Hong Kong to spend HK$45 billion grooming the next leaders of technology and boosting innovation
- More than 500 secondary schools to receive HK$1 million to deepen students’ knowledge of subjects such as AI, cloud computing and big data
- Education seen as key to city’s innovation and technology development – and its dream of becoming a global tech hub
Hong Kong’s high school students will be groomed to become technology leaders as part of the government’s ambitious HK$45 billion funding package to boost the city’s innovation sector.
Financial Secretary Paul Chan Mo-po said in his budget speech on Wednesday that he would deploy HK$500 million (US$64 million) to implement the IT Innovation Lab programme in secondary schools over the next three years.
This was among a host of funding initiatives dedicated to the city’s innovation and technology (I&T) development – and its dream of becoming a global tech hub.
“The current-term government spares no effort in promoting I&T development … One cannot make bricks without straw. We need quality infrastructure to attract I&T talent, and facilitate the operation of I&T enterprises,” he said.
“To pave the way for nurturing local technology talent, we will also encourage the promotion of popular science education in schools,” he added.
Under the IT Innovation Lab programme, each of Hong Kong’s 519 secondary schools would be granted HK$1 million to procure information technology equipment and related services, and organise more extracurricular activities.
The goal is to deepen students’ knowledge of cutting-edge subjects, such as artificial intelligence, cloud computing and big data “with a view to helping young people build a good IT [information technology] foundation”.
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A sum of HK$16 billion will be set aside for government-funded universities to refurbish campus facilities, such as research laboratories. This is in addition to an injection of HK$20 billion for the Research Endowment Fund to provide funding for public universities to conduct research and development.
Another budget highlight was the HK$5.5 billion earmarked for the development of Cyberport 5, a sprawling IT hub that was expected to provide about 66,000 square metres of floor space for offices, co-working spaces and conference venues for about 800 tech firms. Construction would start in 2021 and could be completed as soon as 2024.
“This will serve to attract more quality technology companies and start-ups to set up their offices in Cyberport and provide a path for young people to pursue a career in I&T,” Chan said.
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To encourage local industries to embrace advanced technology, he proposed an injection of HK$2 billion into the Innovation and Technology Fund (ITF) to launch a re-industrialisation funding scheme. This move will subsidise manufacturers to help them set up smart production queues in Hong Kong, such as in nanotechnology and micro-electronics.
“These initiatives for developing real high-end production will help reduce our economy’s overreliance on service industries,” he said. He added that Hong Kong had immense potential for technology transfer.
“We have seen how technology is driving growth and efficiencies in other economies so this is one area where we now need to crank up another gear.”
The government would seek funding approval from the Legislative Council in the coming months and expects to implement the measures in the second half of 2019.
Last year, HK$10 billion was earmarked for funding world-renowned research institutes to conduct biotechnology, AI and robotics research and development (R&D) projects in Hong Kong through partnerships with local institutions.
In his speech, Chan revealed Harvard, Stanford and Johns Hopkins in the United States, and Imperial College London, and University College London, had expressed interest in taking part in the project.
A government source said that nearly 40 applications were submitted and that the first batch of approved institutes could set up their research centres in Hong Kong in the second half of the year.
Aron Harilela, chairman of the Hong Kong General Chamber of Commerce, welcomed the funding initiatives. He said they would stimulate growth across many of Hong Kong’s pillar industries.
“The I&T sector will be a key driver of the economy going forward, and help us diversify our economy, as well as dovetail with the Greater Bay Area blueprint,” Harilela said. “We have seen how technology is driving growth and efficiencies in other economies, so this is one area where we now need to crank up another gear.”
Education lawmaker Ip Kin-yuen said the funding for renovating university laboratories might help the institutions reach breakthroughs in research.
“Some professors have fields of research but lack good laboratory equipment,” Ip said.
Additional reporting by Rachel Leung and Tony Cheung
