Latest news with #PilotManufacturingandProductionLineUpgradeSupportScheme
Bahrain News Gazette
28-02-2025
- Business
- Bahrain News Gazette
Hong Kong's 2025-26 Budget Advances Innovation and Technology
HONG KONG SAR – Media OutReach Newswire – 28 February 2025 – Driving innovation and technology was a key focus of Hong Kong SAR's Financial Secretary Paul Chan's 2025-26 Budget. Identifying Artificial Intelligence (AI) as being at its core, Mr Chan said Hong Kong would leverage its competitive edge under the 'one country, two systems' principle to become an international exchange and co-operation hub for the AI industry. 'Through frontier research and real-world application, we will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation,' he said. Financial Support As the latest effort, the Financial Secretary set aside HK$1 billion for the establishment of the Hong Kong AI Research and Development Institute, to spearhead and support Hong Kong's innovative R&D as well as industrial application of AI. In terms of fund-raising for tech enterprises, the Hong Kong Exchanges and Clearing Limited is taking forward the establishment of a dedicated 'technology enterprises channel' (TECH) to facilitate the relevant companies in preparing for listing applications, Mr Chan said. To foster smart manufacturing, the Financial Secretary set aside HK$100 million for the planned launch of the two-year Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+) this year. Under Manufacturing+, the Government would provide funding of up to HK$250,000 each on a one-to-two matching basis to enterprises operating production lines in Hong Kong to support their formulation of smart production strategies and introduction of advanced technologies into existing production lines. Fostering Frontier Research Mr Chan said the Hong Kong Space Robotics and Energy Centre, set up under the InnoHK Research Clusters, is aiming to develop a multi‑functional lunar surface operation robot, which will contribute to the country's Chang'E‑8 mission. The Government has also started preparatory work for the establishment of the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. International Exchange and Co-operation Hub To promote international exchange and co-operation on AI, Mr Chan revealed several high-level events to be hosted in Hong Kong. The Hong Kong Investment Corporation (HKIC) will host the first International Conference on Embodied AI Robot, gathering top‑notch technology enterprises, academic institutions and investors to showcase the latest R&D outcomes and application scenarios. To bring together top talents in the industry to study the development and application of AI, the HKIC will also host the first International Young Scientist Forum on Artificial Intelligence, promoting research of AI technology and its development as an industry. Other pro-innovation initiatives Meanwhile, the interdepartmental Working Group on Developing Low‑altitude Economy, established at the end of last year, is examining the applications for the first batch of Regulatory Sandbox pilot projects, with a view to expanding the scope of low‑altitude flying activities. The Government is also reviewing civil aviation legislation to enhance the regulatory regime in support of long-term development of the low‑altitude economy. At the same time, with Low Earth Orbit satellites being a new trend in global satellite development, Mr Chan said the Government was exploring a set of streamlined procedures for vetting licence applications for operating Low Earth Orbit satellites.
