HKUST Welcomes The 2024 - 2025 Budget | The Hong Kong University of Science and Technology

The Hong Kong University of Science and Technology (HKUST) warmly embraces the array of measures introduced by Financial Secretary Mr. Paul Chan in today's Budget (February 28) to enhance Hong Kong's competitiveness. These measures encompass strengthening the development of Innovation and Technology (I&T), artificial intelligence (AI), life and health technology, and other emerging sectors. Furthermore, these initiatives aim to reinforce Hong Kong's global connections, empowering the city to seize opportunities and strive for high-quality development. 

“HKUST appreciates the forward-looking measures unveiled in the Budget today, which will attract more talents and capital while instilling strong confidence in the future development of Hong Kong," said Prof. Nancy IP, President of HKUST. "We are particularly pleased to see the significant emphasis placed on emerging areas such as life and health technology, artificial intelligence, microelectronics, and green technology, perfectly aligning with the strategic focus outlined in HKUST's Vision 3.0. With unwavering government support, I firmly believe that HKUST can leverage its unique advantages to further promote the development of these cutting-edge fields, support Hong Kong in seizing the significant opportunities brought by The National 14th Five-Year Plan and develop more impactful research projects to contribute to the betterment of Hong Kong and the nation."

The University welcomes the government's forthcoming launch of a range of initiatives aimed at fostering research, knowledge transfer, and nurturing of start-up. These initiatives encompass a HK$3 billion "Frontier Technology Research Infrastructure Support Scheme" designed to aid the eight University Grants Committee (UGC)-funded universities in acquiring facilities and participating in international research projects led by top researchers from both domestic and international institutions through matching funds. Additionally, UGC-funded universities will receive a subsidy of up to HK$16 million to enhance technology transfer and marketing services.

The University also welcomes the Government’s AI Subsidy Scheme, which provides HK$ 3 billion in support of local universities and research institutes in harnessing the computing power of an upcoming Supercomputing Centre. As a trailblazer in AI advancements, HKUST established the region's top-performing AI facilities among the higher education institutions on campus last year. Concurrently, we have launched the International Hub of AI for Medicine program, inviting PhD students from universities around the world to engage in projects of cutting-edge medical technology research and applications, including the development and screening of new drugs and vaccines. The program has garnered positive feedback from our peers. With the government's enhanced support in the field of AI, the University will continue to spearhead world-leading research in this area.

HKUST also supports the government's measures to promote life and health technology. Alongside the previously announced establishment of life and health technology research institutes, the government will also establish the Greater Bay Area International Clinical Trial Institute within the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone. Additionally, the InnoLife Healthtech Hub will be set up in the Hong Kong-Shenzhen Innovation and Technology Park. These initiatives aim to attract top-notch I&T talent and research teams from around the world to Hong Kong, facilitating research and clinical trials in the field.

In addition, the government is dedicated to establishing the "Hong Kong Centre for Medical Products Regulation" to expedite the clinical application of new drugs and medical devices, building upon the introduction of a new mechanism for registering New Drugs last year. Given HKUST's strong research capacity and its broad and deep network of connections in the field of international biomedicine, the University is well-equipped to provide support to the government in this domain.

Prof. Ip added, “In view of the global phenomenon of an aging population and the growing demand for healthcare services, HKUST is planning to establish a third medical school in Hong Kong, with an aim to nurture a new generation of medical professionals equipped with both clinical experience and research capabilities. If this plan garners support, we will seize the opportunities presented by the government’s efforts in promoting medical innovation, address the global demand and development trend of medical education, and contribute to the establishment of Hong Kong as a Health & Medical Innovation Hub.” 

Thanks to the government's generous support in recent years, HKUST has established a thriving knowledge transfer ecosystem. This ecosystem has successfully nurtured numerous research talents and startups in the University, including 9 Unicorns. Currently, one-third of the University's patents have been licensed to the industry, resulting in marketable products and service. This licensing ratio is comparable to top-tier universities in the United States. The University believes that the introduction of the "patent box" tax incentive and the establishment of a $45 million WIPO Technology and Innovation Support Centre (TISC), as outlined in the Budget, will further enhance the knowledge transfer efforts. Additionally, the University is pleased to witness the upcoming completion of several I&T infrastructure projects, including the new phases of the Hong Kong Science Park and Cyberport, as well as the establishment of Hetao Innovation Zone and the Microelectronics Research and Development Institute scheduled for this year. These forthcoming infrastructures, along with the planned development of the Northern Metropolis, will provide an added boost to the local I&T ecosystem, enabling the University to further strengthen its support for its startups.

The Budget includes hosting a series of international conferences to be held in the coming year, as well as measures aimed at enhancing exchange with overseas researchers. These initiatives will contribute to further internationalization of Hong Kong, including its universities, and enable them to effectively support Hong Kong’s role as a platform in advancing the development of the "Belt and Road" initiative. Building upon its strong foundation, HKUST will continue to leverage its edge in internationalization and intensify its promotion efforts in regions along the Belt and Road, such as the Middle East and Africa, to attract talents to Hong Kong and support its vision to become an international hub for higher education.
 

About The Hong Kong University of Science and Technology 
The Hong Kong University of Science and Technology (HKUST) (https://hkust.edu.hk/) is a world-class research intensive university that focuses on science, engineering and business as well as humanities and social science. HKUST offers an international campus, and a holistic and interdisciplinary pedagogy to nurture well-rounded graduates with global vision, a strong entrepreneurial spirit and innovative thinking. Over 80% of our research work were rated “Internationally excellent” or “world leading” in the Research Assessment Exercise 2020 of Hong Kong’s University Grants Committee. We were ranked 2nd in Times Higher Education’s Young University Rankings 2023, and our graduates were ranked 29th worldwide and among the best from universities from Asia in Global Employability University Ranking 2023. As of September 2023, HKUST members have founded 1,747 active start-ups, including 9 Unicorns and 13 exits (IPO or M&A), generating economic impact worth over HK$ 400 billion. InvestHK cited QS World University Rankings by Subject 2021 to demonstrate the performance of five world’s top 100 local universities in several innovation-centric areas, among which HKUST ranked top in four engineering and materials science subjects.