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Monday, March 6, 2017, 18:50

Cross-border innovation and technology park to create 50,000 jobs

By chinadailyasia.com

Cross-border innovation and technology park to create 50,000 jobs
In this Nov 20, 2015 photo, Secretary for Innovation and Technology Nicholas Yang Wei-hsiung (L), with Chief Executive Leung Chun-ying, briefs the media about his plan to help enhance Hong Kong’s development. (Roy Liu / China Daily)

HONG KONG -- The new innovation and technology park in the Lok Ma Chau Loop is expected to generate an annual HK$57 billion in economic growth and create about 50,000 jobs, Secretary for Innovation and Technology Nicholas Yang Wei-hsiung said on Monday.

The funding proposal of the project will be tabled in LegCo at the end of this year at the earliest

Nicholas Yang Wei-hsiung , Secretary for Innovation and Technology of Hong Kong SAR

Speaking at a panel discussion in the Legislative Council (LegCo), Yang said the funding proposal of the project will be tabled in LegCo at the end of this year at the earliest, which will facilitate commencement of pre-construction works and the design of its first phase of construction.

The Memorandum of Understanding on Jointly Developing the Lok Ma Chau Loop was signed by the Hong Kong and Shenzhen governments on Jan 3.

The proposed new innovation and technology park will be placed in the 87-hectare loop on the city’s border. It is estimated it will be the largest in the SAR – four times bigger than the current Science Park in Sha Tin.

READ MORE: New IT chief plans to re-industrialize HK

The park, once completed, will provide a total floor area of 1.2 million square meters and create a cross-border innovation and technology hub for both cities’ talents.

Yang said the government has agreed to provide more convenient entry arrangements for approbated persons from Shenzhen, in order to smooth the commute.

Cross-border innovation and technology park to create 50,000 jobs
The Hong Kong Science Park in Sha Tin, home to a cluster of startups in the city. (Parker Zheng / China Daily)
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