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The Hong Kong Polytechnic University’s (PolyU) Policy Research Centre for Innovation and Technology (PRECIT) has recently submitted a comprehensive set of recommendations for the 2024 Policy Address. These recommendations are designed to address the city’s innovation and technology needs, positioning Hong Kong as a global leader in these fields.
PolyU’s Deputy President and Provost noted that this is the third consecutive year PolyU has submitted policy recommendations, which have been well-received and adopted by the government, highlighting the university’s continued contribution to societal progress.
PRECIT’s recommendations highlight the necessity of bolstering research and development (R&D) activities within Hong Kong. They advocate for a significant increase in funding to stimulate innovation and bridge the gap between academic research and practical applications. By enhancing financial support for R&D, PRECIT aims to foster a collaborative environment where academic institutions and industry players can work together to drive technological advancements.
This approach is intended to facilitate the development of new technologies and solutions that can have a profound impact on various sectors, including healthcare, environmental sustainability, and manufacturing.
In addition to increased R&D funding, PRECIT emphasises the importance of modernising infrastructure to support emerging technologies. They recommend substantial investments in state-of-the-art facilities and resources that can accommodate advanced research in fields such as artificial intelligence (AI), biotechnology, and green technologies.
The goal is to create a conducive environment for innovation that attracts top talent from around the world. By upgrading infrastructure, Hong Kong can provide researchers and innovators with the tools and resources they need to conduct cutting-edge work, thus enhancing the city’s ability to compete on a global scale.
Another key aspect of PRECIT’s recommendations is the development of a more supportive policy framework for startups and entrepreneurs. They propose the introduction of targeted incentives and streamlined regulatory processes to assist new ventures in scaling efficiently. These measures include tax incentives, grants, and simplified licensing procedures that aim to reduce the barriers to entry for startups.
By fostering a more dynamic and resilient entrepreneurial ecosystem, PRECIT hopes to stimulate economic growth and job creation. Supporting startups is crucial for maintaining Hong Kong’s position as a hub for innovation, as these companies often drive technological breakthroughs and contribute to the overall economic vitality of the region.
Furthermore, PRECIT underscores the significance of international collaboration in advancing Hong Kong’s innovation agenda. They recommend establishing more partnerships with global research institutions, industry leaders, and technology firms. Such collaborations can facilitate knowledge exchange, joint research projects, and the development of innovative solutions that address global challenges. By fostering international partnerships, Hong Kong can leverage global expertise and resources, positioning itself as a key player in the international innovation landscape.
The recommendations also touch upon the need for policy measures that promote sustainable development and address environmental concerns. PRECIT suggests integrating green technologies into research and development efforts and implementing policies that encourage the adoption of sustainable practices.
This includes investing in renewable energy technologies and supporting initiatives that reduce carbon emissions. By prioritising sustainability, Hong Kong can contribute to global efforts to combat climate change while also driving technological innovation in the green sector.
PolyU’s PRECIT has presented a detailed set of recommendations aimed at shaping Hong Kong’s innovation and technology landscape for 2024 and beyond. The recommendations focus on increasing R&D funding, enhancing infrastructure, supporting startups, and fostering international collaboration.
By addressing these areas, PRECIT aims to strengthen Hong Kong’s position as a leading centre for innovation, driving economic growth and contributing to global technological advancements. The proposed measures are expected to play a pivotal role in advancing the city’s innovation agenda, ensuring that Hong Kong remains competitive in the rapidly evolving global economy.
