The government has been taking proactive measures to promote science and technology. One of these is setting up an Innovation and Technology Bureau. As stated in the newly released 2015 Policy Address, the government has submitted the proposal to the Legislative Council (LegCo). This Friday, the long-waited proposal will go before LegCo's Finance Committee.

Everyone understands that competition in today's world no longer rests on labor-intensive industries. It often took hundreds of people in the past to produce what two or three workers, equipped with advanced technology, can do now. Clearly, the development of science and technology is absolutely crucial to our future.

A product's competitiveness rests not only on its cost but also its desirability. That is to say, a product should be special enough to attract customers, with innovation constantly injected into its design, function and quality. Otherwise, old-fashioned products, or products which can't keep up with the times, are likely to be eliminated by market forces. Typical examples are Motorola and Nokia, which once dominated the world of mobile phones, but were taken over and merged with other companies due to a lack of innovation.

Innovation and technology is vital for diversification and for revitalizing the economy. According to the latest rankings by top international organizations among world cities, Hong Kong ranked 7th in the Global Competitiveness Report 2014-2015, 9th in Smart City of the World, and 10th the Global Innovation Index. These ratings reflect universal acknowledgement of Hong Kong as a leader in innovation and technology.

Although our performance has earned international recognition, we still need a leading department to integrate all related businesses as they develop further. As noted in paragraph 48 of the latest Policy Address, "We need dedicated leadership and stronger policy coordination for more effective organization of work among the government, industry, academia and the research sector."

This new bureau has everything to do with Hong Kong's economic future, especially in regard to employment opportunities for the younger generation. Hong Kong students are creative enough to have won many international technology competitions. They just need more support from the government to use this knowledge to benefit real industries. In the 2015 Policy Address, the Chief Executive proposed injecting HK$5 billion into the Innovation and Technology Fund. This included incorporating the Research and Development Cash Rebate Scheme under the fund. The government is also setting up an Enterprise Support Scheme to enhance funding support for R&D projects in the private sector. All these policies will be coordinated by the new bureau to improve scientific research, industrial development and to provide more employment opportunities.

I believe everyone understands the significance and urgency of setting up an Innovation and Technology Bureau. Therefore, I hope all LegCo members, especially those who constantly use filibusters to hinder the government, can consider the future of the younger generation. I hope they do not cause any deliberate problems at the LegCo Finance Committee meeting on Friday. Only with the full support of LegCo can Hong Kong avoid being left behind in a rapidly changing world.

(HK Edition 01/23/2015 page1)