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Hong Kong Invests $383 Million in Cyberport AI Scheme

Hong Kong government allocates $383 million to its Cyberport AI scheme, aiming to drive technological transformation and attract global AI talent.

Hong Kong's government has allocated $383 million to its Cyberport business park for a three-year artificial intelligence (AI) subsidy scheme. This initiative aims to support local universities, research institutes, and businesses in utilizing the new AI Supercomputing Centre's computing capabilities.

Driving Technological Transformation

During the 2024 budget announcement, Hong Kong's financial secretary, Paul Chan, highlighted the importance of AI in driving technological and industrial transformation. The subsidy scheme will not only boost Hong Kong's digital economy but also enhance cybersecurity and data protection at the center.

Attracting Global Talent

The AI Supercomputing Centre, expected to start operating this year and reach a computing power of 3,000 petaflops by early 2026, aims to attract global AI experts, enterprises, and research projects to Hong Kong. The scheme will be launched in 2024, with subsidy amounts varying based on applicant categories.

Promoting Education and Research

In addition to the AI subsidy scheme, the government will allocate a HK$100 million startup fund to aid self-financing post-secondary institutions in forming an Alliance of Universities in Applied Sciences. This alliance aims to promote vocational and professional education and training, enhancing its reputation among parents, students, and society.

Advancing Life and Health Technology

Furthermore, the government will allocate HK$6 billion to subsidize new life and health technology research institutes at eight local universities. These institutes will collaborate with organizations from mainland China and overseas, promoting research and development in life and health technology.