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HKSTP and ASTRI Welcome Hong Kong Budget 2022-2023

Hong Kong Science and Technology Parks Corporation (HKSTP) welcomed the 2022-2023 Budget announced by the Financial Secretary recently, which furthers the Hong Kong government’s commitment to promote innovation and technology (I&T) development in Hong Kong and foster a diversified economy amid epidemic.

HKSTP will fully align resources and support the government’s initiatives, as well as collaborate with partners across government, industry, academic and research sectors. Endeavouring to enhance the vibrant I&T ecosystem in the city and the Greater Bay Area (GBA), HKSTP strives to make I&T the new economic engine for Hong Kong.

Promoting I&T Investment to Nurture Tech Ventures

HKSTO was pleased to see the Government’s injection of HK$5 billion into the newly established Strategic Tech Fund as part of the Hong Kong Growth Portfolio under the Future Fund, which further supports expanding enterprises with considerable development potential.

Supporting Life and Health Scientific R&D to Drive Industry Growth

Placing a strategic focus on biomedical technology, HKSTP will fully support the Government’s allocation of HK$10 billion to provide long-term and comprehensive support to the development and commercialisation of life and health technology in the city.

Driving Re-industrialisation and Supporting Cross-industry Digital Transformation 

HKSTP strives to strengthen data-driven R&D capabilities, including the launch of the STP Platform, the first all-in-one validation platform in Hong Kong. HKSTP welcomed the establishment of the Digital Economy Development Committee to promote digital-driven, high-quality economic development across different industries. HKSTP will work alongside the Government’s initiative to drive re-industrialisation, integrating I&T into industrial development.

Continuing to Enrich the Talent Pool and I&T ecosystem

Hong Kong’s I&T ecosystem is growing rapidly. The Budget referred to the Northern Metropolis initiative, which will provide additional land to support the growth of the city’s I&T sector. This year, HKSTP will launch the Shenzhen Branch of Hong Kong Science Park to support GBA tech ventures to go global and attract foreign investment.

As one of Hong Kong’s I&T flagships, HKSTP will continue to make good use of the resources to further develop the city’s I&T industry, enrich the I&T ecosystem and capitalise upon the opportunities presented by the Government policies and the National 14th Five-Year Plan.

Meanwhile, the Applied Science and Technology Research Institute (ASTRI) also welcomed the various initiatives proposed in the Budget. ASTRI will continue to render its full support to the government in developing the Greater Bay Area (GBA) into an international innovation and technology hub.

The Chairman of ASTRI stated that the government continues to invest heavily in I&T, including setting up a HK$5 billion “Strategic Tech Fund”, increasing funding for Hong Kong Branches of Chinese National Engineering Research Centres and State Key Laboratories, and facilitating technology adoption. These initiatives will vigorously promote the development of I&T. We are most encouraged by this and will continue to contribute to Hong Kong and the country through our excellent R&D work.

The Chief Executive Officer of ASTRI stated that ASTRI’s National Engineering Research Centre for Application-Specific Integrated Circuit System (Hong Kong Branch) is committed to R&D in integrated circuits and third-generation semiconductor technologies, which they connect with ecosystem players in the GBA to jointly advance energy-saving technologies, among others.

The ASTRI CEO also earlier announced several plans to expand ASTRI’s development in the GBA, including developing more R&D projects in the GBA, cooperating with local universities and research institutes in the GBA, attracting and cultivating talent, and developing more R&D resources. In the first stage, priority will be given to R&D projects in integrated circuits and communications technology, and subsequently to projects in IoT and Sensors, FinTech, artificial intelligence and big data.


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