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Tech park funds to be sought

November 01, 2017

The Government is working on the development of the Hong Kong-Shenzhen Innovation & Technology Park in the Lok Ma Chau Loop at full steam and will seek funding from the Legislative Council for the construction of the advance works of the Main Works Package 1 in the first half of next year.


Secretary for Innovation & Technology Nicholas Yang made the statement to legislators today saying the Government will strive to provide the first developable land for the park by 2021 to start building work.


The Planning Department is consolidating public feedback on the draft Lok Ma Chau Loop Outline Zoning Plan and will submit it to the Town Planning Board for consideration this month, he added.


To develop an international innovation and technology hub in the Guangdong-Hong Kong-Macao Bay Area, the Innovation & Technology Bureau will maintain close communication with Mainland authorities.


He said the Government is committed to increasing R&D resources, saying R&D expenditure in Hong Kong accounts for 0.73% of the Gross Domestic Product, with public investment dominating at about 55%, which is different from the situation in other advanced areas.


"Our goal is to increase the total R&D expenditure by local public and private sectors to about $45 billion, representing 1.5% of the GDP by 2022."


The ratio of public sector versus private sector expenditure on R&D will be progressively reversed from government-led to public-private participation with investment from the private sector dominating.


"We will strive to achieve the five-year goal set. If the share of R&D in the private sector can grow steadily, our target to increase the percentage of R&D expenditure to the GDP to 1.5%, if not higher, is not out of reach," Mr Yang added.

Innovation and Technology Fund for Better Living