The impact of the extensive development in The Greater Bay Area for Shared Value Practitioners as interpreted from the Outline Development Plan, recently released by the PRC government (with the support of the Hong Kong SAR government), is one of great opportunity.
By Kathryn Davies Greenberg, CEO of Shared Value Initiative Hong Kong
Looking Forward: Expanding Horizons
The goal for 2035 is to create a globally competitive business, innovation and technology hub centered on a world-class city cluster. It includes a new system of open economy that should open the region to greater international cooperation. Hong Kong should thereby maintain its distinction as The Gateway to China, which until recently had been under threat with the emergence of strong financial center competitors. Its international experience, financial expertise and value-added service industries are the core capabilities being identified by the PRC for leverage.
The vision may be one of a technology and innovation hub to rival Silicon Valley but the Plan references 16 other industries critical for the ecosystem: Among these are education, healthcare, engineering, insurance, sport and tourism. To maintain their leadership position, Hong Kong corporates will need to work hard and adopt a new collaborative growth mindset.
Development Opportunities for Hong Kong
Hong Kong has the opportunity to once again be the conduit for outflowing trade of one of the world’s most important economic regions. Businesses need to adapt to the resultant changing population and not lose sight of the societal needs. Through the integration of human centric design, social and environmental innovation and embedding CSV practice, our members will be well placed to take full advantage of the market opportunities.
Creating Shared Value: the Importance of Collaborations
By working collaboratively with a common agenda within the Shared Value community, the skills, mindset and understanding of CSV are already being cultivated within our members’ talent pool, which in the value-added service sector is a critical resource.