In the 2019 Policy Address Supplement, the Chief Executive announced the setup of the Smart Traffic Fund (“Fund”) to provide funding support to local organisations or enterprises for conducting research and application of innovation and technology with the objectives of enhancing commuting convenience, enhancing efficiency of the road network or road space, and improving driving safety. $1 billion have been earmarked for the Fund, which commences operation in 2020-21. The Transport Department has engaged the Hong Kong Productivity Council as the Implementation Partner to serve as the Secretariat for the Fund.