(Hong Kong, 26 February 2025) — Hong Kong Science and Technology Parks Corporation (HKSTP) welcomes the 2025-26 Budget announced today by the Financial Secretary, which places technological innovation at its core to harness the momentum of technological transformation for economic acceleration. The Budget outlines multiple measures to propel the rapid growth of Hong Kong’s innovation and technology (I&T) sector, reaffirming the city’s commitment to attracting global businesses and talent, advancing reforms through disruptive strategies, and fostering diverse new economic growth drivers.
Dr Sunny Chai, Chairman of HKSTP, said, "The new Budget confronts challenges with transformative action, guiding Hong Kong through measured reforms that consolidate and elevate the city’s diverse competitive industries. By sustaining investments to advance I&T, the Budget energises the modernisation of traditional sectors, amplifying Hong Kong’s influence and competitiveness as a global I&T powerhouse. HKSTP fully endorses the Budget’s I&T initiatives and will collaborate closely with business, academia, and the innovation ecosystem to integrate Hong Kong into the country’s overall development, accelerating our city’s rise as an international I&T hub."
Developing the Northern Metropolis and Planning the San Tin Technopole Site
As Hong Kong's I&T flagship, HKSTP welcomes the government's innovative approach to accelerating I&T growth, particularly developing the San Tin Technopole and the Hong Kong Park in the Hetao Co-operation Zone into dedicated I&T clusters. We are currently carrying out a master planning study for the 20-hectare land for I&T in the San Tin Technopole, entrusted by the government to HKSTP from 2026-27 in phases for development and operation. The study, expected to be completed in the third quarter of this year, aims to optimise the site’s potential and unlock new opportunities for Hong Kong’s I&T ecosystem.
Supporting New Industrialisation to Propel Economic Growth
We welcome the Budget’s initiatives to advance new industrialisation, including the “Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+)” and the “New Industrialisation Acceleration Scheme” launched last year. HKSTP will dynamically align with these measures and market demands, spearheading Hong Kong’s economic growth through innovation-driven manufacturing. New smart pharmaceutical production lines of Jean-Marie Pharmacal Co., Ltd. have become the first application secured support from the ‘New Industrialisation Vetting Committee’, establishing its operations at Tai Po InnoPark. We provide world-class infrastructure and support from design and prototyping to pilot production to over 200 microelectronics-related companies in the park. The Hong Kong Microelectronics Research and Development Institute has established two pilot production lines at the Microelectronics Centre (MEC) in Yuen Long InnoPark, which are expected to commence operations next year.
Supporting Innovation, Development, and Collaboration in Life and Health Technologies
Hong Kong Science Park is currently home to over 300 startups and enterprises specialising in life and health technologies. We are committed to advancing the commercialisation of scientific research outcomes and are looking into the life and health technology industry's demand for manufacturing facilities that comply with the Good Manufacturing Practices, as well as feasible mode of development and operation, so as to support the industry in conducting clinical trials of new drugs or healthcare innovations in Hong Kong. We welcome the government's initiative to support local universities to set up life and health technology research institutes through the Subsidy Programme for the Setup of Life and Health Technology Research Institute(s), with a view to fostering cross university/institutional and multi-disciplinary collaboration.
Leveraging the Innovation and Technology Industry-Oriented Fund to Invest in Emerging Strategic Industries
HKSTP's provides incubation programmes tailored to startups at all stages of growth, offering infrastructure, business mentorship, and partnership matchmaking. Currently, HKSTP’s Corporate Venture Fund amount to HK$1 billion, every HK$1 invested by HKSTP attracts approximately HK$17 in private funding.
We support the government's formulation of a medium-to-long term development plan for new industrialisation in Hong Kong, through a HK$10 billion ‘Innovation and Technology Industry- Oriented Fund’ to channel more market capital to invest in emerging and future industries of strategic importance. Additionally, the forthcoming HK$180 million ‘I&T Accelerator Pilot Scheme’ will provide up to $30 million in funding, on a one‑to‑two matching basis, to each professional start-up service agency, with a view to enriching Hong Kong's start-ups ecosystem through their business network and experience.
Boosting AI Investment to Accelerate Commercialisation and Implementation
HKSTP welcomes the government's allocation of HK$1 billion for the establishment of the Hong Kong AI Research and Development Institute. This initiative will guide and empower AI innovation, R&D, and industrial applications in Hong Kong, facilitating upstream R&D, midstream and downstream transformation of R&D outcomes and expanding application scenarios. HKSTP will continue leveraging High-Performance Computing (HPC) service to drive enterprise digital transformation through efficient, secure, and cost-effective solutions.
Advancing Green Technologies to Address Global Climate Challenges
HKSTP actively aligns with the government to develop the green sector. Under this collaboration, HKSTP will turn the InnoCentre in Kowloon Tong into a leading green technology hub – "GreenTech Hub", bringing together more than 200 green technology companies to drive R&D and demonstrate sustainable solutions. HKSTP will engage financial and business institutions, universities, and institutions supporting business as partners of the admitted companies, offering talent training, testing and application scenarios, and business matching. This initiative aims to build a sustainable ecosystem, positioning Hong Kong as a global green tech hub.
Conclusion
I&T development will spearhead Hong Kong’s transformation into a new economic growth driver. HKSTP is fully aligned with the initiatives outlined in the Budget, including the establishment of the third InnoHK research cluster, tapping into the potential of the low-altitude economy, and cultivating I&T talent. By leveraging existing resources and opportunities, HKSTP will actively attract top-tier I&T enterprises and professionals, advance cutting-edge technologies, and propel Hong Kong’s rise as an international I&T hub.
