Secretary for Innovation & Technology Nicholas Yang said the Policy Address has proposed a number of measures to encourage re-industrialisation as well as research and development in Hong Kong.
Elaborating on the Policy Address initiatives at a press conference today, Mr Yang said the Government will focus on implementing both upstream and downstream initiatives.
It will inject an additional of $20 billion into the Research Endowment Fund and set up a scientific research matching fund of $3 billion.
Mr Yang said Hong Kong is home to some of the best universities, adding the new funding will help boost Hong Kong’s R&D capabilities.
“What we have done is we have given additional resources to the upstream part, to encourage them to generate so-called knowledge, transferable knowledge downstream. This is something that we have done.”
To expedite re-industrialisation in the city, Chief Executive Carrie Lam proposed allocating $2 billion to launch the Re-industrialisation Funding Scheme to subsidise manufacturers to set up smart production lines in Hong Kong.
She also recommended providing an additional allocation of $2 billion for the Hong Kong Science & Technology Parks Corporation to identify suitable land in industrial estates for building manufacturing facilities.
Mr Yang said: “One part is the subsidy part, no matter where you are setting up, your factory, your manufacturing facility, there will be a subsidy.
“The second part is given to the Science Park (to) encourage the Science Park to set up so-called suitable, advanced manufacturing capability so that the re-industrialised sector can use (it). So this part, this is the downstream part.”
He said the five chambers of commerce are positive about the new initiatives.