Hong Kong aiming to set up $364m semiconductor R&D institute
Hong Kong's tech minister says the city is seeking funding for a new innovation centre that can mitigate the impact of Western restrictions.
According to the South China Morning Post, Sun Dong, Hong Kong's Secretary for Innovation, Technology and Industry has asked the city's Legislative Council to approve a USD 364 million grant to set up the facility. The plan is to win approval by 2Q 2024 and start operations from 2025.
The project is part of a wider strategy to establish the region's Greater Bay Area (integrating Hong Kong, Macau and nine mainland cities) into a single economic powerhouse – and to possibly circumvent export restrictions imposed by the US.
“There are many semiconductor equipment manufacturers in mainland China, and some companies even manufacture semiconductors in Hong Kong,” said Sun. “They are currently in discussions with us on how to leverage Hong Kong as a platform to enter the international market.”
The institute will set up two major pilot production lines to conduct research and testing on silicon carbide and gallium nitride, as part of a growing push towards electric vehicles and renewable energy sources.