2024 Policy Address: Industry stakeholders laud Lee’s policies on economy and IT development

The government plans to set up the $10b IT Industry-Oriented Fund.

Industry stakeholders have commended Chief Executive John Lee’s policies to promote local economy and innovation and technology (IT) development. 

The government plans to establish the Hong Kong New Industrialisation Development Alliance, set up the $10b I&T Industry-Oriented Fund, and establish the Working Group on Developing Low-altitude Economy.

“It is uplifting that the Policy Address has attached importance to optimising the strategy and institutional set-up for the development of new industrialisation which will strengthen the development of strategic emerging and future industries,” Sunny TAN, chairman of HKPC, said. 

The government will also create a high value-added supply chain service centre and will inject $1b into the BUD Fund.

The fund will be used to expand the coverage of “E-commerce Easy” to the 10 ASEAN countries and provide funding support for enterprises to implement green transformation projects.

Moreover, the policy address proposed expanding the IP trading ecosystem for I&T industries. As such, HKPC is actively preparing to establish the Technology and Innovation Support Centre (TISC) under the World Intellectual Property Organization (WIPO).

“We are pleased to see the government has taken a multi-pronged approach to developing new industrialisation, which is fundamental to realising New Quality Productive Forces in Hong Kong,” Albert Wong, PwC Hong Kong public sector consulting partner, said. 

Furthermore, Executive Director and CEO of Alibaba Entrepreneurs Fund Cindy Chow noted that there is a growing demand for funding to help local startups grow.

“Although details are yet to be announced, we believe that the redeployment of the $1.5b of the Innovation and Technology Venture Fund can better bridge the current funding gap,” she said.