Financial Secretary Vows Support for Start-ups

In his budget speech today, Tsang said the government will set up a $2 billion Innovation and Technology Venture Fund to co-invest with private venture capital funds on a matching basis in local technology start-ups.

The Science Park will expand in stages to provide additional floor area of 70 000 square metres for start-ups and other technology companies by 2020, with the project estimate amounting to $4.4 billion to be borne jointly by Government and HKSTPC; and the Cyberport will earmark $200 million to invest in its start-ups.  HKSTPC will continue to support start-ups through its Corporate Venture Fund and incubation programmes.

As for fashion and design, Tsang vowed to strengthen the promotion of local fashion designers and emerging fashion brands in Hong Kong and overseas by establishing an incubation programme for fashion designers and setting up a resource centre for young designers.

Tsang will also launch the third phase of Design Incubation Programme and increase the admission quota to 90 design start-ups. Ten emerging local fashion brands will be subsidised to participate in the Paris Fashion Week, while the Hong Kong Trade Development Council (HKTDC) will organise fashion shows for Hong Kong designers in the New York Fashion Week. HKTDC will also host an annual international fashion trade fair, fashion shows and forums for Hong Kong and Asian brands.

Locally-produced Cantonese film is highlighted in Tsang's speech. An additional $20 million will be injected into the FDF(Film Development Fund) to subsidise the expenses incurred by locally-produced Cantonese films for distribution and publicity conducted in the Mainland. The funding is proposed to be doubled from the current $250,000 to $500,000 per film.

In the art and sports field, the Art Development Matching Grants Pilot Scheme will be launched this year to help the more established arts groups and organisations enhance their ability in raising private donations and sponsorships.

Tsang also emphasized the outstanding performance of Hong Kong athletes in international competitions in recent years, attributing the achievements to the $7 billion Elite Athletes Development Fund established in 2012.