Alibaba to raise $10bn via new Hong Kong shares to fund AI investments

Financial Secretary Paul Chan announced the launch of AI upskilling programs for Hong Kong workers in November as part of a HK$50 million initiative aimed at training 50,000 individuals over two years. The Employees Retraining Board will collaborate with major technology companies to offer specialized AI courses for working professionals.

This move is part of a broader strategy to assist the local workforce in adapting to rapid technological advancements. Paul Chan highlighted a coordinated effort among Cyberport, the Hong Kong Science and Technology Parks Corporation, and the Hong Kong Productivity Council to deliver tailored training modules for students, the general public, and working professionals.

The Productivity Council, in particular, is focusing on supporting small and medium-sized enterprises (SMEs) in deploying AI technologies effectively. This initiative was demonstrated at the annual Computer and Communications Festival, where the council partnered with over 30 companies to create an AI and Digital Transformation Zone showcasing practical applications in cybersecurity, online legal arbitration, AI chatbots, and business information solutions.

The festival, themed "AI connect: Let’s link the future," also featured zones on sports innovation, green tech living, and smart campuses, providing citizens with hands-on experiences of AI applications. Over the next two years, the council will continue conducting an AI Readiness in Workplace Survey, using the insights to develop more targeted support measures.

Chan emphasized the need for accelerating preparations, ensuring that young people acquire new skills early and that SMEs have opportunities to apply these skills in the workplace. He noted that Hong Kong's SMEs, known for their agility and innovation, require continuous support to navigate the current technological paradigm shift and maintain sustainable growth.