Around 50,000 jobs will be created at the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop, according to Chief Secretary Matthew Cheung Kin-chung.

The park will attract top research institutes, tertiary education and international companies.

Cheung visited Guangzhou on Friday, during which he discussed with Hong Kong businessmen and students the difficulties they faced in the mainland.

As written in his blog, the chief secretary said the park will be completed in 2020. It is anticipated to bring HK$57 billion a year to Hong Kong in addition to 50,000 new jobs.

During his one-day trip to Guangzhou, Cheung visited iFLYTEK - a company founded by students from the University of Science and Technology of China - which specialises in artificial intelligence technologies and speech recognition.

Cheung expects technological exchanges to surge in the park, which will be an innovation and technology platform covering an area four times larger than the Hong Kong Science Park in Tai Po.

Located at the SAR's northern border, the park is an important infrastructure project for Hong Kong and will act as a base for cooperation in innovation and technology research between the two cities.

Governed by Hong Kong laws and under the management of the Hong Kong Science and Technology Parks Cooperation, the platform is expected to appeal to global enterprises, research and development organisations and higher education institutes.

During the visit, Cheung met with top government officials of Guangdong province to discuss plans for developing the Guangdong-Hong Kong-Macau Bay Area.

He also officiated at the opening ceremony of an exhibition and a gala dinner that celebrated the 20th anniversary of Hong Kong's handover.

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