(Policy Address 2021) Annual infrastructural investment to reach HK$100 billion to boost economy

Hong Kong will use infrastructure investments as a major measure to stimulate the economy during the pandemic, with the annual amount to reach HK$100 billion in coming years, says Carrie Lam.

Lam said the funding for capital works projects approved by the Finance Committee has reached a record high of HK$220 billion. She also expected that the annual capital works expenditure will exceed HK$100 billion in the coming years.

She said the SAR government will continue investing in infrastructure to enhance the city’s competitiveness.

Meanwhile, the Development Bureau will continue to lead the construction industry to reform by advocating “innovation,” “professionalization” and “revitalization,” so as to uplift the productivity and skill level of the sector, according to Lam.

“Wider use of I&T and Modular Integrated Construction will be promoted to shorten construction time, reduce manpower and enhance safety in construction sites.”

“We are also making active preparations for the hosting of an International Construction Leaders Summit next year to share experience and formulate strategies with various stakeholders,” she added.

As for the tourism industry, the Hong Kong leader said the government will continue to implement various measures to consolidate the position of Hong Kong as a core demonstration zone for multi-destination tourism and as an international tourism hub. 

The relevant work includes deepening cooperation with the Greater Bay Area cities, establishing the GBA tourism brand, and attracting more events and conventions and exhibitions to Hong Kong through various funding and promotion programs.