Associated Press
28-02-2025
- Business
- Associated Press
Hong Kong's 2025-26 Budget Advances Innovation and Technology
HONG KONG SAR - Media OutReach Newswire - 28 February 2025 - Driving innovation and technology was a key focus of Hong Kong SAR's Financial Secretary Paul Chan's 2025-26 Budget. Identifying Artificial Intelligence (AI) as being at its core, Mr Chan said Hong Kong would leverage its competitive edge under the 'one country, two systems' principle to become an international exchange and co-operation hub for the AI industry. The HKSAR Government will promote Hong Kong as an international exchange and co-operation hub for the AI industry. 'Through frontier research and real-world application, we will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation,' he said. Financial Support As the latest effort, the Financial Secretary set aside HK$1 billion for the establishment of the Hong Kong AI Research and Development Institute, to spearhead and support Hong Kong's innovative R&D as well as industrial application of AI. In terms of fund-raising for tech enterprises, the Hong Kong Exchanges and Clearing Limited is taking forward the establishment of a dedicated 'technology enterprises channel' (TECH) to facilitate the relevant companies in preparing for listing applications, Mr Chan said. To foster smart manufacturing, the Financial Secretary set aside HK$100 million for the planned launch of the two-year Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+) this year. Under Manufacturing+, the Government would provide funding of up to HK$250,000 each on a one-to-two matching basis to enterprises operating production lines in Hong Kong to support their formulation of smart production strategies and introduction of advanced technologies into existing production lines. Cultivating new high-tech outcomes to tackle economic challenges is a key focus of Hong Kong's 2025-26 Budget. Fostering Frontier Research Mr Chan said the Hong Kong Space Robotics and Energy Centre, set up under the InnoHK Research Clusters, is aiming to develop a multi‑functional lunar surface operation robot, which will contribute to the country's Chang'E‑8 mission. The Government has also started preparatory work for the establishment of the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. International Exchange and Co-operation Hub To promote international exchange and co-operation on AI, Mr Chan revealed several high-level events to be hosted in Hong Kong. The Hong Kong Investment Corporation (HKIC) will host the first International Conference on Embodied AI Robot, gathering top‑notch technology enterprises, academic institutions and investors to showcase the latest R&D outcomes and application scenarios. To bring together top talents in the industry to study the development and application of AI, the HKIC will also host the first International Young Scientist Forum on Artificial Intelligence, promoting research of AI technology and its development as an industry. Other pro-innovation initiatives Meanwhile, the interdepartmental Working Group on Developing Low‑altitude Economy, established at the end of last year, is examining the applications for the first batch of Regulatory Sandbox pilot projects, with a view to expanding the scope of low‑altitude flying activities. The Government is also reviewing civil aviation legislation to enhance the regulatory regime in support of long-term development of the low‑altitude economy. At the same time, with Low Earth Orbit satellites being a new trend in global satellite development, Mr Chan said the Government was exploring a set of streamlined procedures for vetting licence applications for operating Low Earth Orbit satellites.
Yahoo
28-02-2025
- Business
- Yahoo
Hong Kong's 2025-26 Budget Advances Innovation and Technology
Hong Kong SAR--(Newsfile Corp. - February 28, 2025) - Driving innovation and technology was a key focus of Hong Kong SAR's Financial Secretary Paul Chan's 2025-26 Budget. Identifying Artificial Intelligence (AI) as being at its core, Mr Chan said Hong Kong would leverage its competitive edge under the "one country, two systems" principle to become an international exchange and co-operation hub for the AI industry. The HKSAR Government will promote Hong Kong as an international exchange and co-operation hub for the AI industry. To view an enhanced version of this graphic, please visit: "Through frontier research and real-world application, we will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation," he said. Financial Support As the latest effort, the Financial Secretary set aside HK$1 billion for the establishment of the Hong Kong AI Research and Development Institute, to spearhead and support Hong Kong's innovative R&D as well as industrial application of AI. In terms of fund-raising for tech enterprises, the Hong Kong Exchanges and Clearing Limited is taking forward the establishment of a dedicated "technology enterprises channel" (TECH) to facilitate the relevant companies in preparing for listing applications, Mr Chan said. To foster smart manufacturing, the Financial Secretary set aside HK$100 million for the planned launch of the two-year Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+) this year. Under Manufacturing+, the Government would provide funding of up to HK$250,000 each on a one-to-two matching basis to enterprises operating production lines in Hong Kong to support their formulation of smart production strategies and introduction of advanced technologies into existing production