The outline development plan for the Guangdong-Hong Kong-Macao Greater Bay Area will inject new impetus into tech companies in the region, play an important role in driving scientific and technological innovation, and deliver significant benefits to some emerging industries, innovative businesses and experts said.

China aims to develop the Guangdong-Hong Kong-Macao Greater Bay Area into a globally influential international innovation and technology hub, according to a development plan issued on Feb 18.

According to the plan, efforts will be made to build an open community for coordinated innovation in the region, develop quality innovation and technology carriers and platforms, and enhance the environment for innovation in the region.

“The plan will assist enterprises that are engaged in intelligent manufacturing, high-end telecommunications and mobile internet services in the Greater Bay Area,” said James Yan, research director at Counterpoint Technology Market Research.

Yan noted the traditional manufacturing industry will be transformed from an assembly business into industrial automation, and will incorporate more robots and artificial intelligence technologies into the production process.

According to the plan, efforts will be made to foster and strengthen strategic emerging industries, and promote new-generation information technology, biotechnology, high-end equipment manufacturing and new materials, which will grow into new pillar industries.

It also calls for measures to expand direct financing channels, and supports participation by Hong Kong private equity funds in the financing of innovative technology enterprises in the Greater Bay Area.

“The upgrading and transformation of the manufacturing sector in the region requires a large amount of money, including capital from Hong Kong,” Yan said, adding that this move would enlarge the source of financing for innovative enterprises.

DJI, the world’s largest commercial drone manufacturer by market share, said it strongly supports this plan, which put an emphasis on propelling technology and innovation.

The plan will drive and attract more high-tech talents to gather in the area, and play an important role in driving the scientific and technological innovation and development of this region, according to the Shenzhen-based company.

Chinese consumer electronics giant TCL Corp said the plan would play a vital role in boosting the development of the Pearl River Delta region, and the Greater Bay Area would become a region with the most dynamic economy and strongest competitiveness across the nation and even globally in the future.

The company, which is based in Huizhou, Guangdong province, said it would increase investment in its research and development center in Hong Kong, make use of local skills and platforms, and recruit foreign employees to enhance its R&D capacity.

“There are huge investment opportunities in the Greater Bay Area, such as in State-owned enterprises, small and medium-sized enterprises, the high-tech industry and biotechnology industry, and a large number of emerging private enterprises,” said Yang Lingxiu, senior analyst at the strategy department of CITIC Securities.