Chief Executive of the Hong Kong Special Administrative Region (SAR) Tung Chee Hwa attended the unveiling ceremony, who first proposed the novel idea of establishing a Science Park to drive the growth of Hong Kong's high value-added industries.

Tung made it clear that "the promotion of innovation and technology for adding value to our economy against the background of the globalization process, the brutally competitive international landscape, the impact of technological application has been one of the cornerstones of my policy platform."

Tung noted with pleasure that "we are beginning to see the clustering of the electronics and integrated circuit design companies in the Science Park. They are beginning to provide new impetus for Hong Kong's industrial development."

"This gives cause of optimism for the Science Park to realize its vision for the creation of industrial clusters in the four technology focuses, namely electronics, IT and telecommunications, precision engineering and biotechnology," Tung said.

HKSTP Chairman Victor Lo pointed out that, with the opening of the Hong Kong Science Park, the HKSAR government has taken another major step towards building the foundation to foster innovation and technology development.

Lo explained that the park is located next to the Chinese University of Hong Kong, and within easy reach of the business districts of Kowloon and Hong Kong Island. The surrounding infrastructure affords accessible links to railway, highway and airport, thus making the park an ideal location for technological businesses focusing on Greater China or the Asian region as a whole.

The HKSAR government has earmarked a total of 12 billion HK dollars for the entire Science Park project.

The Hong Kong Science Park, located on 22 hectares (54 acres) of land in Pak Shek Kok, Shatin, is being developed in three phases. Upon completion at the end of 2008, Science Park will provide a total gross floor area of 330,000 square meters (82 acres).

A total of 16 companies have signed tenancy agreements with the Hong Kong Science and Technology Parks Corporation, boosting Phase One's occupancy rate to 55 percent. If all companies whose applications are being processed are taken into account, the occupancy rate will approach 70 percent.

The HKSTP was inaugurated on May 7, 2001, following a three-way merger between the Hong Kong Industrial Technology Center Corporation, the Provisional Hong Kong Science Park Company Limited and the Hong Kong Industrial Estates Corporation.

(Xinhua News Agency June 28, 2002)