Hong Kong still has a long way to go before it can become a Silicon Valley-style international technology hub, Secretary for Innovation, Technology and Industry Sun Dong said on Sunday.

Speaking on a radio programme, Sun said the SAR has rolled out measures to boost the sector over the past two years, noting that the target of attracting 100 I&T enterprises to the territory within five years has been achieved.

But the minister said there’s room to further boost investment in cutting-edge technologies.

“The [Hong Kong] government is investing more money on frontier technologies. Last year, it spent 1.07 percent of GDP on this, which is a record for Hong Kong. However, this is still low compared to nearby regions,” he said.

“For example, the mainland spends 2.7 to 2.8 percent of its GDP on research and technology. Cities like Shenzhen, Beijing, and Shanghai spend even more, over 5 percent of their GDP.”

Sun added that the government needs to consider how to make the most out of its investments given the current financial climate.

The tech chief also highlighted the need for the SAR to enhance its role as a super connector and super value-adder to lure more global talent.