Hong Kong Launches $3 Billion AI Funding Initiative to Boost Innovation and Research
Image Credit: Yukakei, CC BY-SA 4.0 via Wikimedia Commons
October 7, 2024 marks the official launch of Hong Kong's latest initiative aimed at accelerating the development of its artificial intelligence ecosystem. The Digital Policy Office has opened applications for eligible organizations to apply for funding through Cyberport, signaling a strong governmental commitment to nurturing local AI talent and research.
Substantial Investment to Propel AI Research and Development
As part of the recent Financial Budget, the Hong Kong government has allocated HKD 3 billion towards a three-year funding program. This substantial investment is designed to support local universities, research institutions, and businesses in leveraging the computational power provided by Cyberport's AI Supercomputing Center. The initiative aims to drive significant advancements in AI research, fostering breakthroughs that can position Hong Kong as a regional leader in technology and innovation.
Generous Funding Support for Qualified Applicants
Eligible participants in the funding program can receive financial assistance covering up to 70% of the costs associated with utilizing Cyberport's supercomputing services. The funding applications will undergo a rigorous evaluation process conducted by the government-appointed AI Funding Committee. This committee will determine the specific amounts, duration, and conditions of the grants, ensuring that the resources are allocated effectively to projects with the highest potential for impact.
Cutting-Edge Supercomputing Facilities to Enhance AI Capabilities
Cyberport's AI Supercomputing Center is set to become fully operational by the end of this year, with initial facilities ready to support a wide range of AI projects. The center is projected to offer computing power that scales up to approximately 3,000 petaFLOPS, enabling researchers and developers to perform complex simulations and data analyses at unprecedented speeds. This state-of-the-art infrastructure will provide the necessary tools to push the boundaries of AI technology and facilitate groundbreaking discoveries.
Hybrid Information Session Scheduled for Interested Applicants
To provide more details about the funding program and the application process, the Digital Policy Office will host an information session today. The event will be conducted in a hybrid format, allowing participants to join either online or in person. This session is an excellent opportunity for eligible organizations to learn more about the funding opportunities, ask questions, and understand how to maximize the benefits of the program for their AI initiatives.
Encouraging a Thriving AI Community in Hong Kong
With this significant financial commitment, the Hong Kong government is clearly dedicated to fostering a vibrant AI community. By providing essential resources and support, the funding initiative aims to empower local institutions and enterprises to innovate and excel in the rapidly evolving field of artificial intelligence. This strategic move is expected to not only enhance the technological landscape of Hong Kong but also contribute to its economic growth and global competitiveness.
Source: RTHK
