New fund to attract overseas firms

Chief Executive John Lee today said the Co-Investment Fund announced in the 2022 Policy Address can attract technology companies as well as those with strategic development value to set up operations in Hong Kong.

In his address, the Chief Executive proposed to set aside $30 billion from the Future Fund to establish the Co-Investment Fund.

Speaking during a press conference on the Policy Address this afternoon, Mr Lee pointed out that the Government's involvement could act as an incentive for the private sector to invest in the target enterprises.

“The Co-Investment Fund is set up so as to, first of all, attract companies to come to Hong Kong.

“And also, it will help companies to come because if the Hong Kong Special Administrative Region Government invests in it, then it will be much easier for that company to also get investment from the private sector.

“But what companies will be selected? Of course, it will be examined thoroughly and carefully by the board and also a committee which comprises professionals and experts in this area.”

He added that the ultimate goal was to enhance the city's competitiveness.

“The Government will be in charge, so it is not a financial return that we want from the investment. It is more of how that investment can help develop Hong Kong's capabilities, attractiveness and potential.

“While we will be very focused on tech companies, we will also be looking at companies which have strategic development value for Hong Kong.”