Cross-border collaboration has seen another breakthrough with the signing of a Memorandum of Understanding to jointly develop the Hong Kong/Shenzhen Innovation and Technology Park on the 87-hectare Lok Ma Chau Loop. The significance of developing innovation and technology in the Lok Ma Chau Loop is epitomised by the advantage of 'one country' and 'two systems', in addition to being testimony to the mutual benefits shared by Hong Kong and Shenzhen in joining hands to develop research in this area.

Four times the size of Hong Kong Science Park, the Hong Kong/Shenzhen Innovation and Technology Park is an unparalleled venture – it is anticipated to be the largest innovation and technology platform ever established in the history of Hong Kong and acts as a key base for co-operation in innovation and technology research to attract top-tier enterprises, research institutions and higher education institutes from Hong Kong, Mainland cities and the rest of the world.

Related higher education, cultural and creative workspace, as well as other complementary facilities will also be provided at the site, opening up unprecedented space and exciting opportunities for the development of innovation and technology in Hong Kong and Shenzhen.

The Hong Kong Science and Technology Parks Corporation (HKSTP) will set up a subsidiary company responsible for building the superstructure and operating the park, which is expected to achieve synergy and cluster effect with Hong Kong Science Park and industrial estates.