$3b For Science Park Expansion

(To watch the 2020-21 Budget speech with sign language interpretation, click here.)

Financial Secretary Paul Chan today suggested to earmark $3 billion for Phase 2 of the Science Park Expansion Programme while delivering his 2020-21 Budget speech.

He stressed that innovation and technology is an important growth engine for future economic development. 

He pointed out that the Government is developing two InnoHK research clusters at the Science Park.

While one cluster focuses on healthcare technologies, the other focuses on artificial intelligence and robotics technologies. 

With the first batch of research and development centres expected to be set up this year, the Government is actively exploring the establishment of a third InnoHK research cluster.

Mr Chan said from April onwards, the Technology Voucher Programme will be enhanced by increasing the Government’s funding ratio to 75% and funding ceiling to $600,000.

The number of approved projects will also go up increase to a maximum of six.

This will promote the wider use of technological services and solutions among local enterprises for increasing their productivity or upgrading and transforming business processes.

To encourage the logistics industry to boost productivity through technology application, the Government will introduce a pilot subsidy scheme with an injection of $345 million.

Each eligible third party logistics service provider will receive subsidies to implement up to four projects, subject to a cumulative subsidy ceiling of $1 million.

Mr Chan expected the scheme to benefit about 300 companies.