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Thursday, February 27, 2020, 10:32
Fund pegged for I&T development
By Pamela Lin in Hong Kong
Thursday, February 27, 2020, 10:32 By Pamela Lin in Hong Kong

Hong Kong’s innovation and technology sector got a boost of over HK$10 billion (US$1.3 billion) from the 2020-21 Budget as it marches toward the development of a smart city with a diversified economy.

Financial Secretary Paul Chan Mo-po said on Wednesday information and technology is an important growth engine for the city’s future economic development, with the government having allocated more than HK$100 billion to the sector in the past three years. 

The government has been devoting resources to cultivating talents, the I&T industry and other fields for a diversified economy that will benefit the economy in the short and long terms

Agnes Wong, a tax partner at PwC Hong Kong

The proposed measures to lift I&T industries have put emphasis on promoting research and development, re-industrialization and industry development, developing I&T infrastructure and supporting startups. 

Agnes Wong, a tax partner at PwC Hong Kong, said the government has been devoting resources to cultivating talents, the I&T industry and other fields for a diversified economy that will benefit the economy in the short and long terms. 

Chan said in his budget speech HK$3 billion has been set aside for Phase 2 of the Hong Kong Science Park expansion program. 

A government source said two ancillary buildings will be built at the park to meet the demands of robotics and artificial intelligence laboratories. 

Chan also proposed raising the grant ceiling under the Technology Voucher Program from HK$400,000 to HK$600,000 to subsidize local small and medium-sized enterprises in using technological services and solutions to optimize their operations. 

So far, the government has received more than 2,100 applications, with more than 90 percent of them being successful and total funding of HK$288 million granted, according to the source.

In addition, the government will inject HK$2 billion into the Innovation and Technology Fund to launch the Re-industrialization Funding Scheme. The funds will encourage manufacturers to set up new smart production lines in Hong Kong.

As the government promotes re-industrialization development that can optimize the supply chain, the I&T and modern manufacturing facilities will further help Hong Kong attract talents and investors, Wong said. 

An additional HK$2 billion was proposed to convert an old factory in the Yuen Long Industrial Estate into a Microelectronics Center to provide modern manufacturing facilities. 

Amid the novel coronavirus outbreak, the SAR government set up a HK$30 billion anti-epidemic fund last week.

The Nano and Advanced Materials Institute has authorized a mask manufacturer to use its patented nanofiber technology to produce a highly breathable mask that’s capable of killing bacteria. 

Chan said the government is exploring the technology solutions related to reusable masks to help fight the epidemic.

Funds have also been allocated for smart-city development, including facilitating the development and application of a 5G network, and the setting up of a Smart Traffic Fund for enterprises or organizations to conduct research and application on vehicle-related I&T.

pamelalin@chinadailyhk.com


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