Budget Speech

Promoting Innovation and Technology

97.      Innovation and application of technology are the most effective ways to add value to products and services. In the past 10 years, the Government has been supporting the development of innovation and technology in Hong Kong by providing the necessary hardware and software. These include the construction of the Science Park and the Cyberport as well as the establishment of the Innovation and Technology Fund.

98.      With the concerted effort of the Government and the industry, the contribution of business organisations to the total expenditure on research and development (R&D) in Hong Kong increased from 24 per cent in 1999 to 43 per cent in 2008. This reflects that the business community is increasingly aware of the importance of strengthening R&D. The number of R&D personnel in Hong Kong also more than doubled from about 10 000 in 1999 to some 22 000 in 2008.

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