The Hong Kong government has announced the creation of a HKD 25 billion (USD 3.2 billion) Innovation and Technology Fund aimed at fostering entrepreneurship and attracting global talent in areas such as fintech, biotechnology, and artificial intelligence.
The package includes direct grants, tax incentives, and accelerated visa approvals for overseas professionals. Officials emphasized the need for Hong Kong’s economy to diversify beyond its reliance on property and traditional finance, positioning the city as a major innovation hub in Asia.
Venture capital firms and private equity managers expect the program to expand early-stage investment opportunities. However, questions remain about Hong Kong’s ability to retain talent given high living costs and competition from other regional hubs.
