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Budget Boost: Optimism for Hong Kong’s I&T Sector

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Hong Kong Science and Technology Parks Corporation (HKSTP) was upbeat about the 2024-25 Budget unveiled by the Financial Secretary. The budget reinforces the commitment to bolster Hong Kong’s innovation and technology sector through a slew of policies and measures designed to attract cutting-edge global enterprises and talent to the city.

Dr Sunny Chai, Chairman of HKSTP

“We are heartened by the Budget’s emphasis on fostering societal development through comprehensive support for I&T ventures and talent while catalysing economic diversity. The proactive leadership and backing from both the country and HKSAR Government not only attract enterprises, funding, and talent but also refine and enhance the I&T industry value chain,” Dr Sunny Chai, Chairman of HKSTP said, “We firmly believe that I&T serves as the cornerstone in propelling a diversified economy, and HKSTP is committed to aligning with strategic government policies, collaborating closely across sectors to fortify the ecosystem, cultivate the talent pool, and bolster the city’s I&T competitiveness.”

HKSTP, as a premier I&T institution, has played a vital role, attracting around 10 strategic enterprises to establish R&D centres or global headquarters at Hong Kong Science Park over the past year. This brings cutting-edge technology, funding, and high-value jobs, nurturing HKSTP’s I&T ecosystem.

Talent acquisition is crucial for successful I&T development, and HKSTP actively backs the government’s talent attraction efforts, especially after implementing the Top Talent Pass Scheme (TTPS). HKSTP will host another career expo with over 3,000 job openings. Initiatives like the Global Internship Programme and other promotions aim to draw talent from diverse backgrounds into the I&T community.

The New Industrialisation Acceleration Scheme, introduced in the Budget, reflects the government’s commitment to driving new industrialization. This initiative supports ventures in designated industries to achieve advanced manufacturing status through matching support, fostering the establishment of new manufacturing hubs. HKSTP’s ProShop, set to open by Q3 2024, will provide end-to-end services at Tseung Kwan O InnoPark, facilitating small-scale, high-value production and streamlining the R&D to manufacturing processes.

Microelectronics and life sciences are key sectors in Hong Kong’s I&T development. HKSTP’s Microelectronics Centre (MEC) at Yuen Long InnoPark, in collaboration with the upcoming “Hong Kong Microelectronics Research and Development Institute,” aims to expedite the commercialization of innovative solutions. With over 250 biotech companies, HKSTP’s Institute for Translational Research (ITR) supports the commercialization of R&D outcomes, driving societal benefits.

The establishment of Life and Health Technology Research Institutes, along with Health@InnoHK, under the HKSAR Government’s InnoHK initiative, is poised to further strengthen Hong Kong’s role as a premier international R&D collaboration hub.

The government’s commitment to a Green Future aligns with HKSTP’s efforts to advance sustainability in Hong Kong. With over 100 green tech ventures, HKSTP promotes sustainability through events like Hong Kong Green Week and the Greentech Summit, while participation in global events like the UN Climate Change Conference COP28 showcases Hong Kong’s aspirations as a key green tech and finance hub.

The Budget’s mention of HKSTP’s forthcoming Co-acceleration Programme underscores efforts to provide value-added support services to I&T startups, aiming to foster global success. With the HKSTP Corporate Venture Fund already endowed with HK$1 billion, the fund has invested in 31 tech ventures, with every HK$1 invested attracting an external investment of HK$19, bolstering local I&T startups across all funding stages.

As HKSTP finishes Stage 2 of the Science Park Expansion Programme in Q1 2025, primarily adding wet laboratories, it reaffirms its commitment to Hong Kong’s I&T growth. HKSTP continues to expand the ecosystem, nurture talent, support R&D commercialization, attract investments, and stimulate market expansion, propelling Hong Kong towards becoming a top global I&T hub.


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