Hong Kong plans to establish a HK$10 billion government-led fund with the aim of attracting up to HK$100 billion of investment in the innovation and technology (I&T) sector over 10 years, the Post reported.
Chief Executive Officer John Lee Kaciu on Wednesday established a fund of funds to direct more capital to specific emerging and future industries of strategic importance. Then he announced.
“The goal is to systematically build an I&T ecosystem,” Lee said in his third policy speech.
A government official said the HK$10 billion fund has five sub-funds. Artificial Intelligence (AI) and Robotics. semiconductors and smart devices. Digitalization and transformation upgrades. and future sustainable development.
Through joint investment with the recruiting fund manager, the ratio of government funds to private investment will be 1:3.
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Hong Kong policy speech: John Lee pleads for money, lowers alcohol taxes, regulates condominiums
Hong Kong policy speech: John Lee pleads for money, lowers liquor taxes, regulates condominiums
Officials said further details are expected to be confirmed later this year.
