Hong Kong Dedicates $383M to Promote AI Capabilities and Enhance Tech-Health Research
Summary:
Hong Kong's government plans to invest HK$3 billion ($383 million) in a three-year AI funding scheme at Cyberport tech park, supporting the local entities to benefit from AI Supercomputing Centre's capabilities. The scheme aims to boost technological and industrial transformation in the region. The AI Supercomputing Centre, becoming operational this year, is expected to have a computational strength of 3,000 petaflops by early 2026. Additional funding plans, specifically for life and health technology research institutes and a startup fund for self-financing post-secondary institutions, were also announced.
Hong Kong's governing body has resolved to pour HK$3 billion ($383 million) into the Cyberport tech park, launching a three-year plan to fund artificial intelligence (AI) initiatives, as relayed by the city's finance secretary, Paul Chan. This announcement was publicized during the city's 2024 budget release on Wednesday, Feb. 28. The purpose of this initiative is to aid Hong Kong universities, research bodies, and commercial entities in harnessing the AI Supercomputing Centre's processing power.
Chan underlined the significant role AI holds in powering tech-based and industrial diversification, and its potential in bolstering Hong Kong's digital economy. Besides supporting local entities, the funds will enhance the security of cyberspace and data privacy at the center. Its ultimate intention is to appeal to international AI specialists, businesses, and research endeavors, to base their work in Hong Kong.
Chan disclosed that the AI Supercomputing Centre is scheduled to be operational within the year. By the start of 2026, it anticipates having a computational strength of 3,000 petaflops, or almost 10 billion images processed per hour.
The government of Hong Kong plans to roll out the funding scheme and the center concurrently this year. The amount of subsidy offered will hinge on the category of applicants, adhering to a use-dependent cost model where overall subsidies are not awarded.
Furthermore, Chan announced a HK$100 million ($12.7 million) startup fund designated to support self-funding post-secondary institutes in amassing an Applied Sciences University Alliance. Mr. Chan described the alliance’s mission as, "A united effort to elevate vocational and professional education and training and to enhance its standing amongst parents, students and the general public.”
The government also plans to allocate HK$6 billion ($766 million) to fund the establishment of life and health technology research institutes at eight local universities. These bodies will engage with groups across mainland China and overseas.
The funding, raised from the HK$10 billion ($1.2 billion) budget set aside the previous year, is intended to enhance the growth of life and health technology. This effort seeks to promote research and development, instigate the transformation of research results, and draw elite innovation and tech talent and research groups to Hong Kong.
As per Hong Kong media entity The Standard, sources within the Hong Kong government suggest that eligibility for this scheme will be restricted to organizations associated with the eight locally subsidized universities. Three institutions are planned to be subsidized long-term by the government.
Hong Kong has shown a commitment to utilizing AI in health tech, demonstrated by its Hospital Authority's plans in November 2023, to tackle the significant rise of two superbugs – vancomycin-resistant enterococci and Candida auris, with the aid of AI.
Published At
2/29/2024 11:36:41 AM
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