Hong Kong’s Science Park is set to play a leading role in the government’s drive to turn the city into an innovation and technology (I&T) hub as it was granted a major slice of the HK$50 billion funding package dedicated to hi-tech industries.

In his budget speech on Wednesday, Financial Secretary Paul Chan Mo-po said he would set aside an additional HK$50 billion to support I&T development this financial year, especially in the areas of biotechnology, artificial intelligence (AI), smart cities and financial technologies (fintech), in addition to the HK$10 billion commitment for supporting the industries last year.

“To shine in the fierce I&T race amid keen competition, Hong Kong must optimise its resources by focusing on developing its areas of strength … our targeted efforts must be underpinned by adequate resources,” he said.

Of thisHK$50 billion, HK$20 billion will be earmarked for the first phase of the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop for infrastructure and its initial operation and start-up costs.

It is wholly owned by Hong Kong Science and Technology Parks Corporation, which is responsible for developing its structures, its operation and management

Submitted on 01/03/2018