An innovation and technology “collaboration region” spanning 540 hectares will be established in northern Hong Kong and Shenzhen, he said on a radio program on Sunday.

The region will comprise of two parts.

It will include a 240-hectare San Tin Technopole comprised of Lok Ma Chau and San Tin. It covers an 87-hectare I&T park at Lok Ma Chau loop area.

Another 300 hectares fall into an IT zone in Shenzhen.

The minister said the zone will emphasize on collaborations. Authorities will examine ways to facilitate sharing of talents and equipment so the two places can complement each other's strengths.

He said Hong Kong is good at research and development as well as financial investment, while the mainland specializes in converting researches into products.

The amount of money earmarked for scientific research in Hong Kong has increased from 16.7 billion in 2014 to 26.3 billion now.

“The number of start-ups and people hired also increased by several times,” he added.