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Following are the opening remarks by the Secretary for Innovation and Technology, Mr Nicholas W Yang, at the press conference on innovation and technology initiatives in the 2016 Policy Address today (January 15):
Good afternoon and welcome to our press conference. I'll briefly introduce the policy initiatives relating to innovation and technology (I&T) in the 2016 Policy Address.
The Chief Executive dedicated a chapter to innovation and technology in this year's Policy Address. We put big money where the mouth is, which illustrates the Government's commitment and determination to develop innovation and technology in Hong Kong. The key measures include:
* Earmarking HK$2 billion to set up an Innovation and Technology Venture Fund for co-investing in local innovation and technology start-ups with private venture capital funds on a matching basis. We will make open invitation to private venture capital funds, bringing in "smart money" into Hong Kong to boost investment in local innovation and technology start-ups. We will partner with private venture capital funds with an investment ratio of 1:2 to co-invest in projects they identify. The "smart money" will also bring in the expertise and business network of the venture capital funds, which will help improve the start-up ecosystem in Hong Kong;
* Earmarking HK$2 billion to set up a Midstream Research Fund to support University Grants Committee-funded universities to carry out more midstream and translational theme-based research. The Innovation and Technology Commission will invite the Research Grants Council and experts in the field to participate in the assessment process;
* Setting aside HK$500 million to set up an Innovation and Technology Fund for Better Living to finance projects that make use of innovation and technology to improve our daily life. The fund will be open to applications by non-governmental organisations, public service organisations and private companies, all of which need to make specific proposals on improving our daily life. As the fund will cover a wide range of areas, we will invite the related bureaux to assist in the vetting process as necessary; and
* Allocating HK$200 million to launch the Cyberport Macro Fund for investment in its information and communications technology start-ups. The fund will be managed by Cyberport.
The Science Park is the flagship I&T infrastructure of Hong Kong. We will inject and underwrite a total of about HK$4 billion to finance the expansion of the Science Park. To promote re-industrialisation, the Hong Kong Science and Technology Parks Corporation will also develop high-efficiency multi-storey buildings in industrial estates to support smart production. We will also identify sites near Liantang/Heung Yuen Wai in the New Territories for the next-stage development of the Science Park and industrial estates.
On digital development and smart city initiatives, we will progressively expand the coverage of free Wi-Fi services by doubling the number of hotspots within three years. These are hotspots under Wi-Fi.HK. The Government will also offer free Wi-Fi services at all youth service centres and study rooms, and work with schools to improve the quality of their Wi-Fi services in order to support e-learning. We will formulate a digital framework and standards suitable for development of smart city in Hong Kong. We will also formulate policies on big data application and continue to encourage public service bodies and commercial organisations to open up more data.
All these initiatives connect the upstream, midstream and downstream development of innovation and technology, and strongly support start-ups and re-industrialisation. Together, they can provide a favourable environment for developing innovation and technology.
I will end my introduction here and open the floor to questions.
Ends/Friday, January 15, 2016
Issued at HKT 19:17
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MP4 format