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Expansion of the Science Park and naming ceremony of the Hong Kong Campus of the University of Chicago

This afternoon, right after returning from Peru at noon, I attended two activities related to the enhancement of Hong Kong's competitiveness.

The first one was the Hong Kong Science Park Expansion Programme Ground Breaking Ceremony. The Science Park is among the places I visit most frequently this year.

Six months ago, I was in the Science Park for its 15th anniversary celebration. Over the past 15 years, the Science Park has made remarkable contributions by helping the industry to promote scientific research and application. I would like to thank Mr Tung Chee Hwa, the first Chief Executive of the Hong Kong Special Administrative Region, for his far-reaching vision in establishing the Science Park some 20 years ago.

The Science Park is conducive to the implementation of the Government's "re-industrialisation" policy, which is an important initiative for maintaining Hong Kong's competitiveness. We will focus on a number of key areas, including healthy ageing, artificial intelligence robotics, smart city, biotechnology and big data.

A year ago, we established the Innovation and Technology Bureau. Today, a favourable environment for innovation and technological development is being built up. Joining the innovation and technology sector has become a trend for the young people. As announced in my Policy Address early this year, $18 billion was allocated to promote Hong Kong's innovation and technological development. This included $2 billion for setting up the Innovation and Technology Venture Fund, $2 billion for helping tertiary institutions carry out mid-stream applied research projects and $500 million for setting up the Innovation and Technology Fund for Better Living. Funding approval of $4.4 billion was also obtained from the Legislative Council for expanding the Science Park. By 2020, the Science Park will be expanded by 70 000 square metres, providing a total floor area of 400 000 square metres for use by innovation and technology enterprises. The Science Park's contribution to the local economy will then increase from the current $10.8 billion to $19 billion.

The naming ceremony of the Hong Kong Campus of the University of Chicago's Booth School of Business was held yesterday. The second activity that I attended this afternoon was a meeting with Professor Robert J Zimmer, President of the University of Chicago, at Government House. The Campus is located at the "White House" on Mount Davis, with an area of about 50 000 square feet. The construction work commenced in June and is expected to be completed in two years' time. The Hong Kong Campus has been providing the world-renowned Executive Master of Business Administration programme in Hong Kong since two years ago. So far, the University of Chicago has established campuses in London and Hong Kong. It has chosen Hong Kong because of our combined advantages of "one country" and "two systems".

As long as we have a clear direction and forge ahead with all-out efforts, we will be able to further Hong Kong's development in innovation, technology and world-class education, and enhance the upward mobility of our young people.

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November 22, 2016