Policy Address

Innovation and Technology Industries

34.         Innovation and technology are not only economic drivers, they can also upgrade our quality of life and enhance the efficiency of our community.  Promoting innovation and technological development can provide wider employment opportunities for our young people.  The Government attaches great importance to fostering the innovation and technology industries.  We have given software and hardware support to enterprises and start-ups, and provided financial assistance for universities, research institutions and the industries to commercialise research and development results.  We will continue to create an environment conducive to the development of innovation and technology, encourage investment in this area and enhance co-operation among the Government, industry, academia and research sectors.

35.         It has been almost 15 years since the Innovation and Technology Fund (ITF) was set up.  Through the ITF, the Government finances research and development of applied science, and enhances the technological level of industries.  However, the development of science and technology in Hong Kong needs to further advance.  The sectors concerned believe that the ITF should be more progressive and proactive in supporting enterprises with research and development as well as commercialisation.  The Innovation and Technology Commission started a comprehensive review of the ITF operation in mid-2013.  At the same time, the Government and the Hong Kong Science and Technology Parks Corporation are reviewing the effectiveness and long-term development direction of the Science Park and industrial estates.

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