Hong Kong's Secretary for Innovation, Technology and Industry Professor Sun Dong meets media at the Central Government Offices, Oct 27, 2023. (CALVIN NG / CHINA DAILY)

Funds from the New Industrialisation Acceleration Scheme will be invested in up to 100 high-tech companies, and one factor in the evaluation process will be the extent to which these companies will generate local employment opportunities, the city’s technology chief said.

Sun Dong, secretary for innovation, technology, and industry, announced on Friday that the allocated budget of HK$10 billion ($1.28 billion), as part of the New Industrialisation Acceleration Scheme unveiled in Chief Executive John Lee Ka-chiu's second Policy Address, aims to provide vital financial support to innovative technology enterprises.

The special administrative region government has pledged to engage in a talent tug-of-war and lure global expertise, as it launched a fresh drive to secure victory in the realms of innovation and technology with a series of new initiatives unveiled on Wednesday

It is expected that these funds will be distributed among 50 to 100 companies operating in various sectors such as life health technology, artificial intelligence and data science, advanced manufacturing, and new-energy technology.

READ MORE: Hong Kong is well-prepared to be a global innovation and technology hub

“Each business will have the chance to seize a maximum funding of HK$200 million,” Sun said. He said that the successful execution of this plan holds the potential to give the Hong Kong economy an electrifying boost, with the possibility of stimulating approximately HK$20 billion in corporate investments.

“The government remains open to further funding opportunities to support this endeavor,” Sun said.

Lillian Cheong Man-lei , undersecretary for innovation, technology, and industry, said that the objective of the program is to encourage advanced manufacturing enterprises to make substantial investments in Hong Kong and establish expansive production facilities, including large-scale factories.

The special administrative region government has pledged to engage in a talent tug-of-war and lure global expertise, as it launched a fresh drive to secure victory in the realms of innovation and technology with a series of new initiatives unveiled on Wednesday.

“Alongside the overarching policies designed to attract businesses and talented individuals, our strategy for enticing innovative technology enterprises is centered around drawing a varied selection of key companies,” Sun said.

“These companies are also expected to establish specific key performance indicators (KPIs). Notably, one crucial KPI is to assess their plans for recruiting and employing local talent in Hong Kong, as well as the potential employment opportunities they can generate within the city.”

Located at the Hong Kong Science Park with research laboratories set up by world-renowned universities and research institutes to conduct collaborative researches, “the two existing InnoHK research clusters focus on healthcare technologies and AI and robotics respectively. Next year, Hong Kong will establish a third InnoHK cluster, focusing on advanced manufacturing, materials, energy and sustainable development,” Sun said.

Furthermore, in the recent Policy Address, the government decided to halt the previous administration’s plans to build Sandy Ridge Cemetery, a grand burial project next to Shenzhen, aimed at tackling the growing demand for burial spaces.

During the conference, the initial phase of services will be unveiled, comprising around 50 services from each party, including tax filing and company registration procedures

During the media address, Eddie Mak Tak-wai, permanent secretary for innovation, technology, and industry, proposed an alternative option of repurposing the land into a data center to support innovation and technology-related endeavors. However, a final decision regarding the land’s ultimate usage is still pending, and thorough research on the matter is underway. The planning process is anticipated to take about a year.

This year’s Policy Address also unveiled a hundred of digital government initiatives to promote digital government and the smart city.

“The completion of the digital government initiatives is expected within a two-year time frame. Additionally, all fee-based services provided by the government are anticipated to introduce electronic payment options within one year, encompassing service counters and medical payments,” Sun said.

Regarding the promotion of cross-border data flow, Tony Wong, the city’s chief information officer, said that a joint news conference will be held next month in partnership with the Guangdong provincial government.

READ MORE: HK proposes investment fund, reduce US tech curbs effects

During the conference, the initial phase of services will be unveiled, comprising around 50 services from each party, including tax filing and company registration procedures. The aim is to work toward the implementation of a pilot program within the current year, in adherence to pertinent data exportation laws, with the objective of facilitating the transfer of data such as finance, banking services, and medical records within the Guangdong-Hong Kong-Macao Greater Bay Area.

Contact the writer at zhoujianxin@chinadailyhk.com