Chief Executive John Lee on Friday said the city will soon launch a HK$3 billion scheme to support local academic and scientific research, as authorities ramp up efforts to transition Hong Kong into a global innovation and technology centre.

Lee made the remarks at the opening of the International Academicians Hong Kong Forum in Wan Chai, where he noted that the role of scholars and scientists is critical in aiding Hong Kong's technological transition, amid evolving and unprecedented global challenges.

The forum also marked the founding of the International Alliance of Academicians (IAA).

"Knowledge knows no borders, our shared challenges require shared solutions. The government is committed to cultivating a dynamic environment, one that champions innovation and technology, in every sector and industry, every institution and corner of our community," he told participants.

"We will soon launch a Frontier Technology Research Support Scheme, worth HK$3 billion, or nearly US$400 million. It will help fund groundbreaking basic research driven by world-class researchers and academics," he said.

He added that the completion of the first three buildings in the Hong Kong-Shenzhen Innovation and Technology Park will also help provide the "hardware" for local I&T development, and that the alliance could serve as the "soft power".

Separately, Nancy Ip, President of the Hong Kong University of Science and Technology, who chairs the IAA, said that Hong Kong is an ideal base for the alliance.

"Given its international status and dynamic academic and research sectors, Hong Kong is ideally positioned to foster scientific cooperation among leading scholars from around the world. This global alliance will also solidify Hong Kong's reputation as an international innovation and technology centre," she said.

The IAA alliance is made up of 100 academics from around the world, and aims to enhance global collaboration among scientists and academics.