HK urged to seize AI opportunities with $200 million boost

Hong Kong should seize opportunities in the fast-growing field of artificial intelligence, Financial Secretary Paul Chan Mo-po said.

Chan’s remark came as Ng Teng Fong Charitable Foundation and Sino Group pledged HK$200 million to support the Hong Kong Generative AI Research and Development Center (HKGAI) under the InnoHK Research Clusters.

Speaking at a donation ceremony held at the Central Government Offices, Chan highlighted the transformative potential of AI, which is reshaping global economies and industries.

“AI is not just a critical industry on its own -- it’s a powerful tool that can enhance and integrate deeply into various sectors,” he said.

Chan pointed to the central government’s recent work report during the Two Sessions in Beijing, which emphasized advancing the “AI Plus” initiative and promoting the widespread use of AI models.

He stressed that Hong Kong is uniquely positioned to capitalize on these opportunities with its strong research capabilities and global reputation.

“Three of our local universities are ranked among the top 25 globally in AI and data science disciplines,” Chan said.

He added that as an international financial hub and a magnet for talent, Hong Kong can provide robust financial and human resources to support the AI industry.

Daryl Ng Win-kong, Deputy Chairman of Sino Group and Director of the Ng Teng Fong Charitable Foundation, expressed pride in supporting Hong Kong’s AI ambitions.

He added that the funds will help launch public dialogue services for HKGAI V1, the city’s first locally developed generative AI model, making AI more accessible to businesses and the public.

Guo Yike, provost of the Hong Kong University of Science and Technology and director of HKGAI, said the center will utilize the funds to improve the AI ecosystem, build high-security AI computing power and data platforms, and to advance the HKGAI model for real-world applications.

Secretary for Innovation, Technology and Industry Sun Dong, speaking after the ceremony, hailed the donation as a milestone in Hong Kong’s AI development, including accelerating the launch of HKGAI public dialogue service platform.

“AI should serve the broader society, and the introduction of this platform will contribute to Hong Kong’s high-quality development,” Sun said, calling for increased investment from the private sector to support AI development.

When asked about potential budget cuts, Sun acknowledged that his bureau, like other government departments, would face fiscal constraints.

However, he assured that support for AI, identified as a key industry for Hong Kong, would remain a priority.

“In times of fiscal tightening, our support will be more focused and targeted, but we will continue to invest in critical areas such as AI,” Sun said.

(Ayra Wang)