Hong Kong’s Financial Secretary Paul Chan on Wednesday announced plans to pledge $127.67 million for an AI institute. Photo by Leung Man Hei/EPA-EFE
Hong Kong said on Wednesday that it is setting aside $127.67 million to create an artificial intelligence research institute that will conduct research and development.
Paul Chan, Hong Kong’s financial secretary said the investment will be used to “spearhead and support” innovation in the field and use AI as an “industrial application.” Advertisement
Stock markets appeared supportive of the spending of government funds for the initiative with technology stocks on the Hang Seng Tech Index in Hong Kong gaining 4.49% after the announcement.
Chan said the institute will become the home for Hong Kong’s most talented AI researchers to study and apply artificial intelligence. He said the Hong Kong Investment Corporation Limited will host the first International Conference on Embodied AI Robots.
Chan said the government is also looking to create the Hong Kong Space Robotics and Energy Center under the research clusters. It will be in charge of developing lunar surface operation robots that can contribute to China’s planned moon missions.
“Hong Kong hasn’t been so good in terms of innovation, like how to actually create a new product,” Gary Ng, senior economist at Natixis, told CNBC. “The AI industry is evolving at quite a quick pace. Advertisement
“So, for the case of Hong Kong, if it can adapt to this new environment, trying to use AI more, including what we see within the government, I think that is definitely a positive signal.”
