Hong Kong to Invest $1.28 Billion in 100 High-Tech Firms to Boost Local Employment

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Hong Kong has announced plans to invest $1.28 billion in 100 high-tech companies in order to boost local employment opportunities. The funds, part of the New Industrialisation Acceleration Scheme, will be distributed among companies operating in sectors such as life health technology, artificial intelligence, advanced manufacturing, and new-energy technology. The evaluation process for selecting these companies will consider the extent to which they will generate local employment. Each business will have the opportunity to receive a maximum funding of HK$200 million, with the potential to stimulate approximately HK$20 billion in corporate investments.

The government aims to secure victory in the realms of innovation and technology by attracting global expertise and encouraging advanced manufacturing enterprises to invest in Hong Kong. These companies will be expected to establish key performance indicators (KPIs), which will include assessing their plans for recruiting and employing local talent in Hong Kong and the potential employment opportunities they can generate. The goal is to draw a varied selection of key companies that can contribute to the city’s innovation and technology sectors.

In addition to the investment in high-tech firms, Hong Kong also plans to establish a third research cluster focused on advanced manufacturing, materials, energy, and sustainable development. The city’s government has also proposed repurposing land into a data center to support innovation and technology-related endeavors. The completion of digital government initiatives, including the introduction of electronic payment options, is anticipated within a two-year timeframe.

The aim is to facilitate cross-border data flow, and a joint news conference will be held with the Guangdong provincial government to unveil initial services in areas such as tax filing and company registration procedures. This pilot program will comply with relevant data exportation laws and seek to facilitate the transfer of data within the Guangdong-Hong Kong-Macao Greater Bay Area.

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By investing in high-tech companies and implementing various initiatives, Hong Kong is positioning itself as a global innovation and technology hub, attracting talent and fostering economic growth in these sectors. The government remains open to further funding opportunities to support this endeavor.

Frequently Asked Questions (FAQs) Related to the Above News

What is the purpose of Hong Kong's $1.28 billion investment in high-tech companies?

The purpose of the investment is to boost local employment opportunities and position Hong Kong as a global innovation and technology hub.

Which sectors will receive funding under the New Industrialisation Acceleration Scheme?

Companies operating in sectors such as life health technology, artificial intelligence, advanced manufacturing, and new-energy technology will receive funding.

How will the evaluation process for selecting these companies be conducted?

The evaluation process will consider the extent to which the companies will generate local employment.

What is the maximum funding each business can receive?

Each business will have the opportunity to receive a maximum funding of HK$200 million.

How much corporate investments are expected to be stimulated by this funding?

It is expected to stimulate approximately HK$20 billion in corporate investments.

What is the goal in attracting global expertise and encouraging advanced manufacturing enterprises to invest in Hong Kong?

The goal is to secure victory in innovation and technology fields and contribute to the city's innovation and technology sectors.

What key performance indicators (KPIs) will the companies be expected to establish?

The companies will be expected to establish KPIs, including assessing their plans for recruiting and employing local talent in Hong Kong and the potential employment opportunities they can generate.

What are the additional initiatives planned by the Hong Kong government?

The government plans to establish a third research cluster focused on advanced manufacturing, materials, energy, and sustainable development. They also plan to repurpose land into a data center and complete digital government initiatives, including electronic payment options, within a two-year timeframe.

What is the aim of facilitating cross-border data flow?

The aim is to support the transfer of data within the Guangdong-Hong Kong-Macao Greater Bay Area and comply with relevant data exportation laws.

Is the government open to providing further funding opportunities in the future?

Yes, the government remains open to further funding opportunities to support the endeavor of positioning Hong Kong as a global innovation and technology hub.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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