lines. Cultivating new high-tech outcomes to tackle economic challenges is a key focus of Hong Kong's 2025-26 Budget. To view an enhanced version of this graphic, please visit: Fostering Frontier Research Mr Chan said the Hong Kong Space Robotics and Energy Centre, set up under the InnoHK Research Clusters, is aiming to develop a multi-functional lunar surface operation robot, which will contribute to the country's Chang'E-8 mission. The Government has also started preparatory work for the establishment of the third InnoHK research cluster, which will focus on advanced manufacturing, materials, energy and sustainable development. International Exchange and Co-operation Hub To promote international exchange and co-operation on AI, Mr Chan revealed several high-level events to be hosted in Hong Kong. The Hong Kong Investment Corporation (HKIC) will host the first International Conference on Embodied AI Robot, gathering top-notch technology enterprises, academic institutions and investors to showcase the latest R&D outcomes and application scenarios. To bring together top talents in the industry to study the development and application of AI, the HKIC will also host the first International Young Scientist Forum on Artificial Intelligence, promoting research of AI technology and its development as an industry. Other pro-innovation initiatives Meanwhile, the interdepartmental Working Group on Developing Low-altitude Economy, established at the end of last year, is examining the applications for the first batch of Regulatory Sandbox pilot projects, with a view to expanding the scope of low-altitude flying activities. The Government is also reviewing civil aviation legislation to enhance the regulatory regime in support of long-term development of the low-altitude economy. At the same time, with Low Earth Orbit satellites being a new trend in global satellite development, Mr Chan said the Government was exploring a set of streamlined procedures for vetting licence applications for operating Low Earth Orbit satellites. Hashtag: #hongkong #brandhongkong #asiasworldcity #budget #ai #artificialintelligence The issuer is solely responsible for the content of this announcement. Contact:Ms Linna KuInformation Services DepartmentHong Kong SAR Governmentlinnaku@ To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
26-02-2025
- Business
- Yahoo
Budget by Hong Kong SAR's Financial Secretary: Accelerating Development Through Reform and Innovation
Hong Kong SAR--(Newsfile Corp. - February 26, 2025) - Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region unveiled his 2025-26 Budget today (February 26). He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape, leading to the emergence of new industries, new forms of business, new products and new services. He stressed that Hong Kong must seize the opportunity to make the most out of this critical window to speed up development, establishing the new before abolishing the old. He also emphasised that transformation and innovation will lead the way into the future, and the Government is poised to fast-track the high-quality development of Hong Kong's economy. The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. On innovation and technology (I&T), the Government will promote Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, the Government will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation. To spearhead and support Hong Kong's innovative research and development as well as industrial application of AI, the Government will establish the Hong Kong AI Research and Development Institute and launch the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+). On finance, the Government will continue to take forward reforms to the listing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this year on promoting gold market development. Hong Kong SAR's Financial Secretary Paul Chan delivers the 2025-26 Budget in the Legislative Council. To view an enhanced version of this graphic, please visit: To seize the opportunities brought about by the rapid advancement of innovation and technology, the Budget highlights the need to accelerate the development of the Northern Metropolis, which is an investment in Hong Kong's future. The Government will continue to accord priority to providing resources for this initiative, which primarily includes providing large tracts of I&T land at the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, together with San Tin Technopole; adopting an innovative mindset in piloting "large-scale land disposal"; developing a data facility cluster at Sandy Ridge; as well as identifying suitable sites in the Northern Metropolis for the construction of conference and exhibition facilities. On the promotion of tourism, funding will be allocated to pursue the concept of "tourism is everywhere" and implement the Development Blueprint for Hong Kong's Tourism Industry 2.0. A study will be conducted on the development of the waterfront and former sites to the south of the Hung Hom Station in Kowloon into a new harbourfront landmark in Kowloon, including a yacht club. Regarding land supply, Mr Chan announced that the Government will not roll out any commercial site for sale in the coming year in view of the high vacancy rates of offices in recent years to allow the market to absorb the existing supply. The Government will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use. The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. To view an enhanced version of this graphic, please visit: Mr Chan