urban development. Masdar City serves as a shining example, with its focus on sustainability, renewable energy, and zero-carbon living. Additionally, projects like the Dubai Clean Energy Strategy aim to make renewable energy account for 75% of Dubai's power by 2050. Alongside these initiatives, the UAE has launched programs like the Green Economy Initiative and UAE Energy Strategy 2050 to reduce carbon emissions, ensuring modernity does not come at the cost of environmental degradation. Tourism: A Pillar of UAE's Diversified Economy Global Attractions and Events Tourism is one of the fastest-growing sectors in the UAE, contributing significantly to the nation's economy. Landmarks such as the Burj Al Arab, Dubai Frame, and Abu Dhabi's Emirates Palace are magnets for travelers worldwide. Events like the Dubai Expo and the Abu Dhabi Grand Prix further diversify the types of tourists visiting the country. Research conducted by Dubai Tourism reveals that the emirate aims to attract 25 million visitors by 2025. This ambitious target reflects the success of various tourism strategies, including hosting cultural festivals, music events, and exhibitions. Artificial islands and luxury resorts have also contributed to strengthening the UAE's reputation as a world-class tourist destination. The Rise of Eco-Tourism Eco-tourism is emerging as a popular trend in the UAE, thanks to initiatives such as the Al Marmoom Desert Conservation Reserve and Jubail Mangrove Park. These destinations allow visitors to connect with nature while learning about the UAE's environmental conservation efforts. Furthermore, wildlife sanctuaries like Sir Bani Yas Island offer a haven for endangered species, turning the UAE into more than just a destination for opulence—it's also a place for ecological exploration. Education and Technological Innovations Advancements in UAE's Educational Sector The UAE prioritizes education as a cornerstone for future development. State-of-the-art schools and universities, such as Zayed University and NYU Abu Dhabi, reflect the country's commitment to raising globally competitive professionals. Education reforms have introduced technology-driven curricula to ensure students are prepared for the digital age. For example, the UAE Ministry of Education's Smart Learning Program has integrated advanced technologies like Artificial Intelligence (AI) into classrooms, offering new opportunities for teaching and learning. The UAE as a Regional Technology Leader The UAE has emerged as a hub for technological innovations. Startups specializing in technology reside in zones like Dubai Internet City, supported by government funding and incubator programs. The UAE is also pushing boundaries in AI through high-profile projects such as employing AI for healthcare diagnostics and smart city developments. Additionally, Emirates Mars Mission—the UAE's space exploration venture—highlights its foray into advanced sciences, making it the first Arab nation to reach Mars. Such initiatives solidify the UAE's position as a leader in modern innovation. Business Environment and Opportunities A Magnet for Global Investors The UAE provides an investor-friendly business ecosystem backed by free zones, tax exemptions, and modern infrastructure. JAFZA alone has over 8,000 companies across industries, ranging from logistics to advanced manufacturing. Moreover, UAE's robust banking system and strong rule of law make it an attractive destination for businesses seeking stability in the Middle East. Major corporations, such as Amazon, Google, and Microsoft, have established offices in the UAE, capitalizing on its strategic location and advanced digital infrastructure. Support for Startups and Entrepreneurs Initiatives like Dubai Future Accelerators and Sharjah Entrepreneurship Festival encourage global startups to operate in the UAE. Emirati youth are also displaying a growing interest in entrepreneurship, supported by programs such as Khalifa Fund for Enterprise Development, which offers grants and mentorship. Statistics show that SMEs (Small and Medium Enterprises) contribute over 53% to the UAE's GDP, emphasizing the country's commitment to fostering innovation and growth. UAE's Vision for the Future The UAE has set ambitious goals under Vision 2021 and Vision 2030 frameworks, which emphasize sustainability, innovation, and diversification. Projects like the Dubai Clean Energy Strategy align with these goals, with a focus on shifting away from fossil fuels. Additionally, the upcoming COP28 conference, to be hosted in the UAE, exemplifies the country's leadership in tackling global environmental challenges. Global Collaborations and Partnerships The UAE continues to strengthen its international relations through partnerships with major economies like the United States, China, and India. Collaborative efforts in sectors such as energy, education, and defense underscore the country's importance on the global stage. Its active participation in organizations like the International Renewable Energy Agency (IRENA) further showcases the UAE's role in shaping the future of sustainable development worldwide.
