The Hong Kong government has made a significant investment of HKD 3 billion (approximately USD 383 million) into its Cyberport business park as part of a three-year artificial intelligence (ai) subsidy scheme. The announcement was made by Paul Chan, Hong Kong’s Financial Secretary, during the 2024 budget declaration on February 28. The initiative is aimed at capitalizing on the potential of the upcoming ai Supercomputing Centre and propelling local universities, research institutes, and businesses to the forefront of ai technology application.
Driving Technological and Industrial Transformation: The Hong Kong Government’s Commitment to ai
This investment demonstrates the government’s dedication to driving technological and industrial transformation, with a strong focus on enhancing Hong Kong’s digital economy. The program is designed to enhance the cybersecurity and data protection measures of local entities by providing financial support, while also attracting international ai experts, enterprises, and research projects to Hong Kong. This will foster a thriving ecosystem for innovation and research in the region.
The Role of ai Supercomputing Centre: A Catalyst for Innovation
Set to begin operations later this year, the ai Supercomputing Centre is poised to become a cornerstone of Hong Kong’s ai research and development efforts. With an ambitious goal to reach a computing power of 3,000 petaflops by early 2026, the centre will be able to process nearly 10 billion images per hour, making substantial strides forward in computational capabilities available to researchers and businesses.
The establishment of the ai Supercomputing Centre, coupled with the launch of the subsidy scheme in 2024, is expected to significantly enhance Hong Kong’s ai capabilities. The financial support provided under this user-pays principle will be allocated fairly and efficiently according to the needs of different applicant categories, with a vision to make Hong Kong a leading global center for ai and digital innovation.
Hong Kong: A Hub for ai and Health Technologies
Alongside the ai subsidy scheme, the Hong Kong government has unveiled additional measures to support technological education and research. A HKD 100 million (approximately USD 12.7 million) startup fund has been established to support self-financing post-secondary institutions in forming an Alliance of Universities in Applied Sciences. This alliance aims to elevate the status of vocational and professional education and training, making it more appealing to parents, students, and society as a whole.
Additionally, an investment of HKD 6 billion (approximately USD 766 million) has been earmarked to subsidize new life and health technology research institutes at eight local universities. These institutes will collaborate closely with their counterparts in mainland China and overseas to advance the development of life and health technologies.
This funding, drawn from a HKD 10 billion (approximately USD 1.2 billion) budget allocated in 2023, aims to accelerate research and development, transform research outcomes into practical applications, and attract top-tier talent and research teams to Hong Kong. The government’s commitment to leveraging ai and other technologies in addressing healthcare challenges is evident through plans to implement ai in combating the rise of superbugs within the region’s healthcare system.
A Significant Step Towards Global Leadership in Digital Economy and Technological Research
The strategic investment by the Hong Kong government into ai and technological innovation through the Cyberport business park and associated initiatives represents a significant step towards establishing the region as a leading global center for the digital economy and technological research. By creating a conducive environment for innovation, supporting educational initiatives, and investing in cutting-edge research facilities, Hong Kong is well-positioned to make substantial advancements in ai and related technologies, benefiting the local economy and positioning itself as a pivotal player on the international stage.
The Hong Kong government’s commitment to ai and technological innovation, as demonstrated through its investments in the Cyberport business park and related initiatives, is a clear indication of its dedication to transforming the region into a leading global center for the digital economy and technological research. This investment will undoubtedly foster a thriving ecosystem for innovation, attract top talent and research teams, and create opportunities for collaboration between local and international entities, making Hong Kong a pivotal player in the global technological landscape.
