$10B TO PROMOTE LIFE, HEALTH TECH

(To watch the 2022-23 Budget speech with sign language interpretation, click here.)

In his Budget speech today, Financial Secretary Paul Chan said $10 billion will be earmarked to further promote the expansion of life and health technology in Hong Kong.

He stressed that the aim is to enable institutions, including universities, to enhance their capacity and capability as well as to strengthen the industrial chain. The funding will provide more comprehensive support in the long run, including hardware, research talent, clinical trials and data application.

Mr Chan pointed out that because the current-term Government has invested over $130 billion in innovation and technology (I&T) development, the number of startups surged from around 1,000 in 2014 to around 4,000 and as a result, the amount of venture capital investment surged from about $1.24 billion to about $41.7 billion.

He also highlighted the fact that since the city’s two I&T flagships, the Hong Kong Science & Technology Parks Corporation (HKSTPC) and Cyberport, provide one-stop support services for startups, Hong Kong has witnessed the birth and development of over 10 unicorns.

To nurture enterprises that are relatively more mature and have good potential for contribution to Hong Kong’s economy, Mr Chan said he will further increase the funding allocated to the Hong Kong Growth Portfolio under the Future Fund by $10 billion, of which $5 billion will be used to set up a new investment fund, namely the Strategic Tech Fund.  The HKSTPC and Cyberport will be invited to identify technology enterprises which are of strategic value to Hong Kong as well as investment opportunities conducive to enriching the I&T ecosystem.

To help universities realise their research and development (R&D) outcomes, the finance chief said he will double the subsidy amount under the Technology Start up Support Scheme for Universities to $16 million. Each startup may receive an annual subsidy of up to $1.5 million for a maximum of three years.

The Financial Secretary also noted that the impact of the COVID-19 pandemic has roused much global interest in R&D in life and health disciplines.

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