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Speech by FS at Croucher Foundation Award Presentation Ceremony (English only) (with photos/video)
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     Following is the speech by the Financial Secretary, Mr John C Tsang, at the award presentation ceremony to winners of Senior Research Fellowship of the Croucher Foundation at Mandarin Oriental Hong Kong today (March 26):

Professor (YW) Kan, Distinguished Guests, Ladies and Gentlemen,

     Good afternoon.

     It is indeed a great honour for me to present the Croucher Senior Research Fellowships award today.  First of all, I would like to congratulate the award recipients.  Your exemplary work in scientific research is an inspiration to all of us.   

     This award, I am sure, marks a new milestone in your careers, and I wish you every success in your Fellowship year.

     Each of the four scientific areas represented by the award recipients hold infinite promises for mankind in terms of renewable energy, computing, advanced optics as well as medical science.  Professor Kan has touched on these areas.

     In the next few minutes, I would like to take a broad perspective on the importance of scientific research to Hong Kong.

     After all, promoting scientific research was Noel Croucher's goal when he established his Foundation in 1979.

     But, why did he choose to support scientific research above other areas?

     Noel Croucher didn't have a science background.  He didn't even finish school, let alone go to the right one.  Instead, he began his working life in Hong Kong as a Post Office clerk.

     With a sharp eye for a deal, a little luck and a lot of hard work, he learned about stock broking and went on to become one of Hong Kong's wealthiest men.

     Noel Croucher didn't have a science background but he did possess a key attribute for all innovators - great foresight.  He was a co-founder of the Hong Kong Stock Exchange long before this city was a global financial centre.

     And, even in the days of Hong Kong's early development when manufacturing industries drove the Hong Kong economy, Noel Croucher knew that Hong Kong's future as a knowledge-based economy would be closely tied to scientific research.

     He bet on it.

     He established the Croucher Foundation as a professionally run independent private trust, which was unusual in those days.  The Foundation's success over the past three decades shows that this was in itself a far-sighted move.

     Now in their 14th year, the Senior Research Fellowships awards help to promote scientific research and raise the profile of the sciences in Hong Kong.  Events such as this one let the general public know more about what is going on in the world of science.  Bringing the sciences out of the shadows and into the spotlight is a great way to encourage more of our bright young minds to seek out a career in science and follow in the footsteps of our esteemed predecessors.

     Science has gained a lot of attention than usual in recent months, after Charles Kao won the Nobel Prize in Physics.  And while Professor Kao was leading advances in fibre optics, the Croucher Foundation's own Professor Kan was making equally astonishing breakthroughs in the world of genetics and blood disease.

     Also over the years, our universities have made great strides in scientific research.  Last year, three of our universities made the top 50 in the respected Times Higher Education world university rankings.

     All these help to shine a light on scientific research and provide opportunities for our young scientists to flourish.

     Today, Hong Kong is fertile ground for scientific research.  We have the capital, we have high quality education, and we have strong ties between our universities as well as good relations with schools in the Mainland of China.  Above all, we have the talented individuals and collective determination to succeed as a nerve centre for innovation.

     In parallel with the Foundation's work over the last three decades, the Hong Kong Government has been promoting science and fostering a research culture among the community, including the business community.

     Discoveries in fundamental science and technology are the engines of social and economic progress.  Scientific developments, technological advances and cutting edge innovation at different stages of its development have transformed the world economy.

     Advancements in medical sciences have saved millions of lives and spared countless others from prolonged illness or permanent disability.  Billions of dollars have been saved as well in health care costs as a result.

     Science is the bedrock of the economy, and particularly relevant in a fast-evolving city such as ours.

     We recently identified six new priority industries to drive in a sustainable way for our future economic development.  These industries have a strong bias towards science.  The six industries are medical services, testing and certification, innovation and technology, cultural and creative industries, education services as well as the environmental industry.

     In my Budget last month, I announced a series of initiatives to support the development of these industries.  I also announced the start of an exciting new chapter for the Hong Kong Science Park.

     The Science Park is already home to some 300 companies in five technology clusters: biotechnology, electronics, information technology and communications, precision engineering and green technology.

     These companies enjoy state-of-the-art facilities and high quality support services as well as efficient clustering at the Science Park.

     On the strength of this success, we have decided to go ahead with the development of Science Park Phase 3.  This will be completed in stages between 2013 and 2016 at a cost of some $5 billion.

     Phase 3 is expected to create about 4 000 R&D-related jobs and contribute some $2 billion of value added to our economy each year from 2020 onwards.

     The Research Grants Council (RGC) has provided over $510 million annually in grants to our universities since 2008.  And last year, I announced in my budget the setting up of an $18 billion Research Endowment Fund to finance research projects with strategic importance to the long-term development of Hong Kong.

     The Government also provides support to industry in upgrading research capacity.  We reaffirm our continued support through the provision of funding as well as infrastructure, and promotion of co-operation with the Mainland and other economies.

     We also have the Innovation and Technology Fund which has supported over 1 800 projects with a total funding of some $5 billion since its establishment in 1999.

     Collaboration and cross-fertilisation in research sparks innovative ideas that lead to new discoveries, technologies and applications.  Close co-operation and exchanges among the Government, enterprises, academia and research institutes promote R&D and innovation.

     We are also keenly aware of the opportunities for cross-boundary collaboration in scientific research.  The vast markets and abundant talents and land resources in the Mainland are a big drawcard for local and overseas technology firms.

     In 2007, we established the Shenzhen-Hong Kong Innovation Circle to consolidate the advantages of both places.  The Innovation Circle has helped to strengthen the exchange of information, ideas and talent, and build ties between research institutions in Hong Kong and Shenzhen.

     Our goal is to create a cross-boundary pipeline of innovations and opportunities for all scientists.

     It is impossible to know what Noel Croucher could have achieved if he'd had the opportunity to pursue a career in science instead of finance.  But we do know that, through his philanthropy, he has given that opportunity to others - perhaps the next Charles Kao, or YW Kan or the many talented youngsters who will follow in the footsteps of our four Fellowship award recipients.

     We are grateful to Mr Croucher for his generosity and to the Foundation for its fine work over the years.

     Once again, congratulations to our four distinguished award recipients.  I wish you all every success in your Fellowship year.

     Thank you very much.

Ends/Friday, March 26, 2010
Issued at HKT 18:19

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