In a decisive move to bolster its digital economy, Hong Kong’s government, as announced by Financial Secretary Paul Chan, is set to infuse a substantial sum into the Cyberport hub. This funding, amounting to over 3 billion Hong Kong dollars or approximately 383 million US dollars, is dedicated to a three-year initiative focused on artificial intelligence (AI) development. This strategy, unveiled during the 2024 budget reveal on February 28, will empower local universities, research bodies, and companies by granting access to the formidable resources of the new Artificial Intelligence Supercomputing Centre.
Hong Kong’s Strategic AI Investments
Stressing the pivotal role of AI in amplifying Hong Kong’s digital economy and fostering a technological and industrial metamorphosis, Chan pointed out the program’s potential to not only bolster local entities but also to fortify cybersecurity and data protection. The overarching aim is to magnetize worldwide AI connoisseurs, enterprises, and research endeavors to the region. The AI Supercomputing Centre, expected to launch within the year, is projected to reach a staggering computational prowess of 3,000 petaflops, which could process an estimated 10 billion images every hour by early 2026. Additionally, a 12 million US dollar startup fund will catalyze alliances between self-financed post-secondary institutions and Applied Sciences Universities to enhance vocational and professional education’s prestige.
Enhancing Research and Global Collaboration
A hefty allocation of 766 million US dollars has been earmarked to underpin new life and health technology research institutes across eight local universities. These hubs will work in concert with counterparts from China and international collaborators. Drawn from a 1.2 billion US dollar budget set aside in 2023, these funds are aimed at driving forward life and health technology, facilitating research and its subsequent transformation into applications, and drawing preeminent tech talents and research squads to Hong Kong’s shores.
Local government sources, as reported by The Standard, intimate that only affiliates of the eight sanctioned universities will be considered for the program. The long-term vision includes sustained backing for three institutions, highlighting Hong Kong’s commitment to integrating AI within its health technology sector. The Hospital Authority is gearing up to leverage AI in tackling a surge in two superbugs come November 2023.