The Hong Kong Science Park that is aimed to nurture and develop world-class technology clusters was officially launched in Hong Kong Tuesday.

With a planned area of 22 hectares currently undergoing land reclamation, the Science Park will focus on electronics, information technology, biotechnology and precision engineering sectors.

The Phase I building construction will start early next year, with the first lot of buildings available in 2001. The investment is expected to be 3.3 billion HK dollars (423 million US dollars) for the Phase I development.

"The vision of the Science Park is to foster world-class technology-related enterprises that will compete and flourish in the knowledge-based global economy of the 21st century," said Victor Lo, chairman of the Board of Directors for the Provisional Hong Kong Science Park Company Ltd.

"It will help us unite our capabilities to build a stronger economy and better life for all our people," Lo added.

To support the Science Park, six local universities signed with the Provisional Hong Kong Science Park Company Ltd a Memorandum of Understanding Tuesday to facilitate cooperation and interchange between the universities and the future resident companies of the Science Park.

The Science Park also announced its admission guideline for corporate tenancy and introduced its development vision and master plan.

Priority will be given to companies who are world leaders in technology, brand recognition, market coverage, as well as those having a long-term commitment to build technological competence in Hong Kong through investment in people, intellectual property and the creation of high value-added innovation and technology related jobs locally. (Xinhua)