Hong Kong’s vision for AI: A strategic move attract global firms

Financial Secretary Paul Chan Mo-po announced on Thursday that Hong Kong aims to attract more artificial intelligence (AI) technology firms as part of a vision to develop AI into a core industry in the latest budget.

Chan said given the current geopolitical landscape, many AI companies view Hong Kong as a gateway to the mainland market, while numerous mainland firms seeking international expansion are also drawn to the Special Administrative Region (SAR).

He highlighted that these companies can tap into Hong Kong’s robust capital chain, which includes privately offered funds for investment, and benefit from expedited channels to go public on the Hong Kong Stock Exchange.

In addition to financial advantages, Chan said the city's rich talent pool, noting that many overseas Chinese who excel in AI are eager to advance their careers in Hong Kong.

He referenced conversations with technology professionals during his recent visit to the United States.

Chan also revealed plans to engage major Chinese technology firms like Tencent, Alibaba, and SenseTime in exchanges with Hong Kong students to inspire interest in technology among the younger generation.

In his latest fiscal proposals, Chan allocated HK$1 billion to establish the Hong Kong AI Research and Development Institute, which Secretary for Innovation, Technology and Industry Sun Dong described at an AI-themed forum as key to advancing the industrial application of AI in the city.

Sun acknowledged the critical issues of safety, responsibility, and trust related to AI, urging a proactive approach to fully leverage the technology's potential.

Cyberport chairman Simon Chan welcomed the government's increased investment in innovation and technology despite significant fiscal pressures, underscoring Hong Kong's ambition to become a global tech hub.

In a related development, the World Digital Technology Academy, based in Geneva, announced plans to open a research institute in Cyberport focused on establishing regulations and standards for AI.

(Jamie Liu)