An additional $6 billion will be invested in innovation and technology development, Secretary for Innovation & Technology Nicholas Yang said.

Speaking at a press conference today on initiatives in the 2019-20 Budget, Mr Yang said the amount will be used to provide hardware facilities, train talent, and enhance existing initiatives.

He noted the Budget earmarked $5.5 billion for constructing Cyberport 5, which will provide about 66,000 sq m of floor area for offices, a co-working space, a multi-functional hall and data service platforms.

“The expansion will attract more quality technology companies and startups, and provide a platform for our young people to pursue a career in I&T.”

Mr Yang said the Government will also deploy $500 million to implement the IT Innovation Lab in the Secondary Schools Programme, providing funding to 500 publicly-funded secondary schools in Hong Kong to set up IT innovation labs.

Each school may apply for a maximum of $1 million in the coming three school years to procure information technology equipment and professional services such as cloud service, and organise IT-related extracurricular activities.

Mr Yang added developing I&T can bring economic benefits to Hong Kong, and the Government will continue to enhance the city’s I&T ecosystem.