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Published: 10:47, October 20, 2022 | Updated: 16:19, October 20, 2022
CE vows to enhance city’s inno-tech ecosystem
By Zhang Tianyuan in Hong Kong
Published:10:47, October 20, 2022 Updated:16:19, October 20, 2022 By Zhang Tianyuan in Hong Kong

Chief Executive John Lee Ka-chiu delivers his maiden Policy Address at the Legislative Council on Oct 19, 2022. (ANDY CHONG / CHINA DAILY)

Hong Kong will set up a hefty HK$10 billion ($1.27 billion) fund to lure game-changing high-tech players to expedite the commercialization of local research outcomes so as to transform the special administrative region into an international technology center that outperforms its rivals in the international information and technology arena, according to the Policy Address of Chief Executive John Lee Ka-chiu on Wednesday.

Authorities will also turn the city into a promising place for technology professionals, including fresh graduates of the world’s most prestigious universities in a bid to expand the city’s inno-tech talent pool, according to an HKSAR government source, who described the Policy Address as teamwork featuring “thinking out of the box”.

The Research, Academic and Industry Sectors One-plus Scheme, the first such fund of its kind in the city, will link the manufacturing and business sectors with academic institutions. It will also subsidize at least 100 university research teams, which have the potential to become startups, to facilitate and accelerate the process of commodifying their research efforts into marketable products.

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The criteria for judging their potential include the technological maturity and the business potential of projects. Lee said each team should complete the transformation and realization of R&D outcomes within three years, and the commercialization of research and development outcomes within the subsequent two years.

The road map for the technology sector recognizes the need to provide continuing support for small and medium-sized enterprises, which are the backbone of Hong Kong’s economy.

David Liao, co-chief executive of the Hongkong and Shanghai Banking Corp

A government source said each selected team, mainly from the life and health technology, artificial intelligence and data science sectors, is expected to be matched with private enterprises, who will give financial and marketing support for the commercialization of R&D outcomes. The funding ratio of the government and private firms to research teams will be one-on-one or one-on-two, he said.

To prepare for the plan’s implementation, officials will hold discussions with universities regarding the distribution of income generated from intellectual property rights and employment rules on whether universities’ professionals can participate in outside research projects, the source said. 

Besides, the SAR government plans to create positions of Commissioner for Industry for coordinating and steering the strategy on reindustrialization, and assisting to upgrade the manufacturing sector with high technology. Lee said the number of smart production lines will increase from about 30 to over 130 in five years.

David Liao, co-chief executive of the Hongkong and Shanghai Banking Corp, said that the road map for the technology sector recognizes the need to provide continuing support for small and medium-sized enterprises, which are the backbone of Hong Kong’s economy. 

The measures will alleviate the pressure against the backdrop of global uncertainties for SMEs, he said. 

The Hong Kong Productivity Council, a government organization promoting Hong Kong’s business sector, said that as it serves as a bridge between the government and the innovation sector, it will support policies by introducing advanced technology and training courses for related professionals.

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The Science, Technology, Engineering and Mathematics (STEM) Internship Scheme will be expanded to offer local inno-tech internship opportunities to university students studying STEM programs overseas or in the Guangdong-Hong Kong-Macao Greater Bay Area campuses established by Hong Kong universities.

Albert Wong, partner of public sector consulting at PricewaterhouseCoopers Hong Kong, suggested that the government introduce middle-level and junior talent to establish a comprehensive “talent ecosystem”, thus expanding the inno-tech talent pool.

Meanwhile, the government should retain and cultivate overseas talent and entrepreneurs, so that they can provide opportunities for the development of local youths, and drive the local inno-tech sector’s growth, he said.

The Greater Bay Area Association of Academicians addressed the importance of the support to local technology talent and the science education to Hong Kong youth. “The government should nurture the next generation of scientists and academic leaders,” it said.

tianyuanzhang@chinadailyhk.com

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