(Hong Kong, 16 October 2024) – Hong Kong Science and Technology Parks Corporation (HKSTP) welcomes the various initiatives outlined in the Policy Address aimed at fostering ongoing innovation in Hong Kong. These initiatives include expanding land allocation for innovation and technology (I&T), dedicating more resources to propel I&T development, actively seeking business investments, attracting international top-tier talent, creating job opportunities, and identifying new areas for growth to further Hong Kong's diverse economic development and accelerate its transformation into an international hub for I&T.
Dr Sunny Chai, Chairman of HKSTP, said, "The recent Policy Address serves as a guiding beacon for Hong Kong to embrace changes while staying principled in driving innovation and new quality productive forces. We are greatly inspired by the solid foundation it lays for Hong Kong's diverse and high-quality economic development. The HKSAR Government has swiftly responded to the thriving development within the local I&T industry, significantly enhancing the innovation ecosystem. HKSTP is committed to actively supporting these efforts, focusing on advancing new industrialisation and attracting I&T enterprises and talent, thereby providing comprehensive assistance in the sector's development in Hong Kong. Leveraging the unique advantages of 'One Country, Two Systems', with the backing of our motherland and global connectivity, these initiatives will elevate the I&T industry to new heights and enhance Hong Kong's position as an international I&T hub."
Expanding Land for I&T Use to Enhance Industry Development
HKSTP expresses gratitude to the HKSAR Government for allocating the first phase of approximately 20 hectares of new I&T land in the San Tin Technopole to HKSTP from 2026-27 gradually for development and operation. The new land will facilitate the implementation of more R&D and commercialisation activities. The demand for R&D offices and laboratories at the Science Park is urgent. HKSTP will proactively explore the provision of more laboratories and related facilities in the Hong Kong Science Park or at nearby sites to support the development of technology industries with an edge and strengthen the I&T ecosystem.
Enhancing Investment in the I&T Industry
Investment is crucial for the development of I&T enterprises. HKSTP welcomes the government’s efforts to increase investment and attract market capital to drive its investment strategies in the I&T industry. This includes the establishment of a HK$10 billion "I&T Industrial-Oriented Fund", optimises the 'Innovation and Technology Venture Fund', and leverages the Hong Kong Investment Corporation Limited (HKIC) ‘s 'patient capital' to attract I&T enterprises to establish and grow their roots in Hong Kong together.
HKIC has invested in several Park companies, including those engaged in artificial intelligence and biomedicine, facilitating the integration of the innovation, entrepreneurship, and venture capital ecosystems. Currently, HKSTP's Corporate Venture Fund amounts to HK$1 billion, having invested in 34 technology companies to date. For every dollar invested, it attracts over HK$18 in private capital investment, supporting local I&T enterprises at various financing stages.
Accelerating and Promoting the Implementation of Economic Diversity
HKSTP welcomes the government's announcement to prepare for the establishment of the third InnoHK research cluster at the Science Park, leveraging Hong Kong’s strong scientific research capabilities to accelerate commercialisation. Currently, the two existing InnoHK research clusters at the Science Park, AIR@InnoHK and Health@InnoHK, have united approximately 2,500 research personnel from both local and international backgrounds.
The Policy Address advocates for the launch of the "Pilot I&T Accelerator Scheme." We believe this initiative will attract experienced startup service organisations from both domestic and international locations to establish accelerator bases in Hong Kong, aiding startups to scale-up. HKSTP will continue offering different I&T incubation programme, collaborating with industry and tertiary institutions to assist startup enterprises at various stages in commercialising their ideas.
Nurturing and Attracting Talent to Strengthen the I&T Talent Pool
Talent is a crucial element in driving societal progress. HKSTP supports various government initiatives, including the establishment of the "Committee on Education, Technology and Talents", updating the Talent List, expanding the list of universities under the "Top Talent Pass Scheme," and creating the "Study in Hong Kong" brand to promote the city as a hub for international high-calibre talents.
Conclusion
In this critical period of economic transformation, the development of I&T in Hong Kong is of paramount importance. HKSTP is committed to fully supporting the measures outlined in the Policy Address, striving for breakthroughs in I&T development, and transforming challenges into opportunities. With strong capabilities in I&T, HKSTP continually engages with tech enterprises, supports the development of a smart city, and actively explores opportunities in the emerging low-altitude economy. We will also continue to advance research in fields such as biotech, green tech, and microelectronics, while attracting high-quality enterprises and talent. Leveraging Hong Kong's unique advantages under the "One Country, Two Systems" framework, coupled with proactive reforms in the I&T sector, Hong Kong is poised to embrace significant opportunities in the innovation industry, contributing to national technological development.
