John Lee Announces New Co-Investment Fund to Attract Foreign Tech Firms
by: The Beat Asia
October 20, 2022
As part of his 2022 Policy Address, Hong Kong Chief Executive John Lee announced the establishment of a HK$30-billion Co-Investment Fund aimed at attracting overseas technology companies and foreign talent to set up operations in the city.
The seed money is to be derived from the Future Fund. The scheme is to be led by the Financial Secretary at its head, with assistance from the Monetary Authority in its earlier stages. There is to be a committee board of professionals within the tech industry to conduct evaluations of applicants for their strategic development value.
Lee states that “the main purpose of the Co-Investment Fund is not looking for financial return. That's investment only. So it's not the financial return that we want from the investment, it's more on how that investment can help develop Hong Kong's capabilities, attractiveness and potentials, attracting the right companies to come to Hong Kong which people will know.”
Companies taking part in the programme will receive subsidisation from the government, which Lee hopes will in turn encourage investment from private parties.
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