HONG KONG, Sept. 5 (Xinhuanet) -- The Institute of NanoMaterials and Nano Technology (INMT) of the Hong Kong University of Science and Technology (HKUST) was inaugurated Friday.

　　It is to advance the research on nanotechnology and to develop new nanotech products in collaboration with Hong Kong's industries,said Professor Che Ting Chan, director of the INMT.

　　The inauguration ceremony was officiated by Hong Kong Chief Executive Tung Chee Hwa, and Professor Paul Chu, president of HKUST.

　　Addressing the significance of the institute in his opening remarks, Tung said that setting up such an institute is a milestone of Hong Kong's innovation and technology development, which is a key issue for the restructuring of Hong Kong's economy.

　　Professor Chu said that the institute represents HKUST's commitment to science and technology, and to the industrial development of Hong Kong. The INMT is set to become the major platform that propels Hong Kong to the forefront of nanotechnology research and application.

　　The 100 million Hong Kong dollar (12.8 million US dollar) INMTwas established with the Hong Kong government and industrial support to achieve critical mid-stream search and development and technology transfers relevant to the economic growth of Hong Kong,according to the director of INMT. Enditem