Financial Secretary Paul Chan today announced several measures to integrate technological and industrial innovations through key infrastructure projects, including Hetao Hong Kong Park and San Tin Technopole.

Through tripartite co-operation, the Government intends to channel land and corporate resources towards target industries for priority development in Hong Kong. Encouraging greater participation in innovation and technology by the business sector will expedite development of the Northern Metropolis.

Planning for Phase 2 of Hetao Hong Kong Park is complete and the Government will seek Legislative Council approval to inject $10 billion into the park company to accelerate development..

To create a comprehensive industrial ecosystem, the Government will establish a dedicated company this year with the aim injecting $10 billion to move forward with development of the San Tin Technopole.

Aerospace collaboration

The finance chief said today that Hong Kong is well-positioned to connect the Mainland’s aerospace industry with global markets by providing professional services in research and development (R&D), financing and risk management.

The Office for Attracting Strategic Enterprises will take the lead in identifying and attracting aerospace firms to establish a presence in the city. To further support the sector, the Government has requested Hong Kong Exchanges & Clearing to review listing requirements to facilitate the entry of aerospace enterprises into the local capital market.

Driving RISC-V innovation

The Hong Kong Investment Corporation is actively promoting the R&D and industrialisation of RISC-V technology through strategic investments and the establishment of the Hong Kong RISC-V Alliance.

The alliance aims to leverage this open-source technology to foster cross-industry co-operation among academia, industry and the investment sector within the Greater Bay Area and international markets.

Advancing emerging technologies

The Government is accelerating the commercialisation of new materials with two startups set to launch production lines at EcoPark this year and the third InnoHK research cluster, establishing new R&D centres focused on advanced manufacturing and sustainability.

To the foster the next wave of artificial intelligence (AI), the Government and the Hong Kong Investment Corporation are building a robust ecosystem for embodied AI.

Strategic investment

The Financial Secretary said today that the Government is currently selecting managers for its $10 billion Innovation & Technology Industry-Oriented Fund, with operations set to begin this year to channel market capital into strategic fields like life and health technology and AI.

To further bolster cross-boundary collaboration within the Greater Bay Area, the Government will also review and enhance tax arrangement for R&D expenditures.

Patient capital

The Hong Kong Investment Corporation has invested in over 190 projects to date. As the initial $62 billion capital has been largely allocated, the Government will arrange capital injections to further promote industry clustering and the development of frontier technology.