The Government will provide funding for the Science & Technology Parks Corporation to strengthen Hong Kong's research and development capabilities, and attract international technology enterprises to set up bases in the city.

Secretary for Innovation & Technology Nicholas Yang told legislators today innovation and technology is the driving force of economic development in the new era.

"Promoting re-industrialisation is an important part of the Government's I&T policy.

"Over the past few years, an atmosphere favourable to I&T development has gradually built up in Hong Kong, with internationally renowned research institutions settling herein one by one."

Mr Yang said the Government will focus on promoting the development of targeted technology areas, including biotechnology, artificial intelligence, robotics and smart city.

It will allocate $10 billion to the corporation to build research-related infrastructure and facilities for common use, enhance support for its tenants and incubatees, and provide incentives to attract international technology enterprises to set up bases in the Science Park.

The corporation will also build specialised facilities for healthcare technologies, including pilot batch production facilities, animal research and drug testing facilities, and bio bank and medical informatics.

Mr Yang said the Government is working on the establishment of research clusters on healthcare technologies and on AI and robotics technologies in the park, adding it has set aside $10 billion to provide financial support to non-profit-making research centres or laboratories operating at the two clusters.

Noting the phase one expansion of the park is underway, he said upon expansion, some floors will be set aside for laboratory and research work spaces for healthcare and AI/robotics technologies while a building will be converted for healthcare research.

He said the Government will also work with the corporation to identify suitable premises in the industrial estates in Tai Po or Yuen Long to develop the healthcare technology industry upon conversion and remodelling.