Hong Kong sets aside $383 million to fund Cyberport AI initiative

The Cyberport business park in Hong Kong will receive a $3 billion Hong Kong dollar ($383 million) allocation from the government as part of a three-year subsidy scheme for artificial intelligence (AI), announced by Paul Chan, Hong Kong’s financial secretary. The announcement was made during the budget announcement on February 28, 2024. The objective of the program is to assist local universities, research institutes, and businesses in utilizing the computing capabilities of the new AI Supercomputing Centre. Chan highlighted the significance of AI in driving technological and industrial transformation, thereby boosting Hong Kong’s digital economy. In addition to supporting local entities, the subsidy will also enhance cybersecurity and data protection at the center, with the aim of attracting global AI experts, enterprises, and research projects to Hong Kong.
Chan revealed that the AI Supercomputing Centre will commence operations this year and is expected to have a computing power of 3,000 petaflops by early 2026, enabling it to process nearly 10 billion images per hour.
The Hong Kong government plans to launch the scheme and the center in 2024. The subsidy amounts will vary depending on the applicant category, following a user-pays principle without a predetermined total subsidy. Chan also announced the allocation of a HK$100 million ($12.7 million) startup fund to support self-financing post-secondary institutions in establishing an Alliance of Universities in Applied Sciences. Furthermore, the government will allocate HK$6 billion ($766 million) to subsidize new life and health technology research institutes at eight local universities, which will collaborate with organizations from mainland China and overseas.
The funding, drawn from the HK$10 billion ($1.2 billion) budget allocated in 2023, aims to promote the development of life and health technology, facilitate research and development, drive the transformation of research outcomes, and attract leading innovation and technology talent and research teams to Hong Kong.
According to sources from the Hong Kong government, as reported by local media outlet The Standard, the eligibility for the scheme will be limited to institutions affiliated with the eight subsidized local universities, with plans to subsidize three institutions in the long run.
Hong Kong has been actively embracing the use of AI in health technology, with its hospital authority making plans to combat the significant rise of two superbugs in November 2023 with the assistance of AI.