Hong Kong unveils innovation fund to boost strategic industries

HONG KONG -- Hong Kong is poised to roll out an Innovation and Technology Industry-Oriented Fund worth HK$10 billion (approximately $1.28 billion), aimed at channeling market investments into specified emerging and future industries of strategic importance, John Lee, chief executive of the Hong Kong Special Administrative Region, announced on Monday.

In a video speech delivered at the inaugural Tech Applied Summit, hosted by the Hong Kong Applied Science and Technology Research Institute, Lee emphasized the government's commitment to forward-looking policies in innovation and technology as it strives to become an international hub in this field. A series of government measures are designed to help startups, researchers, and investors transform ambitious ideas into reality, he said.

Lee noted that the fund will enhance investment in designated strategic sectors. Additionally, the newly introduced New Industrialization Acceleration Scheme aims to expedite the commercialization of research outcomes in areas such as life and health technology and advanced manufacturing.

He further highlighted that the Northern Metropolis will serve as a future growth engine, with the Hong Kong-Shenzhen Innovation and Technology Park currently under construction in the Lok Ma Chau Loop area, creating unprecedented opportunities for cross-border innovation and technological collaboration.