$3b boost for AI and tech research

Stacy Shi

A HK$3 billion fund is earmarked to boost technological research as authorities consider developing an artificial intelligence super-computing center.

Another HK$50 million is allocated to boost the development of the Web3 industry, which covers the application of cryptocurrencies and non-fungible tokens.

A microelectronics research and development institute will also be established.

Government sources said a feasibility study will be conducted on the operation and government part of the intelligence super-computing center, which will be completed in 2023/24.

Invitation letters are expected to be sent to consultants today, with feasibility reports possibly ready for submission within six months.

To boost the development of the Web3 industry in its start-up period, Paul Chan said HK$50 million will go toward activities including organizing major international seminars and workshops for young people.

Web3 is a decentralized world wide web that is safer and more convenient for web users than blockchain.

Chan also said he will lead a task force with members from the ING policy bureau, financial regulators and market people to provide recommendations on the development of virtual assets, which are "an integral part of a vibrant Web3 ecosystem."

Lawmaker Johnny Ng Kit-chong from the election committee said he was glad to see Chan promoting Web3 development and believes that Web3 will have a substantial development in Hong Kong.

Government sources said the microelectronics research and development institute will focus on areas including third-generation semiconductors and chip packaging, and developing a small-scale production line to qualify the product for the market.

An implementation plan is expected this year, the sources said.

Chan will also set aside HK$6 billion out of the HK$10 billion he earmarked in his last budget for life and health technology development, to support universities and research institutes in setting up thematic research centers to foster cross-university, cross-institutional and multi-disciplinary cooperation.

Another HK$3 billion will be allocated to further enhance basic research in frontier technology fields such as artificial intelligence and quantum technology, especially to attract leading I&T talent, research teams and enterprises from the mainland and overseas.

stacy.shi@singtaonewscorp.com