HONG KONG -- The Hong Kong Special Administrative Region (HKSAR) government is seeing more support for its "new industrialization" initiative, with medical equipment providers scaling up investments in the city.

Medical diagnostic imaging provider Time Medical said on Thursday that it has established a production base in Hong Kong in line with the city's vision to promote high-end manufacturing.

The production base covers an area of 30,000 square feet, and will be used to develop and manufacture superconducting magnetic resonance imaging (MRI) system products, including the first-of-its-kind superconducting MRI system dedicated for baby diagnosis.

At the opening ceremony, Sun Dong, secretary for innovation, technology and industry of the HKSAR government, said Hong Kong has a unique advantage in life and health technology and enjoys strengths in basic research, and it is stepping up efforts to lay a solid foundation for "new industrialization".

Time Medical CEO Ma Qiyuan said the company chose to establish the industrial base in Hong Kong mainly because it is upbeat about the opportunities brought by the city's vision to develop itself into an international innovation and technology hub, adding that he hopes that "Made in Hong Kong" products will be exported to more countries in the future.

Sunny Chai, chairman of the Hong Kong Science & Technology Parks Corporation (HKSTP), said the HKSTP will actively promote R&D and innovative manufacturing, enhance Hong Kong's brand image, and bring more job opportunities to young people.

The HKSAR government has set a target in its innovation and technology development blueprint released last year that by 2030, manufacturing sector's share of GDP will increase to 5 percent from 1 percent in 2020.