Hong Kong’s Science Park to take the lead on driving innovation and technology as it receives major cash injection
Financial Secretary Paul Chan Mo-po will set aside an additional HK$50 billion for support innovation and technology this financial year, with HK$20 billion earmarked for the first phase of the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop
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.
It is wholly owned by Hong Kong Science and Technology Parks Corporation, which is responsible for developing its structures, its operation and management.