According to Hong Kong’s Financial Secretary Paul Chan, the Hong Kong government has decided to allocate 3 billion Hong Kong dollars, equivalent to 383 million US dollars, to the Cyberport hub as part of a three-year artificial intelligence development program. The announcement was made during the presentation of the 2024 budget on February 28. The program aims to help local universities, research institutes, and businesses utilize the computing capabilities of the new Artificial Intelligence Supercomputing Centre (AI Supercomputing Centre).
Hong Kong and the Artificial Intelligence Sector
Chan highlighted the importance of artificial intelligence in strengthening Hong Kong’s digital economy and achieving technological and industrial transformation. The incentive program will not only assist local organizations but also enhance cybersecurity and data protection at the center. It aims to attract global AI experts, businesses, and research projects to Hong Kong.
Chan noted that the AI Supercomputing Centre is expected to become operational this year. The center is anticipated to have a computing power of 3,000 petaflops, capable of processing approximately 10 billion images per hour by the beginning of 2026. Chan also announced the allocation of a 12 million US dollar startup fund to help self-financing post-secondary institutions form partnerships with Applied Sciences Universities:
“The purpose of this alliance is to collectively promote vocational and professional education and training and to enhance its reputation among parents, students, and society in general.”
Noteworthy Steps by the Hong Kong Government
The government will also allocate 766 million US dollars to support new life and health technology research institutes at eight local universities. These institutes will collaborate with organizations from China and overseas countries. The funds, provided from the 1.2 billion US dollar budget allocated in 2023, aim to promote the development of life and health technology. The goal is to facilitate research and development, ensure the transformation of research outcomes, and attract leading innovation and technology talents and research teams to Hong Kong.
According to the local media outlet The Standard, Hong Kong government sources indicate that eligibility for the program will be limited to institutions affiliated with the eight encouraged local universities. The government plans to support three institutions in the long term. Hong Kong is embracing the use of artificial intelligence in health technology. The Hospital Authority plans to combat a significant increase in two superbugs with the help of artificial intelligence in November 2023.
