During his delivery of the 2018/19 budget on February 28, HKSAR Financial Secretary Paul Chan announced that HK$20 billion has been set aside for development of the Hong Kong-Shenzhen Innovation and Technology Park inside the Lok Ma Chau Loop, a 100-hectare plot of land along the city’s border with Shenzhen.
The strategically located Park is intended to boost Hong Kong’s lagging I&T status by leveraging the technological strengths of the Greater Bay Area cities, and is part of the government’s HK$50 billion investment push into developing the areas of biotechnology artificial intelligence (AI), smart cities and financial technologies (fintech).
But not all are sold on the idea. The project is plagued with skepticism in light of white elephants Cyberport and Hong Kong Science and Technology Park (HKSTP) intended for the same purpose, as well as concerns about its impact on the surrounding villages and natural environment.
Here’s hoping third time’s a charm!