Secretary for Innovation, Technology & Industry Prof Sun Dong today witnessed the signing of a Memorandum of Understanding by 24 university research teams for projects participating in the RAISe+ Scheme.

They are the first batch of projects joining the RAISe+ Scheme. The total funding amounts to over $1 billion and covers health and medical sciences, new materials and new energy, artificial intelligence (AI) and robotics, electrical and electronic engineering, engineering, advanced manufacturing, Chinese medicine, and environmental, agricultural and marine biotechnology.

Speaking at the MOU signing ceremony, Prof Sun congratulated the 24 teams recommended by the scheme’s steering committee, adding that he looked forward to witnessing the potential impact of these projects on Hong Kong's innovation and technology (I&T) system and the possible emergence of unicorn companies.

He noted that in addition to the RAISe+ Scheme that strengthens the midstream sector, a lot of effort has been made to promote downstream industries with a focus on life and health technology, AI and data science, as well as new energy and advanced manufacturing industries.

“We have successfully negotiated with more than 100 tech enterprises with strategic importance to set operations or expend their presence in Hong Kong in just two years.

“This echoed our development direction to enhance our I&T ecosystem with a virtuous cycle of interactions between difference sectors,” added Prof Sun.

After signing the MOU, the Innovation & Technology Commission will finalise the details of the projects with the research teams, including the specific funding amount.