Hong Kong has invested $200 billion in innovation and technology, AI a focus, Paul Chan says

Hong Kong has invested over HK$200 billion in innovation and technology, with AI development – one of the most transformative forces of today – being a key focus, Financial Secretary Paul Chan Mo-po said.

Major initiatives include the establishment of the Hong Kong AI Research and Development Institute to promote upstream innovation and cross-sectoral applications of AI, as well as the launch of the AI Supercomputing Centre last year to provide computing resources to universities, research institutions and enterprises through funding schemes, Chan said during the joint session of the Finance Ministers' Meeting and Structural Reform Ministerial Meeting of the Asia-Pacific Economic Cooperation in Incheon, Korea. 

Chan stressed the importance of enhancing AI preparedness among the public to prepare for the future. 

Hong Kong is incorporating AI into all levels of education and expanding professional training programs to comprehensively strengthen the workforce's capacity for the AI era and actively attracting top global talent in relevant fields, he said.

The city places strong emphasis on supporting the digital transformation of small and medium-sized enterprises, rolling out various funding schemes and support measures to help businesses adopt emerging technologies and enhance competitiveness, Chan added.