The Hong Kong Special Administrative Region (HKSAR) government vowed to turn Hong Kong into a regional center of innovation and technology, HKSAR Chief Executive Tung Chee Hwa said November 2.

Speaking at the Hong Kong Awards for Industry Presentation Ceremony, Tung said the 21st century is just around the corner and in the new era of the knowledge-based economy, ideas and information will matter as much, if not more than, tools and machinery.

The success, or otherwise, of an economy will be determined by its abilities to create and to innovate, Tung said. "Trade liberalization and the evolution of information technology have brought down many traditional trade barriers and accelerated our migration to a global market."

To ensure that Hong Kong is well equipped to embrace these challenges and opportunities that come with them, the government is firmly committed to developing Hong Kong into a regional center of innovation and technology, Tung stressed.

"We have already set up a five billion HK dollar (641 million U. S. dollar) innovation and technology fund to upgrade our innovation and technology level," he said. "We are in the process of establishing the applied science and technology research institute to encourage mid-stream research and development."

"We will also set up a standing advisory body and high-level promoting group to strengthen our institutional arrangements for promoting innovation and technology," he added.

In addition, the government has just announced a new scheme to attract talents to Hong Kong to bolster Hong Kong's human resources base, he explained.

Tung emphasized that before the end of the year, the Hong Kong Stock Exchange will launch the Growth Enterprise Market which will serve a new capital raising channel for innovation and technology.

"The government has done its part and will do more," he said, urging the community as a whole to seize the opportunities and business leaders to take the lead.

Their readiness to stay ahead of change and make the best use of innovation and technology is vital to Hong Kong's future success, Tung concluded. (Xinhua)