‘I can grant you a piece of land’: Hong Kong’s Paul Chan eyes AI, tech firms The Hong Kong government will grant land to companies that harness cutting – edge technology and have strong job creation prospects, such as those in artificial intelligence (AI) and life sciences, the financial secretary has said. Paul Chan Mo-po said on Tuesday he wanted to use the land offer to accelerate the development of the Northern Metropolis, while helping the city seize opportunities amid geopolitical tensions and AI’s reshaping of the global economy. He said authorities were making preparations that were “a little different” from past measures, as the government looked to advance the megaproject near the border with mainland China. “If you have a certain amount of cutting-edge technology and invest a certain amount of money to create a certain number of jobs for us, I can grant you a piece of land and you will develop it and attract investment,” Chan said at an event hosted by the Hong Kong Coalition of Professional Services. “It is not only about the government selling the land after completing all the land levelling and infrastructure.” He gave the example of European and US drug companies that wanted to sell products in mainland China but could not conduct clinical trials there, saying they might opt to set up in the Lok Ma Chau Loop. He was referring to an 87-hectare (215-acre) piece of land that was previously part of Shenzhen but later put under Hong Kong’s jurisdiction under the two cities’ plan to establish an innovation and technology park at the site. The granting of plots would signal a substantial commitment to the technology sector, given the city’s land scarcity and steep home prices, which have topped global rankings for years. Our Hong Kong Foundation vice-president Ryan Ip Man-ki said the idea was “welcome”, as it would allow the government to move away from “traditional thinking” by using land “as a resource to attract enterprises that can bring in long-term economic benefits to the city”. “This is also necessary because the global competition for good companies is fierce and other cities are also using the same methods to attract them,” the think tank representative said. He added that it was the first land grant proposal of its kind in the city to his knowledge. But he said the government had to thoroughly evaluate whether the benefits – such as tax revenue, technology and jobs – justified the costs, including the value of the land. The Post has contacted the Financial Secretary’s Office for additional details. Chan said the government had spent about HK$500 billion (US$64.36 billion) on innovation in the past few years, focusing on AI, big data, biotechnology, new energy and materials, and fintech. “We believe that artificial intelligence is the most important development direction in the future,” he said. “Development and competition in this area firstly defines the relative competitiveness between various economies … It is the most important factor in reshaping the future of the world economy.” Chan was also considering how the city could make use of its advantages so that the “key industry” of AI could “empower other industries to allow them to upgrade and transform”. He said the city’s advantages included the strong scientific research abilities at universities, companies at Cyberport and the Science Park, and the HK$1 billion Hong Kong AI Research and Development Institute. Chan cited five critical factors for achieving the “outstanding development of AI”: computing power; algorithms related to application scenarios; data; talent; and finance. Cyberport earlier opened a supercomputing centre to provide a boost to research and development efforts. The finance minister said the city’s stock exchange would “open a dedicated line” for “specialist technology companies” that were looking to prepare an initial public offering, which was in addition to an existing fast-track arrangement for those listings. The city could also help mainland technology companies to internationalise, lure ethnically Chinese talent from overseas and attract private equity support, he added. “Hong Kong has challenges in the geopolitical landscape, but at the same time there are opportunities,” he said. https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3301968/i-can-grant-you-piece-land-hong-kongs-paul-chan-eyes-ai-tech-firms (ICE HONG KONG)

Fonte notizia: South China Morning Post