Hong Kong is well equipped to be an international hub of innovation and technology, Minister of Science and Technology Wan Gang said on Sunday at the InnoTech Expo 2017.

In his speech at the opening of the expo, Wan said Hong Kong, equipped with a clear edge in the field, holds a key position in global innovation and technology development.

Wan's remarks were supported by Chief Executive of the Hong Kong Special Administrative Region Carrie Lam Cheng Yuet-ngor and Vice-Chairman of the National Committee of the Chinese People's Political Consultative Conference Tung Chee-hwa.

This is the second time that the InnoTech Expo, taking place in the Wan Chai area through Oct 2, has being held in the SAR by Our Hong Kong Foundation, a think tank founded by Tung. Exhibits include 130 inventions and technologies from ancient to modern China. Most are being exhibited in Hong Kong for the first time. Some 100,000 people are expected to visit.

In order to deepen the cooperation between Hong Kong and the mainland, Wan suggested both seize the opportunity to build a network of innovation and technology together. He also said that the focus should be on young people, while encouraging entrepreneurship in innovation and technology and improving cross-border cooperation.

Lam said Hong Kong has everything in place to make full use of its advantages to drive high-end manufacturing in its reindustrialization effort. The city has many strengths, including its well-established legal and financial systems, world-class universities and researchers, and advanced infrastructure, she said.

Lam, who assumed office in July, has visited numerous cities on the mainland and overseas. Summing up a key impression of these visits, she said that innovation and technology will provide a new, enormous, economic engine spurring Hong Kong's development.

"To advance the development of innovation and technology, timing is crucial. And now, we are presented with a golden opportunity," said Lam, referring to the nation's plan to build an international innovation and technology hub in the Guangdong-Hong Kong-Macao Greater Bay Area.

In January, Hong Kong took the initiative to join with Shenzhen in building a cross-border science park in the Lok Ma Chau border loop. Much progress has already been achieved on the project, Lam said.

In the meantime, Hong Kong also actively works with renowned scientific research institutions to build collaboration platforms.

On Sunday, the world-renowned Massachusetts Institute of Technology opened its first innovation and technology center in Kowloon Tong, Hong Kong, after a year of preparation.

A total of 16 national key laboratories have established partner labs in six of Hong Kong's higher education institutions, setting the stage for deeper cooperation between Hong Kong and the mainland, according to Tung.

Tung urged Hong Kong to make full use of "one country, two systems" and the mainland's gigantic market to develop the innovation and technology sector.