Hong Kong to set up HK$10 billion I&T fund in bid to bring in HK$100 billion in investments
Goal is to systematically build an I&T ecosystem, John Lee says in policy address
Hong Kong will set up a HK$10 billion government-led fund with the aim of attracting as much as HK$100 billion in investments in the innovation and technology (I&T) sector in a decade, the Post has learned.
Chief Executive John Lee Ka-chiu announced on Wednesday that a fund of funds – the I&T Industry-Oriented Fund – would be set up to channel more capital into specified emerging and future industries of strategic importance.
“The goal is to systematically build an I&T ecosystem,” Lee said in his third policy address.
A government source said the HK$10 billion fund would have five sub-funds: life and health tech; artificial intelligence (AI) and robotics; semiconductors and smart devices; digitalisation and upgrading transformation; and future and sustainable development.
It would involve joint investments with fund managers to be recruited, with the ratio of government funding to private investment at 1:3.
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More details were expected to be confirmed within this year, the source said.