Innovation spending boost by 2030 'aggressive target'
Secretary for Innovation, Technology and Industry Sun Dong said he hopes the government's goal of almost doubling spending on innovation in the coming five years will attract more funds to the city. According to Hong Kong's inaugural five-year blueprint, the SAR will strive to raise domestic expenditure on innovation activities to 3 percent of GDP by 2030 from 1.63 percent in 2024. "This is a…
Innovation expenditures are set to surge by 2030, with an ambitious target of almost doubling funding over the next five years, according to Hong Kong's Innovation, Technology and Industry Secretary Sun Dong. The government aims to elevate domestic investment in innovation activities from 1.63 percent of GDP in 2024 to 3 percent by 2030, according to the city's inaugural five-year plan.
Sun emphasized that this goal represents an aggressive target, aimed at encouraging both governmental and private sector investments in innovation. He stated, "We want to use this indicator to measure and push for more investments on these innovation activities – not only from government side, but also mainly from the industry."
The Secretary highlighted the importance of increased industry investment in innovation activities, particularly the establishment of R&D centers by enterprises in Hong Kong. The target covers a wide range of innovation activities, not limited to basic applied research in universities, but also encompassing product design, software development, and pilot production by enterprises.
The government expects an annual increase of 10 percent in average expenditure on innovation activities over the next five years.
Written by urgent.news from RTHK News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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