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The Shanghai Municipal People’s Government organised the “Invest Shanghai, Share the Future” overseas roadshow event in Hong Kong, where significant collaboration agreements were inked in the realm of technology.
Eighteen companies and institutions from Shanghai and Hong Kong gathered to solidify 8 key cooperation agreements spanning various tech sectors, such as financial services, energy investment, exhibition display, and industry-academia-research collaboration. The agreement between PolyU and the tech firm was one such collaboration, signifying a shared commitment to establish a joint innovation laboratory.
Witnessed by esteemed leaders including the Deputy Secretary of the Shanghai Municipal Party Committee and Mayor as well as the Chief Executive of the Hong Kong Special Administrative Region, a partnership between The Hong Kong Polytechnic University (PolyU) and a Shanghai-based tech firm was established, focusing on the frontiers of artificial intelligence (AI) and autonomous driving.
This collaboration aims to harness the collective expertise of both entities to advance technologies in critical areas including advanced navigation positioning systems, spatial perception technology, new energy replenishment technology, and unmanned driving regulatory technology. By pooling resources and knowledge through the joint laboratory platform, the partners seek to catalyse breakthroughs and drive the industrialisation of cutting-edge technologies, addressing common technical challenges collaboratively.
Furthermore, the partnership seeks to deepen the integration of industry, academia, and research, fostering a conducive environment for the cultivation of high-calibre scientific research and engineering talent. The Vice President (Research and Innovation) of PolyU, emphasised the significance of this collaboration in propelling scientific and technological innovation forward. He highlighted the potential for synergistic collaboration between the two parties to propel advancements in AI technology, paving the way for societal benefits and global progress.
The founder and chairman of the Shanghai-based firm expressed pride in the opportunity to collaborate with PolyU. He underscored the shared vision of leveraging AI technology to enhance human well-being and contribute to the construction of a better world.
In the future, the two parties are poised to forge a robust consortium that seamlessly integrates industry, academia, and research. Through sustained collaboration and knowledge exchange in the domains of AI and autonomous driving, the partners aspire to achieve breakthrough research and facilitate the transformation of technological innovations into tangible solutions. Their collective efforts are geared towards accelerating the development of new, high-quality productivity drivers, thereby shaping the future of technology and driving societal progress on a global scale.
The global autonomous vehicle market, valued at US$121.78 billion in 2022, is forecasted to reach approximately US$2,353.93 billion by 2032, with a projected compound annual growth rate (CAGR) of 35% from 2023 to 2032.
The emergence of autonomous vehicles, or self-driving cars, signifies a major advancement in automation and connectivity within the automotive industry. Integration of the internet, computing, and other advanced technologies into vehicles aims to automate driving tasks.
Government funding, supportive regulations, and investments in digital infrastructure are expected to drive demand for autonomous cars. These vehicles offer independent mobility for people with disabilities and non-drivers, enhancing flexibility and comfort during travel, and thereby boosting efficiency. Moreover, advancements in automotive technology have led to the introduction of autonomous cars, marking a breakthrough in the industry alongside electric and hybrid vehicles.
However, challenges such as the high cost of autonomous vehicles, concerns regarding security and safety, and inadequate infrastructure in developing countries hinder market growth. Nevertheless, government initiatives favouring electric and hybrid vehicles are anticipated to spur the adoption of autonomous vehicles in the foreseeable future.
