HKSTP announces budget for HK$10b funding injection

HKSTP has detailed its spending plans for the HKS$10b funding injection from the HKSAR government (Image HKSTP)

HKSTP has unveiled its five-year plan on the use of the HKSAR government's injection of HK$10 billion in funding to support the company's commitment of enhancing the innovation and technology ecosystem in Hong Kong. 

"HK$3 billion of the funding will be used on setting up research-related infrastructure and upgrading existing facilities. The remaining HK$7 billion will be used to enhance our support for our incubatees, technology companies, and incubation programs from partners," said Sunny Chai, the chairman of HKSTP. 

He added, "We will support local startups and technology companies in four key areas—technology, talent, financial, and go-to-market."

HKSTP plans to use around a quarter of the funding to increase the number of incubatees at Science Park from 268 at present to 500 by 2022-23.

In addition, the company has allocated HK$3 billion towards offering support for tenants including incentives for targeted companies to set up operations at Science Park and industrial estates.

The funds will also be used to support the InnoCell initiative to build 500 units of affordable accommodation in a co-living and co-working space by 2021. HKSTP will offer interim accommodation support in the interim to address the imminent accommodation needs of startups.

An estimated HK$500 million will be put towards expanding HKSTP's Corporate Venture Fund and introducing other investment programs to further catalyze the growth of technology statups. These funds will be co-invested on a matching basis with private funds from its incubatees.

Meanwhile around HK$3.7 billion will be spent on new developments including converting a building within Science Park into a 178,000 sq ft laboratory for healthcare research, identifying a 20,000 sq ft lab space for setting up robotics labs, establishing facilities for healthcare, AI, and robotics research, and enhancing the park's ancillary facilities.

HKSTP aims to set up 10 to 12 R&D labs for innoHealth, AI, and robotics technology researches, and increase the the total working population from 13,000 at present to 20,000.

Finally, HKSTP plans to invest HK$300 million on transforming Science Park into a smart campus, a living laboratory to test and experience innovative products falling under the themes of smart mobility, smart environment, smart living, and smart people. HKSTP initially plans to develop over 40 such smart projects in the next five years.



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