Hong Kong Announces $128 Million AI Institute to Drive Innovation

The initiative aims to position Hong Kong as a global hub for AI research and development while fostering talent and industrial applications.

Hong Kong's Financial Secretary Paul Chan has allocated $128 million to establish an AI research and development institute as part of the city's 2025 budget plan.
The institute will focus on advancing AI technology, supporting industrial applications, and nurturing top talent in the field.
Technology stocks on the Hang Seng Tech Index rose 4.49% following the announcement, reflecting market optimism about the initiative.
The government plans to partner with big tech companies to provide AI training for students, spanning from primary school to university levels, to build a skilled workforce.
Hong Kong has also introduced a locally developed ChatGPT-style AI tool, 'HKGAI V1,' which is being trialed by over 70 government departments and will soon be made available to the public.