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Friday, November 6, 2015, 21:00

Funding for Innovation and Technology Bureau approved

By chinadailyasia.com

HONG KONG - The Legislative Council's Finance Committee approved on Friday funding for the establishment of the Innovation and Technology Bureau.

Chief Executive Leung Chun-ying welcomed the approval, which came after three years of deliberations at the LegCo due to filibustering by some radical lawmakers.

"The current-term government is committed to promoting diversification of the economy. Innovation and technology are crucial to the enhancement of Hong Kong's competitiveness and the improvement of people's quality of living," Leung said.

He said there was a pressing need to set up the ITB to provide focused high-level leadership and stronger policy co-ordination among stakeholders.

The ITB will be responsible for formulating holistic policies to support the development of technology infrastructure and manpower; strengthening co-ordination between the government, industry, academia and research sectors; and expediting the development of innovation, technology and related industries in Hong Kong.

Secretary for Commerce and Economic Development Gregory So told the press after the Finance Committee meeting that the ITB will officially be established on Nov 20.

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