HONG KONG will be the world's leader in information technology research and application by the first decade of the 21st century, according to Raymond Ch'ien Kuo-fung, chairman of the Federation of Hong Kong Industries.
Last week, Governor Chris Patten took the territory's first step towards this goal by announcing that Hong Kong would expand its capacity for advanced research.
'This year, the University and Polytechnic Grants Committee has allocated $260 million for research projects, 67 per cent more than last year,' Mr Patten said.
'Next year, we will provide $50 million to establish an Applied Research Centre which will promote joint projects with China's leading research institutes.' He said the Government would encourage initiative and investment through new incentives to upgrade technology standards in manufacturing.
Mr Ch'ien said it was the Government's policy to help industrialists maintain their vital role on the international stage.
After more than 40 decades of development, Hong Kong was experiencing the third wave of industrial development, where educated industrialists were capable of taking advantage of mainland human resources in software development, he said.
