Hong Kong’s 2025-26 Budget Advances Innovation and Technology
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HONG KONG SAR - Media OutReach Newswire - 28 February 2025 - Driving innovation and technology was a key focus of Hong Kong SAR's Financial Secretary Paul Chan's 2025-26 Budget. Identifying Artificial Intelligence (AI) as being at its core, Mr Chan said Hong Kong would leverage its competitive edge under the "one country, two systems" principle to become an international exchange and co-operation hub for the AI industry.
"Through frontier research and real-world application, we will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation," he said. Financial Support As the latest effort, the Financial Secretary set aside HK$1 billion for the establishment of the Hong Kong AI Research and Development Institute, to spearhead and support Hong Kong's innovative R&D as well as industrial application of AI. In terms of fund-raising for tech enterprises, the Hong Kong Exchanges and Clearing Limited is taking forward the establishment of a dedicated "technology enterprises channel" (TECH) to facilitate the relevant companies in preparing for listing applications, Mr Chan said. To foster smart manufacturing, the Financial Secretary set aside HK$100 million for the planned launch of the two-year Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+) this year. Under Manufacturing+, the Government would provide funding of up to HK$250,000 each on a one-to-two matching basis to enterprises operating production lines in Hong Kong to support their formulation of smart production strategies and introduction of advanced technologies into existing production lines.
Fostering Frontier Research Mr Chan said the Hong Kong Space Robotics and Energy Centre, set up under the InnoHK Research Clusters, is aiming to develop a multi‑functional lunar surface operation robot, which will contribute to the country's Chang'E‑8 mission. The Government has also started preparatory work for the establishment of the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. International Exchange and Co-operation Hub To promote international exchange and co-operation on AI, Mr Chan revealed several high-level events to be hosted in Hong Kong. The Hong Kong Investment Corporation (HKIC) will host the first International Conference on Embodied AI Robot, gathering top‑notch technology enterprises, academic institutions and investors to showcase the latest R&D outcomes and application scenarios. To bring together top talents in the industry to study the development and application of AI, the HKIC will also host the first International Young Scientist Forum on Artificial Intelligence, promoting research of AI technology and its development as an industry. Other pro-innovation initiatives Meanwhile, the interdepartmental Working Group on Developing Low‑altitude Economy, established at the end of last year, is examining the applications for the first batch of Regulatory Sandbox pilot projects, with a view to expanding the scope of low‑altitude flying activities. The Government is also reviewing civil aviation legislation to enhance the regulatory regime in support of long-term development of the low‑altitude economy. At the same time, with Low Earth Orbit satellites being a new trend in global satellite development, Mr Chan said the Government was exploring a set of streamlined procedures for vetting licence applications for operating Low Earth Orbit satellites. Hashtag: #hongkong #brandhongkong #asiasworldcity #budget #ai #artificialintelligence The issuer is solely responsible for the content of this announcement.  News Source: Information Services Department, Hong Kong SAR Government
28/02/2025 Dissemination of a Financial Press Release, transmitted by EQS News. |
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