HK$100b fund to boost Bay Area tech development

Hong Kong's business community launched a development fund on Wednesday - aiming to boost technological innovation in the Guangdong-Hong Kong-Macao Greater Bay Area.

The Greater Bay Area Homeland Development Fund, with a planned capital volume of over HK$100 billion, will provide financial support to high-tech enterprises in the region, according to Hu Zhanghong, chief executive officer of Greater Bay Area Homeland Investments, which operates the fund.

The fund will also provide help to these enterprises to export products to overseas markets backed by the mass production capacity of Guangzhou and Shenzhen, Hu added.

Also serving as chairman and president at China Construction Bank International Asset Management, Hu said the foundation would also set up a data platform. This would provide information about patents, intellectual property transactions and world experts.

Moreover, it will also bring top technology companies to the city and set up laboratories or research centers in Hong Kong. This will consolidate the SAR's leading edge in medical health, artificial intelligence and medical technology, Hu explained.

Attending the launch ceremony, Chief Executive Carrie Lam Cheng Yuet-ngor said the goal of the fund coincides with the science and technology development plan established in 2017 by the Guangdong, Hong Kong and Macao governments.

The development fund will help Hong Kong's competitive industries such as healthcare and education spread their influence into the Bay Area, Lam said.

Hong Kong professionals will not only be able to provide quality services to the 70 million people in the region, but have opportunities to further develop their own talents, the CE explained.

According to the Greater Bay Area Homeland Investments, the fund was initiated by various groups in the business sector, including large-scale mainland enterprises stationed in the special administrative region, Hong Kong companies, mainland private firms and new economy enterprises.

mollychen@chinadailyhk.com