Hong Kong's Innovation, Technology and Industry Bureau aims to secure half of the HK$440 million (US$56.2 million) investment for a planned national innovation centre from the private sector. The centre in Yuen Long InnoPark sets ambitious targets to become self-sufficient in three years and profitable by its fifth year. It will be the first national manufacturing innovation centre outside mainland China, advancing artificial intelligence development.
Hong Kong authorities will seek HK$220 million from the private sector for a planned national innovation centre in Yuen Long, half of the total HK$440 million (US$56.2 million) investment, according to a paper from the Innovation, Technology and Industry Bureau submitted to lawmakers on Thursday.
The bureau subsidises about HK$220 million, with the remainder covering equipment purchases, commercialisation and operations sourced from industry. "We expect the innovation centre to be self-sufficient three years into its operation and gradually become profitable in its fifth year," the bureau stated. An analyst described the performance benchmarks as ambitious.
Financial Secretary Paul Chan Mo-po announced the plan in his February budget, earmarking funds for the first national manufacturing innovation centre outside mainland China to spearhead artificial intelligence development.
An insider told the South China Morning Post that the centre would be located in Yuen Long InnoPark, focusing on semiconductors for electric vehicles and aerospace equipment designed for extreme environments, including deep-sea exploration. It is expected to operate for a minimum of one year and pass a formal evaluation before designation as a national innovation centre.