The Government has taken another big step in its efforts to move Hong Kong up the high-technology ladder, with the introduction later this month of a $5 billion innovation and technology fund.
Director-General of Trade and Industry Francis Ho Suen-wai said the fund, announced yesterday, 'is conducive to the long-term economic development of Hong Kong'.
The fund, which was proposed by the Commission on Innovation and Technology, a government think-tank, would also help Hong Kong become a technology centre, he said.
Meanwhile, the method of allocating technology-investment funds to enterprises has come into question following the curtailment last week of HSBC's involvement in a similar government fund to that announced yesterday.
HSBC's technology fund-management arm - HSBC Private Equity Technology (Hong Kong) (HPET) - had its involvement restricted after only one year and one investment.
Mr Ho said the new fund would be run under an innovation and technology support programme, a university-industry collaboration programme, a general support programme and a small entrepreneur research assistance programme.