The head of the government's investment vehicle on Friday said it plans to boost local start-ups with millions of dollars it will manage under a scheme to draw wealthy investors to Hong Kong. People arriving under the scheme will have to invest at least HK$30 million here, including HK$3 million in a portfolio managed by the Hong Kong Investment Corporation. The corporation's CEO, Clara Chan, told a summit on start-up investment and development that authorities will unveil details of the plan soon. "Strengthening and activating the front end of the funding chain are essential for the long-term growth of the start-up ecosystem," she explained. "One of the new initiatives we will announce shortly includes capital management by the Hong Kong Investment Corporation under the New Capital Investment Entrant Scheme. We will explore collaboration opportunities in the form of parent funds or guiding funds with venture capital funds and partners, which have experience or have contributed to Hong Kong." Chan also said the corporation is planning to organise a delegation of start-ups to visit countries in Southeast Asia or the Middle East next year to "tell the good stories of Hong Kong". Speaking at the same event, Financial Secretary Paul Chan said resources and policies have been in place to promote innovation, but the city needs to continue its efforts to attract and nurture innovation and technology professionals. "What we need most is talent. Talent is the core driving force of technological innovation. They are the most precious resources in the innovation and technology ecosystem. Hong Kong has made remarkable achievements in cultivating and attracting talent, but we still need to continue our efforts," he said. The finance minister noted that the government has attracted more than a hundred technology enterprises to establish or expand their businesses in Hong Kong, with their investments amounting to over HK$50 billion.
