Hong Kong’s bid to become Asia’s innovation and technology hub has received an injection of funding in its latest budget. This funding is significant and welcome and signals the Government’s commitment to its commitment to help drive high technology and research and development (R&D) excellence in the region.
Boosted by 2018 rule changes by the Hong Kong Stock Exchange, the city is already the region’s leading capital-raising center for companies needing biotech funding, and the second-largest in the world after the United States. . The university attracts world-leading talent in scientific and medical academic research and research.
And if a breakthrough is achieved, companies will be able to utilize the manufacturing capabilities of the Greater Bay Area Development Zone for production.
To achieve this objective, the government aims to leverage our country’s advantages and create an ecosystem to foster research and development so that technology and innovation can flourish. Ecosystem funding was a core part of the budget announced by Finance Secretary Paul Chan Mopo on Wednesday.
He allocated HK$10 billion to the scheme aimed at supporting the development of life and health technologies, AI and data science, new energy technologies and advanced manufacturing. The government is ready to provide up to HK$200 million in aid to companies in these sectors.
A further HK$2 billion has been allocated to support research at the new health tech hub in the joint technology park with Shenzhen being built in Lok Ma Chau Loop.
Approximately HK$3 billion has been set aside to help local universities, research institutes and businesses harness the power of Cyberport’s AI supercomputing centre, the first phase of which is scheduled to go live this year. Chan said the facility will achieve a computing power of 3,000 petaflops (one petaflop is equivalent to 1 quintillion operations per second) by 2026, and will be able to process about 10 billion images per hour. He said that he is aiming for
This year, Hong Kong also aims to bring together universities, R&D centers and industry to establish a hub for research collaboration on third-generation semiconductors. The institute aims to utilize research and development results more effectively by leveraging the Greater Bay Area’s manufacturing chain.
Promoting HK$24 billion investment in Hong Kong’s I&T sector to drive high-tech economy
Promoting HK$24 billion investment in Hong Kong’s I&T sector to drive high-tech economy
Like all government funding for infrastructure, that spending is very far-sighted, and the extent to which Hong Kong will achieve its goals will not be clear for a long time. Business leaders have long said the city has the potential to become one of Asia’s leading hubs.
The seriousness of the latest proposal, and the significant amount of funding behind this effort, gives hope that one day that possibility will become a reality.