Chief Executive John Lee on Friday called on businesses to contribute to the country's development by investing on the mainland.

Speaking at a forum in Shenzhen on technological collaboration between the two places, the CE noted that firms can benefit from Beijing's new amendments to the Closer Economic Partnership Arrangement, or CEPA, which will take effect in March.

The changes include applying Hong Kong laws when firms from the SAR engage in arbitration, and allowing the proceedings to take place in Hong Kong.

"I encourage Hong Kong firms, or even companies from around the world, to make use of CEPA's new preferential treatments, and explore countless opportunities in the mainland market," Lee said in a speech.

"They can then serve the country by bringing in capital and talent, while companies can go global."

The CE said Hong Kong and Shenzhen can become a driving force in the development of new quality productive forces.

He said the SAR's businesses should also further develop their regional and international networks.

Lee added that as the latest round of technological revolution takes place rapidly, firms should adapt to changes and seize opportunities provided by the nation's opening up.

Speaking at the same event, innovation, technology and industry minister Sun Dong noted that the SAR needs to align itself with the country's development plans.

He also highlighted the need to speed up the construction of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone to provide impetus for high-level development in the region.