The Hong Kong government has agreed to spend HK $3 billion (USD 383 million) over the next three years to develop artificial intelligence at the cyberport. In his budget statement on February 28, 2024, Financial Secretary Paul Chan announced the eco-friendly public transportation subsidy program.
The deployment of AI is emphasised as a strategic approach to driving a technological and industrial transformation in Hong Kong. The space agency stated that its new supercomputer will have the computational power of three exaflops by early 2026 and can process about ten billion photos per hour.
The money will assist local colleges, research institutes, and businesses in utilizing the processing power of a new AI Supercomputing Centre, which will be established at Cyberport this year. Subsidy amounts will vary depending on the applicant category.
As local media coverage indicates, the system only gives subsidies to schools and universities affiliated with Hong Kong’s eight sponsored universities. The project will give long-term financial help, with the goal of eventually assisting three institutions.
Hong Kong has seen an increase in the use of artificial intelligence in healthcare. In November 2023, the Hospital Authority announced intentions to deploy AI to combat the spread of two superbugs. The new subsidy system is likely to accelerate AI innovation in the administrative region.
Read also: Hong Kong Govt. Allocates $383M Subsidy for Cyberport AI Development
