Secretary for Innovation, Technology & Industry Prof Sun Dong chaired the fourth meeting of the Committee on Innovation, Technology & Industry Development today.

At the meeting, members shared their views and suggestions on major initiatives related to the purview of the Innovation, Technology & Industry Bureau in the 2024-25 Budget.

They were also briefed on the proposed implementation arrangements of the New Industrialisation Acceleration Scheme (NIAS) and provided their opinions on it.

Prof Sun said promoting Hong Kong's innovation and technology (I&T) development and accelerating the city's high-quality development are key areas of focus in this year's Budget.

The Government will continue to consolidate and strengthen Hong Kong's strengths in basic scientific research, accelerate midstream transformation and realisation of research outcomes and advance the development of technology industries, he added.

Among various initiatives, the $10 billion NIAS is planned to be launched in the second half of this year to provide matching funding for strategic enterprises to set up new smart production facilities in Hong Kong.

Prof Sun hoped that the NIAS could enhance Hong Kong's competitiveness in attracting strategic enterprises to set up operations in the city, accelerate the formation and development of new quality productive forces, promote the development of new industrialisation and empower the city's high-quality development.