Hong Kong’s technology chief on Thursday told a local flagship venture capital forum that the city’s innovation and technology (I&T) development “is poised to reach new heights” with the recently announced policy initiatives package to develop closer collaboration among government, business, and academia.
“I&T is the pivotal force to unlock new pathways to economic growth and the societal advancement of our country and Hong Kong,” Secretary for Innovation, Technology and Industry Sun Dong said in his opening remarks during the Cyberport Venture Capital Forum.
Last Wednesday, Chief Executive John Lee Ka-chiu announced a broad range of policy measures in his third Policy Address to boost Hong Kong’s I&T strength. These include the establishment of a HK$10 billion ($1.29 billion) industry-oriented fund to channel more investment in strategic emerging industries, such as artificial intelligence, robotics, and smart devices.
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The existing Innovation and Technology Venture Fund will also be enhanced by reallocating HK$1.5 billion to create joint funds that focus on tech startups. Since its inception in 2017, the fund has so far included 54 startups in its investment portfolio that covers areas such as financial technology, biotechnology and e-commerce, according to the Innovation and Technology Commission.
In addition, the city will introduce the Pilot I&T Accelerator Scheme, designed to woo established startup service providers both locally and internationally.
Themed "Innovation Challenger: Building New Venture Visions", the two-day event gathers hundreds of venture capitalists and entrepreneurs in Cyberport — a startup incubator that has accumulated more than HK$41.2 billion in total fundraising, of which HK$3.7 billion was made last year alone, up 23 percent year-on-year. Its community members include the booking platform Klook and licensed cryptocurrency exchange Hashkey.
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Cyberport Chairman Simon Chan Sai-ming said in his welcome speech that the new initiatives announced in the Policy Address will “inject new impetus” into I&T growth, powering the high-quality development of Hong Kong's digital economy.
He said that Cyberport will continue to explore investment opportunities in the Middle East, ASEAN, and regions involved in the Belt and Road Initiative to offer more diverse financing channels for the city's technology companies.
