Hong Kong is stepping up efforts to build an international innovation and technology centre, with its first Five-Year Plan for Economic and Social Development placing greater emphasis on breakthroughs in areas including artificial intelligence and life sciences.

The plan, alongside the latest Policy Address, sets out measures to strengthen the city’s technology ecosystem, from expanding public research platforms to using finance to support the development and commercialisation of technologies.

An Innovation and Technology Industry-Oriented Fund, expected to launch this year, will support sectors including AI, robotics and life and health technology. The government also plans to advance three major innovation and technology parks and five key research and development institutions.

Among them, the Artificial Intelligence Research and Development Institute is expected to begin operating this year, while preparatory work on the Life and Health Technology Research Institute, focusing on AI and life sciences, is due to be largely completed by year-end.

The measures are intended to address Hong Kong’s long-standing challenge of turning research into commercially viable technologies, helping build a more integrated innovation ecosystem.