Hong Kong Science and Technology Parks Corporation Response to the 2019-20 Budget

Hong Kong Science and Technology Parks Corporation (HKSTP) welcomes the extended resources and support to promote Hong Kong’s innovation and technology (I&T) development and build a diversified economy outlined in the 2019-20 Budget today.

We will adopt a prudent approach to use the HK$10 billion funding allocated to HKSTP in the 2018-19 Budget. Last year, HKSTP rolled out the first phase of support measures to expand our Incubation Programmes and support services, and we are making solid and sustained progress.

Hong Kong has a vibrant capital market and private equity funds which are developing rapidly in recent years. The diverse favourable measures for I&T, such as the new listing regime implemented last year and virtual banking licenses to be introduced shortly, underline Hong Kong’s competitiveness as an international financial hub. We see that these will help create more opportunities for technology enterprises to raise investment funds and expand their business.

With regard to the HKSAR Government’s plan to build two research clusters at Science Park, namely Health@InnoHK focusing on healthcare technologies and AIR@InnoHK focusing on artificial intelligence and robotics technologies, it is encouraging to see that a number of top-notch local and overseas universities have already expressed interest in joining the clusters. HKSTP is committed to facilitating the development of the two clusters, which will help elevate Hong Kong’s research and development (R&D) capabilities and its capabilities to accelerate commercialisation of R&D results and technology transfer.

Talent is essential for spearheading I&T development. HKSTP has been dedicated to nurturing R&D talent. We are delighted that the Government has different measures to attract local and overseas I&T talent, provide training support and employment opportunities, aiming to help technology enterprises resolve the talent crunch. The proposed measures will build a sustained pipeline of talent to support Hong Kong’s long-term I&T development.

HKSTP will fully leverage the Government’s Re-industrialisation Funding Scheme and its support for the construction of dedicated facilities for advanced manufacturing at industrial estates. We have been providing purpose-designed facilities for promoting smart production and high value-added industries. In the future, we will continue to invest our resources in accelerating re-industrialisation.

With the opportunities arising from the Belt and Road Initiative and the Greater Bay Area, HKSTP will collaborate closely with various stakeholders to maximise Hong Kong’s competitive advantages and make concerted efforts to develop the Greater Bay Area into an international I&T hub.