Expanding technology and innovation

Source: Xinhua | 2019-02-28

Hong Kong will push the development of its scientific research and the innovation and technology sectors by expanding I&T infrastructure and promoting research and development, Financial Secretary Paul Chan said yesterday.

Delivering Hong Kong’s annual budget, Chan said the development of I&T will bring huge economic benefits to Hong Kong, adding that sufficient resources with a commitment of over HK$100 billion (US$12.7 billion) has been allocated to this area so far.

About HK$5.5 billion will be allocated to expand Cyberport, one of Hong Kong’s key technology infrastructures, to attract more quality technology companies and startups.

Chan also announced HK$20 billion for the Research Endowment Fund of the Research Grants Council to promote the development of I&T.

And he proposed an extra HK$2 billion for the Science and Technology Parks Corporation to build the dedicated facilities required by the advanced manufacturing sector in industrial estates.

“These initiatives ... will help reduce our economy’s over-reliance on service industries,” Chan said.