proposed a reinforced version of the fiscal consolidation programme to focus on strictly controlling government expenditure, supplemented by increasing revenue, to restore fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government. The Government will also deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services. Mr Chan said he will uphold the "user pays" and the "affordable users pay" principles as far as practicable while increasing revenue, including increasing the air passenger departure tax, and reviewing the tolls of government tunnels and trunk roads. The Government will suitably expand the size of bond issuance on the premise of maintaining healthy public finances and use the funds raised on infrastructure works in a proper and flexible manner to invest in Hong Kong's future and create value for society. More information about the 2025-26 Budget is available from Hashtag: #hongkong #brandhongkong #asiasworldcity #budget The issuer is solely responsible for the content of this announcement. Media Contact: Ms Linna KuInformation Services DepartmentHong Kong SAR Governmentlinnaku@ To view the source version of this press release, please visit
Associated Press
26-02-2025
- Business
- Associated Press
Budget by Hong Kong SAR's Financial Secretary: Accelerating Development through Reform and Innovation
HONG KONG SAR - Media OutReach Newswire - 26 February 2025 - Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region unveiled his 2025-26 Budget today (February 26). He noted that while geopolitical situation might bring risks, technology reform and artificial intelligence (AI) development are remoulding the global landscape, leading to the emergence of new industries, new forms of business, new products and new services. He stressed that Hong Kong must seize the opportunity to make the most out of this critical window to speed up development, establishing the new before abolishing the old. He also emphasised that transformation and innovation will lead the way into the future, and the Government is poised to fast-track the high-quality development of Hong Kong's economy. The Budget presents a series of measures aimed at accelerating the cultivation of new quality productive forces. On innovation and technology (I&T), the Government will promote Hong Kong into an international exchange and co-operation hub for the AI industry. Through frontier research and real-world application, the Government will endeavour to develop AI as a core industry and empower traditional industries in their upgrading and transformation. To spearhead and support Hong Kong's innovative research and development as well as industrial application of AI, the Government will establish the Hong Kong AI Research and Development Institute and launch the Pilot Manufacturing and Production Line Upgrade Support Scheme (Manufacturing+). On finance, the Government will continue to take forward reforms to the listing regime, host the Hong Kong Global Financial and Industry Summit, and formulate a plan this year on promoting gold market development. To seize the opportunities brought about by the rapid advancement of innovation and technology, the Budget highlights the need to accelerate the development of the Northern Metropolis, which is an investment in Hong Kong's future. The Government will continue to accord priority to providing resources for this initiative, which primarily includes providing large tracts of I&T land at the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, together with San Tin Technopole; adopting an innovative mindset in piloting 'large-scale land disposal"; developing a data facility cluster at Sandy Ridge; as well as identifying suitable sites in the Northern Metropolis for the construction of conference and exhibition facilities. On the promotion of tourism, funding will be allocated to pursue the concept of 'tourism is everywhere' and implement the Development Blueprint for Hong Kong's Tourism Industry 2.0. A study will be conducted on the development of the waterfront and former sites to the south of the Hung Hom Station in Kowloon into a new harbourfront landmark in Kowloon, including a yacht club. Regarding land supply, Mr Chan announced that the Government will not roll out any commercial site for sale in the coming year in view of the high vacancy rates of offices in recent years to allow the market to absorb the existing supply. The Government will also consider rezoning some of the commercial sites into residential use and allowing greater flexibility of land use. Mr Chan proposed a reinforced version of the fiscal consolidation programme to focus on strictly controlling government expenditure, supplemented by increasing revenue, to restore fiscal balance in the Operating Account, in a planned and progressive manner, within the current term of the Government. The Government will also deliver more efficient public services to citizens through leveraging technology, streamlining processes and driving the digital transformation of public services. Mr Chan said he will uphold the 'user pays' and the 'affordable users pay' principles as far as practicable while increasing revenue, including increasing the air passenger departure tax, and reviewing the tolls of government tunnels and trunk roads. The Government will suitably expand the size of bond issuance on the premise of maintaining healthy public finances and use the funds raised on infrastructure works in a proper and flexible manner to invest in Hong Kong's future and create value for society.
