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Hong Kong pledges $383M for cyberport AI development boost

TL;DR

  • The Hong Kong government announces a $383 million investment in the Cyberport business park for an AI subsidy scheme.
  • The scheme, unveiled by Financial Secretary Paul Chan, aims to advance AI technology use among local universities, research institutes, and businesses.
  • The AI Supercomputing Centre, set to begin operations this year, targets achieving 3,000 petaflops of computing power by early 2026.

The Hong Kong government has announced a substantial investment of 3 billion Hong Kong dollars ($383 million) into its Cyberport business park. This funding is part of a three-year artificial intelligence (AI) subsidy scheme unveiled by Paul Chan, Hong Kong’s Financial Secretary, during the 2024 budget announcement on February 28. Aimed at harnessing the capabilities of the upcoming AI Supercomputing Centre, the initiative seeks to propel local universities, research institutes, and businesses into the forefront of AI technology application.

The scheme underlines the government’s commitment to driving technological and industrial transformation, strongly focusing on enhancing Hong Kong’s digital economy. The program is designed to improve the center’s cybersecurity and data protection measures by providing financial support to local entities. Moreover, it aims to attract international AI experts, enterprises, and research projects to Hong Kong, fostering a vibrant ecosystem for innovation and research in the region.

AI supercomputing centre: A catalyst for innovation

Scheduled to commence operations within the year, the AI Supercomputing Centre is poised to become a cornerstone of Hong Kong’s AI research and development efforts. Financial Secretary Paul Chan highlighted the center’s ambitious goal to achieve a computing power of 3,000 petaflops by early 2026. This capacity would enable the processing nearly 10 billion images per hour, marking a significant leap forward in computational capabilities available to researchers and businesses.

The center’s establishment, alongside the subsidy scheme’s launch in 2024, is expected to boost the region’s AI capabilities significantly. Subsidy amounts will be tailored according to the needs of different applicant categories, adhering to a user-pays principle that ensures a fair and efficient allocation of resources. This strategic investment underscores Hong Kong’s vision to become a leading global center for AI and digital innovation, with the AI Supercomputing Centre at the heart of this transformation.

Hong Kong to lead in AI and health technologies

In addition to the AI subsidy scheme, the Hong Kong government has unveiled further measures to promote technological education and research. A HK$100 million ($12.7 million) startup fund has been allocated to support self-financing post-secondary institutions forming an Alliance of Universities in Applied Sciences. This alliance is intended to elevate the status of vocational and professional education and training across the region, enhancing its appeal among parents, students, and the broader society.

Furthermore, an investment of HK$6 billion ($766 million) has been designated to subsidize new life and health technology research institutes at eight local universities. These institutes will collaborate closely with counterparts from mainland China and overseas to advance the development of life and health technologies.

Drawn from a HK$10 billion ($1.2 billion) budget allocated in 2023, this funding aims to accelerate research and development, transform research outcomes into practical applications, and attract top-tier talent and research teams to Hong Kong. This initiative reflects the government’s commitment to leveraging AI and other technologies in addressing healthcare challenges, as evidenced by plans to utilize AI in combating the rise of superbugs within the region’s healthcare system.

The Hong Kong government’s strategic investment in AI and technological innovation through the Cyberport business park and associated initiatives represents a significant step towards establishing the region as a leading global center for digital economy and technological research. By fostering a conducive environment for innovation, supporting educational initiatives, and investing in cutting-edge research facilities, Hong Kong is poised to make substantial advancements in AI and related technologies, benefitting the local economy and positioning itself as a pivotal player on the international stage.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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