HKUST Annual Report 2018-19

73 HKUST OUTLOOK Whilst the economic, social and political environments are presenting great challenges to the University, its stakeholders and Hong Kong as a whole, with the rapid development of the Greater Bay Area (“GBA”), where the University is positioning itself as a pioneer by establishing a strong foothold in Guangzhou, there are more and more opportunities for funding support as well as collaboration with industries and governments, in particular in innovation and technology areas. These collaborations provide the University with an innovation platform to promote knowledge transfer under the GBA Development Framework. The University entered into agreements on 21 December 2018 with the Guangzhou Municipal Government and Guangzhou University to jointly establish Hong Kong University of Science and Technology (Guangzhou) (“HKUST (GZ)”), marking an important milestone in the University’s development and advancement. Under the agreements, construction cost of the campus and daily operating expenses will be funded by Guangzhou Municipal Government. HKUST (GZ) will help steer frontier development of HKUST in education, science and technology, business and management as well as knowledge transfer, adding strength and impetus to Hong Kong and the GBA which are gaining traction in innovation with science and technology. Ground breaking ceremony has been held on 26 September 2019.