Hong Kong Science Park
62. The Hong Kong Science Park promotes innovation and technology by providing advanced laboratories and research and development facilities in a quality environment. By assisting technology start-ups through incubation programmes, it creates conditions for business development, which in turn furnishes new business and job opportunities. Phases 1 and 2 of the Science Park have been commissioned. More than 250 local and overseas research institutes have set up their offices in the Science Park, providing a total of over 6000 technology-related jobs. With annual turnover of $60 billion to $70 billion, these institutes have made significant contributions to enhancing the competitiveness of our industries and broadening the base of our economy.
63. We have reserved two purpose-built laboratory buildings in Science Park Phase 2 to support biotechnology research. The buildings will be commissioned in April this year. Biotechnology has potential for wide applications. Our universities are well-positioned to develop this technology. A number of world renowned biotechnology companies have been conducting technological research in Hong Kong, building up a sound foundation for development. In addition to the key development areas of electronics, precision engineering and information technology, biotechnology will become a new cluster in the Science Park.
64. To continue to support development of Hong Kong's research capacity effectively in response to economic restructuring and enterprises' demand for scientific research facilities, and to foster the strategic development of Guangdong/Hong Kong co-operation, the Science Park is exploring the feasibility of and the development plans for Phase 3 of the Park. We will study Science Park's report and will decide on appropriate next steps.