In the 2018-19 Budget announced on February 28, the Financial Secretary unprecedentedly allocated more than HK$50 billion along with a series of measures in infrastructure development, research and development (R&D) collaboration, nurturing start-ups and promoting industries, to keep up the support for innovation and technology (I&T) development, demonstrating the current-term government's commitment and determination in fostering I&T development in Hong Kong for the betterment of the community.

The key measures in infrastructure development include reservations of HK$20 billion for developing the Hong Kong-Shenzhen Innovation and Technology Park in Lok Ma Chau Loop and HK$10 billion for the Hong Kong Science and Technology Parks Corporation for constructing research infrastructure and facilities, as well as enhancing support for its tenants and incubatees.

To further nurture applied R&D work and I&T projects in Hong Kong, the government will inject HK$10 billion into the Innovation and Technology Fund. Of this, HK$500 million is earmarked to implement the Technology Talent Scheme which was announced in the Policy Address.

To support start-ups, the government will remove the Innovation and Technology Fund's requirement for recipients to have one year of substantive business operation in Hong Kong, and expand the programme to cover enterprises of all sizes.

Furthermore, the government will invest in the rapidly growing e-sports industry by funding HK$100 million to Cyberport to develop its arcade into a local e-sports and digital entertainment node.

"I&T is undoubtedly an economic driver in the new era", the Financial Secretary remarked in his Budget speech. The 2018-19 Budget provides timely, critical and significant resources for accelerating Hong Kong's I&T development. Please click here for details of the Budget 2018-19.