The Hong Kong government proposes to inject HK$5 billion into the Innovation and Technology Fund as part of efforts to spur research and development activities in the city.
Through the funding initiative, authorities aim to enhance the use of digital technology and turn Kowloon East into a pilot area for exploring the feasibility of developing a smart city, the Hong Kong Economic Journal reported.
In his annual policy address on Wednesday, Chief Executive Leung Chun-ying said the government will boost the use of sensors, Internet of Things and big-data analysis technology to provide better-quality services and boost social and economic development.
The pilot area will offer free Wi-Fi and promote the low-carbon concept to improve traffic systems and road usage experience, Leung said.
The Innovation Fund has so far provided subsidy assistance to more than 4,200 projects worth a total of HK$8.9 billion.
The fund, since September last year, has extended its scope to back the Technology Start-up Support Scheme to assist undergraduates and their instructors to establish start-ups for commercial purposes.
Meanwhile, in other measures, the government is looking at allocating more land and resources to help the development of the local movie industry in Kowloon East, a key cultural and entertainment district.
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