To optimise the impact of the Government's innovation and technology programme and its contribution to Hong Kong's economic development, the Steering Committee on Innovation and Technology will:

• advise on the formulation of policies to support the development of innovation and technology and the commercialisation of R&D deliverables;
• determine focuses and priorities;
• ensure effective alignment, coordination and synergy among the stakeholders;
• review, where necessary, the institutional arrangements for effective policy and programme implementation;
• advise on the allocation of resources among major elements of the innovation and technology programme to optimise their utilisation；and
• explore means to attract investments from overseas in the technology sector.