Tech innovation to be promoted

A NEW high-level consultative committee will be set up to coordinate local innovation, technology development and re-industrialisation. New funding and financial incentives for this purpose will also be made available soon.

Financial secretary Paul Chan Mo-po (財政司司長陳茂波) announced the plan and said his team believes that innovation and technology can drive Hong Kong’s re-industrialisation and development of a high-end manufacturing industry, promote economic growth and create quality jobs. The re-industrialisation committee will study how to use IT to identify new growth potentials and industries, he said.

Government sources said the committee will include scholars and industry members and it is expected to be formed within months. Other moves to boost re-industrialisation include tax deductions for innovation and technology expenditure.

A HK$2 billion Innovation and Technology Venture Fund (創科創投基金) for investment in local innovation and technology start-ups will also be set up.

The Federation of Hong Kong Industries (香港工業總會) welcomed the plan, and hopes the proposed committee’s work scope will also cover STEM – science, technology, engineering and mathematics – education for primary and secondary students.

Lawmaker Charles Mok (莫乃光), however, doubted the proposal, saying many committees have already been formed but the public is always kept in the dark on their progress.

(This article is published on Junior Standard on 1 March 2017)

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