Sun Dong: Suggests injecting HKD 4 billion into the Innovation and Technology Fund to support new industrialization. In the past decade, local startups have increased to over 5,200

The Secretary for Innovation, Technology and Industry, Sun Dong, stated yesterday (24th) at a Legislative Council meeting that the Innovation and Technology Fund has shown increasing effectiveness in promoting Hong Kong's innovation and technology development. He suggested injecting HKD 4 billion into the fund to maintain the effective operation of various funding programs. He pointed out that this amount is based on the fund's surplus and cash flow needs for the upcoming year, which will be used to support funding programs approved by the Legislative Council.

Sun Dong introduced several successful initiatives launched by the fund in recent years, including the "Pilot Program for Upgrading Manufacturing and Production Lines," the "New Industrial Acceleration Program," and the "New Industrialization Funding Program." As of the end of last month, the "New Industrialization Funding Program" alone has supported the establishment of over 120 production lines, with the added value of Hong Kong's manufacturing and new industrial sectors expected to rise by 6.97% to HKD 82.2 billion in 2024, accounting for approximately 2.64% of the local GDP.

On the other hand, the fund promotes internships and research for STEM students through the "Research Talent Pool" and the "Innovation and Technology Internship Program." By the end of last year, the "Research Talent Pool" had approved around 15,700 applications, while the "Innovation and Technology Internship Program" funded nearly 20,000 internship positions. The number of employees in the innovation and technology sector has increased from about 35,500 in 2014 to nearly 60,000 in 2024. Additionally, the fund's "Innovation and Technology Venture Fund," "Industry-Academia-Research 1+ Program," and "Innovation and Technology Accelerator Pilot Program" create a startup atmosphere through investments, funding, and providing accelerator bases. The number of local startups has grown from about 1,600 a decade ago to over 5,200 by 2025, with the number of employees increasing significantly from around 4,500 to approximately 19,800.

Sun Dong pointed out that Hong Kong's innovation and technology development is gaining momentum, performing outstandingly in various international rankings, including local universities ranking high in international research talent and paper citation rates; Hong Kong has risen from seventh place in the "World Digital Competitiveness Ranking" in 2024 to fourth place in 2025; the "Shenzhen-Hong Kong-Guangzhou" cluster ranks first in the "2025 Global Innovation Index" of the top 100 innovative clusters. He emphasized that Hong Kong is accelerating its move towards becoming an international innovation and technology center, and these achievements rely on the support of the Innovation and Technology Fund