Hong Kong’s Promising Science Park To Drive Future Innovation
Hong Kong’s Promising Science Park To Drive Future Innovation
Hong Kong’s Financial Secretary Paul Chan Mo-po has dedicated an amount of $6.4 billion to drive technological innovation. A significant amount will go to Hong Kong-Shenzhen Innovation and Technological Park in the Lok Ma Chau Loop. $2.6 billion have been earmarked to develop the first phase of this high-tech park. The city’s government seeks to turn Hong Kong into a major hub of innovation and technology. Increased funding in the near future will assist in realizing this vision.
This financial aid is meant to stimulate progress in the cutting fields of high-tech innovation such as smart city solutions, FinTech (Financial Technologies), biotechnology and artificial intelligence.
The Financial Secretary stated that Hong Kong must dedicate adequate resources to drive development in the fiercely competitive field of Innovation and Technology.
Out of the $6.4 billion, $2.6 billion will be utilized for building the infrastructure and covering the initial operation and startup costs of the Hong Kong-Shenzhen I&T Park. It is expected to be operational by 2021.
The Hong Kong Science and Technology Parks Corporation has been exclusively established for developing the infrastructure of the Park as well as managing its operations.
This futuristic park will employ the technological prowess of cities within the Greater Bay Area. It will provide a platform for high-tech enterprises from mainland China to venture into international markets. It will also assist overseas enterprises to venture into the mainland.
If the Park is to operate at such a colossal scale, the costs will surely be more than what has been allocated already. The government has already anticipated this, as evidenced by Chan’s statement. Financial Secretary Chan has said that the full cost of the project will be much greater. He promised that, after the completion of the preliminary planning studies, the necessary resources will be allocated in a timely manner so that the park can commence operations as soon as possible.
Local institutions in Hong Kong will leverage its partnerships with world renowned research bodies and high tech organizations to conduct research in AI, robotics and biotechnology. An amount of HK$1.3 billion has been allocated to achieve these goals.
The South China Morning Post has reported that leading research institutions from Stanford, MIT, John Hopkins University and Waterloo University have plans to establish a consortium that will conduct state-of-the-art stem cell research.
The Science Park will cover over 1.2 million square meters and accommodate over 12,500 professionals from over 600 companies.
Another $1.3 billion will be allocated to the Hong Kong Science and Technology Parks Corporation of which $900 million will be reserved as support and allowances for the tenants. The remaining $400 million will be utilized for building research facilities and supporting infrastructure.
The Science Park’s Chairperson Fanny Law Fan Chiu-fun expressed satisfaction over the allocated funds and the initiatives taken for I&T development. She further pledged to increase support for high tech startups to make Hong Kong an international hub for technological innovation.