{"id":72527,"date":"2024-02-29T06:13:15","date_gmt":"2024-02-29T10:13:15","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=72527"},"modified":"2024-02-29T06:13:18","modified_gmt":"2024-02-29T10:13:18","slug":"hong-kong-govt-allocates-383m-ai-subsidy-fund-for-cyberport","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hong-kong-govt-allocates-383m-ai-subsidy-fund-for-cyberport\/","title":{"rendered":"Hong Kong Gov’t Allocates $383M AI Subsidy Fund for Cyberport"},"content":{"rendered":"\n

The Hong Kong government <\/a>has decided to allocate $3 billion Hong Kong dollars ($383 million) to its Cyberport business park as part of a three-year artificial intelligence (AI) subsidy program.\u00a0<\/p>\n\n\n\n

\"Hong
Hong Kong Gov't Allocates $383M AI Subsidy Fund for Cyberport<\/figcaption><\/figure>\n\n\n\n

The statement was made on Wednesday, February 28, during the budget announcement for 2024. The program aims to assist local enterprises, universities, and research institutes in utilizing the computing capabilities of the new AI Supercomputing Centre.<\/p>\n\n\n\n

Chan emphasized the significance of artificial intelligence in fostering industrial and technological transformation and bolstering Hong Kong's digital economy. <\/p>\n\n\n\n

In addition to supporting local organizations, the subsidy will enhance the center's cybersecurity and data protection<\/a>. It seeks to entice enterprises, research initiatives, and AI specialists worldwide to Hong Kong.\u00a0<\/p>\n\n\n\n

According to Chan, the AI Supercomputing Centre will commence operations this year. The anticipated computing capacity is 3,000 petaflops by the beginning of 2026, enabling it to process nearly 10 billion images per hour.\u00a0<\/p>\n\n\n\n

The government of Hong Kong intends to inaugurate the facility and the scheme in 2024. Subsidy quantities will differ according to applicant categories following the user-pays principle; no overall subsidies are allocated. <\/p>\n\n\n\n

Additionally, Chan disclosed the provision of a startup fund amounting to HK$100 million ($12.7 million) to support the establishment of an Alliance of Universities in Applied Sciences by self-financing postsecondary institutions. What he stated was: <\/p>\n\n\n\n

\u201cThe purpose of this alliance is to collectively promote vocational and professional education and training and enhance its reputation among parents, students and society in general\u201d<\/em><\/p>\n\n\n\n

In addition, eight regional universities will receive HK$6 billion ($766 million) in government funding to subsidize the development of new life and health technology research institutes. These institutes will engage in partnerships with mainland Chinese and international organizations. <\/p>\n\n\n\n

The allocation of funds, which is HK$10 billion ($1.2 billion) from the budget designated for 2023, is intended to facilitate the advancement of life and health technology. The objectives include:<\/p>\n\n\n\n