Hong Kong unveils HK$10B fund to push AI and robotics, bets on upstream R&D

Hong Kong’s Chief Executive John Lee announced on Thursday a HK$10 Billion (US$1.28 Billion) “New Industrialization Acceleration Scheme” aimed to steer private capital towards emerging tech sectors, such as artificial intelligence or robotics. The government will also allocate HK$1billion to establish a new Artificial Intelligence Research Institute that will focus on upstream research, development, commercialization and real-world application. Lee cited “one country,two systems” as a city’s strategic advantage, highlighting its role as a link between mainland China and the global markets. Hong Kong is under increasing pressure to diversify its economy, beyond finance and real-estate. The announcement, while lacking in details about fund allocation, signals a stronger push by the state to invest in frontier technologies. It is unclear if the city’s small startup ecosystem, and the brain drain that continues to plague the city, can support this ambitious goal.[KHTKWW (19459028]in Chinese]