Hong Kong eyes HK$220 million private investment for national innovation centre

Hong Kong authorities will seek half of the HK$440 million (US$56.2 million) investment for a planned national innovation centre in Yuen Long from the private sector, while setting performance benchmarks that an analyst has called ambitious.The target was announced after Financial Secretary Paul Chan Mo-po revealed the plan in his latest budget in February, which earmarked funds to establish the first national manufacturing innovation centre outside mainland China as part of efforts to spearhead artificial intelligence (AI) development.“We expect the innovation centre to be self-sufficient three years into its operation and gradually become profitable in its fifth year,” the Innovation, Technology and Industry Bureau said in a paper submitted to lawmakers on Thursday.