The development of innovation and technology will bring huge economic benefits to Hong Kong, Financial Secretary Paul Chan noted in his 2019-20 Budget today.

Mr Chan set aside $5.5 billion for the development of Cyberport 5 to accommodate more technology companies and startups. The expansion project is expected to provide about 66,000 sq m of floor area, and include facilities such as offices, co-working space, conference venues and data service platforms. The Government will proceed with the statutory town planning procedures to commence construction in 2021 for completion in 2024 at the earliest.

The Government will allocate not less than $800 million in the coming five years to support more research and development work, and the realisation of R&D results by universities, key laboratories and engineering research centres.

It will also set aside $16 billion for University Grants Committee-funded universities to upgrade or refurbish campus facilities, in particular those for R&D.

To pave the way for nurturing local technology talents, the Government will encourage the promotion of popular science education in schools. Mr Chan will deploy $500 million to implement the IT Innovation Lab in Secondary Schools Programme in the coming three school years.

The Government will also double to $8 million the annual funding ceiling for each institution under the Technology Start-up Support Scheme for Universities.

For the Corporate Venture Fund run by the Hong Kong Science & Technology Parks Corporation, it will be expanded to $200 million to support the growth of the corporation’s tenants and incubatees.

The Government also plans to inject $2 billion into the Innovation & Technology Fund for launching a Re-industrialisation Funding Scheme to subsidise manufacturers on a matching basis to help them set up smart production lines in Hong Kong.