Hong Kong has announced a significant investment in artificial intelligence (AI) by allocating HK$3 billion (approximately $383 million) to its Cyberport business park. This multi-year scheme, announced by Financial Secretary Paul Chan during the 2024 budget announcement, aims to fuel Hong Kong’s digital economy by fostering innovation and collaboration within the AI sector.
Cyberport, a government-owned technology hub, will be the focal point of this initiative. The allocated funds will be distributed across various programs, including subsidies for local universities, research institutes, and businesses.
These entities will receive financial support to utilize the computing power of a new AI Supercomputing Center being established at Cyberport. This will enable them to conduct advanced research, develop innovative AI applications, and test their ideas in a state-of-the-art environment.
The fund will also go towards boosting cybersecurity and data protection and attracting global AI talent and expertise.
According to Chan, the AI Supercomputing Centre will begin operating this year, with plans to have a computing power of 3,000 petaflops by 2026.
The investment reflects Hong Kong’s commitment to becoming a prominent player in the global AI landscape. The Cyberport AI scheme aligns with the city’s broader ambitions to drive technological advancement, enhance competitiveness, and become a global hub for AI.
The Cyberport AI scheme is still in its early stages, and future developments will be closely monitored. As the program progresses, it will be essential to assess its effectiveness in achieving its stated goals and contributing to Hong Kong’s AI aspirations.
