More efforts should be made to enhance innovation and technology development in Hong Kong, including increasing places for postgraduates and creating an entity to oversee and streamline research and development, a local think tank proposed on Tuesday.

Our Hong Kong Foundation said in a report fragmented R&D funding sources and insufficient research talents are two key factors handicapping the city's innovation potential.

In Hong Kong, there're five government agencies handing out funding to research programs in different fields, the report noted, adding this would result in a lack of coordination among funding programs and complicate applications by researchers in need of funding.

It suggested that an R&D funding entity be established to better facilitate the flow of funds.

The report also said the SAR has been hindered by a shortage of research talents. According to The Global Innovation Index 2019, Hong Kong has about 3,400 researchers per million people – lower than that of other economies like Singapore, whose ratio almost doubles that of Hong Kong at 6,730. Israel tops the list with 8,251 researchers.

In higher education, the ratio of research postgraduate students to professors in Hong Kong is 2.4:1, far lower than the United Kingdom's 4.1:1.

The report urged the SAR government to gradually raise the number of postgraduate students from the present 11,700 to 19,600.

It also suggested that the criteria for introducing overseas talents to fill in the gap be relaxed.