The government will also review the Research and Development Cash Rebate Scheme and the Small Entrepreneur Research Assistance Program, as part of the effort to support R&D by SMBs, Tsang added.
To encourage local cloud development, Tam said the government needs to collaborate with China to turn Hong Kong into a cloud city. "China has already come up with a cloud development plan and named Shenzhen, Shangahi, Wuxi, Hangzhou, and Beijing cloud cities," said Tam. "If Hong Kong can become China's sixth cloud city that interconnects with Shenzhen, the two cities can leverage on each other in Chinese and international business opportunities."
ASTRI and ITC must become more effective
Mok believes the government should review the performance of the Hong Kong Applied Science and Technology Research Institute (ASTRI) and the Innovation and Technology Fund (ITC) (www.itc.gov.hk)--both set up by the government--to see if they are effective [in enabling R&D development in Hong Kong].
He also pointed out that the dwindling talent pool hinders local tech R&D. "There are fewer places in technology and engineering programs in universities, resulting in a smaller number of graduates," said Mok. "The government must take steps to up the both the quality and quantity of engineering and IT students."
Sign up for CIO Asia eNewsletters.